If you’re young and want to launch a firm, it can be challenging to get the funding you require to realize your idea. Crowdfunding isn’t always a smart option, and conventional commercial banks typically aren’t interested in lending money to borrowers with scant or no security. Additionally, business grants are scarce in Canada.
However, there is a fantastic option to seek for finance if you’re between 18 and 39 and want to launch a business in Canada. A nonprofit company called Futurpreneur Canada is the principal provider of youth-specific small business finance in Canada. It offers funding, coaching, and assistance to budding entrepreneurs between the ages of 18 and 39.
Through Futurpreneur Canada and its partner, the Business Development Bank of Canada, aspiring business owners who meet the requirements can obtain up to $60,000 in small business funding (BDC). But aside from the financing, what really sets this group apart is its dedication to mentoring. Through the network of Canadian business leaders, mentors, and entrepreneurs that Futurpreneur has built up, successful applicants can receive up to two years of mentorship.
Renewal Funds and InvestEco – Youth Impact Challenge
In order to participate in the Challenge, young people (16 to 25 years old) from all around Canada are encouraged to form diverse teams of three or more and submit a three-page project proposal that will address a social or environmental issue.
During the Youth Impact Challenge in 2021,
A. award solutions that address social OR environmental challenges with awards totalling more than $80,000;
B. offer away two grand prizes, each worth $10,000.
Eligibility:
Candidate must:
- Young people under the age of 25 (don’t need to be students);
- Canadian citizens (both permanent and temporary);
- Young people from all educational and professional backgrounds;
- Grouped into teams of three or more;
- Young people proposing projects that will have an impact on the social or environmental conditions.
RISE Asset Development Youth Small Business Program
Our Youth Small Business Program can help you kickstart and realize your idea, much like a beginner’s business school. This programme offers a chance to learn fundamental business and financial skills through virtual in-person seminars and entrepreneurship mentoring that will help you grow the confidence to manage a successful business. It is designed to help youngsters aged 16 to 29 start or grow a small business. The Youth Small Business Program was created to assist young people ages 16 to 29 in starting or expanding a small business. This programme is a fantastic way to get the confidence needed to manage a successful business while learning crucial business and financial skills through virtual seminars and business coaching. It can provide graduates with a $500 start-up grant. A $500 start-up grant serves as funding.
Eligibility:
The candidate must:
- Has a viable plan to launch or expand his own for-profit, small business (of any size; full-time, part-time, and seasonal opportunities are all appreciated);
- Make a commitment to attend all class meetings and turn in all homework.
- Have trouble securing conventional bank loans
- Self-identify as having faced issues with your mental health or addiction.
- Age between 16 and 29 and citizenship or permanent residency in Canada
The Rise Financing Application must be submitted online by applicants.
RISE Asset Development EnterpRISing Youth Plus
The goal of EnterpRiSing Youth Plus is to support ambitious business people under the age of 30 who self-report having struggled with mental illness and/or addiction. This programme is a hybrid that combines in-person support and coaching, a $300 start-up stipend, and the convenience and adaptability of online learning. A $300 start-up award serves as funding.
Eligibility:
The candidate must:
- Own a viable plan to launch or expand his own for-profit small business (of any size, whether full- or part-time/seasonal), and intend to do so within the upcoming 12 months,
- Declare that you have had a problem with your mental health or addiction.
- Obtaining typical bank financing for his tiny business is challenging
- To be a young adult (16 to 29 years old).
- Make a commitment to show up for all class meetings and turn in all homework.
Applications close around a week before the cohort’s start date and are reviewed on a rolling basis.
Young Farmers Loan – Farm Credit Canada
We’re here to help you realize your ambition for a career in agriculture. You require dependable finance and services to be a part of the future of our sector. Through the Starter Loan and Young Farmer Loan programmes offered by FCC, you can obtain specialized funding. Additionally, you can attend our programmes for farmers under 40 to receive tools and guidance to advance your business ambitions. We are with you every step of the way.
FCC offers young farmers under 40 the opportunity to purchase up to $1,500,000 worth of farmland or agriculturally related assets.
Conditions for the loan: No loan processing fees; special rates are available.
Candidates must
To qualify for a Young Farmer Loan, you must be a producer under 40 and have a solid strategy to spend up to $1,500,000 on a farm or other agriculturally related assets.
For more information, applicants must speak with an FCC official.
Community Futures Oxford – Oxford Young Entrepreneurs (OYE) Grant Program
The Oxford Young Entrepreneurs (OYE) Grant Program offers grants of up to $1,000, as well as the opportunity to explore working for oneself. This program’s goal is to provide Oxford County’s youngsters with worthwhile, knowledge-based activities that will help them develop their business ideas. A grant of up to $1,000 serves as funding.
Eligibility:
The candidate must: be running a business in Oxford County, be between the ages of 18 and 29, and have been running the business for less than five years.
