Prime Minister Harper announced the Government’s intent to provide continued support to Futurpreneur Canada, a not-for-profit organization that helps young entrepreneurs across Canada launch and sustain businesses, by providing an additional $14 million over two years – $7 million in 2015-16 and $7 million in 2016-17 – to Futurpreneur Canada, conditional on the organization raising matching contribution funds from non-federal sources.
The Prime Minister made the announcement at the UTi Canada Shipping Solutions Warehouse in Brampton. Futurpreneur Canada works with young entrepreneurs, aged 18 to 40, to help them become the business leaders of tomorrow through mentoring, expert advice, learning resources and start-up financing. It delivers its programs through a national network of 250 community partners and more than 2,800 volunteers, including business mentors. Since its inception in 1996 to December 31, 2014, Futurpreneur Canada, formerly known as the Canadian Youth Business Foundation, has helped more than 7,500 young entrepreneurs launch over 6,200 businesses and create 29,800 jobs by providing flexible financing combined with mentoring and other business resources to help young entrepreneurs launch and sustain a business. Since 2006, the federal government has provided Futurpreneur Canada over $58 million in support.
Futurpreneur Canada makes it easier for aspiring young business owners to secure financing, and has partnered with Business Development Bank of Canada (BDC) to extend its support. Futurpreneur Canada provides young entrepreneurs up to $15,000 in start-up loans with a term of over five years with compulsory mentoring lasting a minimum of two years. Futurpreneur Canada also offers pre- and post-launch coaching, additional financing opportunities for expansion, mentoring and online business resources to young entrepreneurs. Additional financing may be available through BDC.