There will be a preference for:
Applicants who have left Oxford County to seek life experiences of any kind (travel, post-secondary, etc.) and then returned to establish their business in Oxford are welcome, albeit they are not required to be sole owners (sole-proprietorships, partnerships, or incorporated). Required Documentation:
A one-year financial flow must be included in the business plan that applicants must submit.
Futurpreneur Canada Newcomer Program
The possibility that you lack the established credit history required to obtain finance is acknowledged by Futurpreneur Canada. In order to provide even more assistance, we’ve teamed up with the Business Development Bank of Canada (BDC). The Futurpreneur Newcomer Program is designed to assist entrepreneurs who have just immigrated to Canada and lack the credit history required to obtain finance.
Each startup may receive up to $12,500 in funding from Futurpreneur. BDC may contribute up to an additional $12,500. Terms and charges for a Futurpreneur Canada loan:
- For up to $12,500 with a five-year term;
- Interest is assessed at 2.75 percent plus CIBC’s prime rate;
- Three first interest-only instalments;
- Over the following four years, interest and equal monthly payments on the principle are made;
- Five no early repayment penalties;
- At the time of distribution, a one-time loan administration fee equal to 1% of the entire loan amount is assessed.
The candidate must:
- The age range of 18 to 39.
- Possess less than 60 months of continuous residence in Canada as of the application processing date.
- Possess Canadian citizenship or be a citizen of Canada.
- Be in possession of a Social Insurance Number (SIN) that does not start with “9”.
- Two character-based references please (at least one must be a Canadian citizen).
- To possess a brief or nonexistent history of credit in Canada.
Young Entrepreneurship Program Manitoba
Young people in Manitoba are encouraged by the Young Entrepreneurs Program to launch full-time, profitable businesses of their own and, in the process, pursue self-employment as a career. Accepted applicants for the Young Entrepreneurs programme may be eligible for a grant of up to $4,000 to assist with startup fees and capital expenditures. Young Entrepreneurs Program grant money is available to compensate accepted applicants for legitimate startup and capital expenses. The Young Entrepreneurs Program grant is awarded based on the applicant’s capacity to identify a start-up capital shortage necessary to create the business adequately, either for capital or operating expenditures. Based on a 50% start-up cost contribution, the initiative will offer a contribution of up to $4,000.
Before an application can be evaluated and examined for grant consideration, all young people interested in the programme must submit the following:
a complete application for the programme and a thorough business strategy
Applicants: Youth between the ages of 18 and 29 may apply. (An age verification will be necessary.)
- Either be a citizen of Canada or be a legal immigrant.
- In cases where there are many business partners or investors, the primary applicant to the programme must have a significant role in corporate management. Although the lead applicant must be between the ages of 18 and 29 and complete all eligibility requirements, not all business partners must be eligible youth.
- The applicant must intend to work at the company full-time (minimum 30 hours per week) and cannot hold down another job for more than 20 hours per week or be enrolled in school full-time.
Business Acceleration Program
Regional innovation ecosystems are encouraged to flourish and thrive throughout Ontario with the help of the Business Acceleration Program (BAP). Since 2007, they have collaborated locally to develop, distribute, and integrate coordinated entrepreneurial services with our network partners. They have been working together to give innovation entrepreneurs the chances and skills they need to thrive in the global market.
The Youth Business Acceleration Program, which was introduced in October 2013 as a component of the Ontario Youth Jobs Strategy, assists young people between the ages of 18 and 29 in developing their entrepreneurship skills. This extension of the Business Acceleration Program provides young entrepreneurs with the resources and skills necessary to launch and grow successful digital enterprises in collaboration with Regional Innovation Centres and Campus-Linked Accelerators.
Student Entrepreneurship New Brunswick
Student entrepreneurship exposes students to the world of business.
Eligibility
Student: Applicants must be going back to school full-time in the fall. Students who will be enrolled in a post-secondary university in the fall will be given preference.
- You must be at least 16 to apply. Under-18 applicants must have a guarantor whose signature is accepted by the bank in order to be approved for a loan.
- Since this programme is handled at the provincial level, candidates must have established New Brunswick residence or have recently resided there and be returning to the province in the fall to resume full-time study. Even if they are taking their studies outside of the province, long-term New Brunswick residents are still eligible. The company needs to be based in New Brunswick.
- As a sole proprietor or as a partner, a person is only permitted to have one Student Entrepreneurship loan open at any given moment during the programme duration.
Young Entrepreneur, BDC
You have everything it takes as a young entrepreneur to succeed in business: passion, drive, enthusiasm, and innovation. BDC is aware of the typical difficulties you encounter. They are here to support you in your entrepreneurial endeavours because of this.
Get finance that can support your ongoing needs and help you launch projects fast, whether you’re a startup or an expanding corporation. Additionally, they provide low-cost loans with adaptable repayment options so you may keep money in your business.
Conclusion
Before starting a firm, student entrepreneurs must be fully informed about grants and financing options. It can be quite beneficial when your firm is first starting out.
To learn more, go to the Canadian government’s website.
Leave a Reply