If you are a younger budding entrepreneur who believes that you have what it takes to become successful including a solid business plan, then this article may be useful to you. Futurpreneur Canada (formerly known as the Canadian Youth Business Foundation or CYBF) has been involved with emerging entrepreneurs since 1996 and their services are designed to facilitate the entry of young entrepreneurs into the business world. An earlier post on this blog had discussed about the Start-up and Newcomer Programs but there is new information available at this time that warrants a separate article. Below is a list of Futurpreneur Canada programs being offered to assist entrepreneurs in their quest for business success.
Young entrepreneurs aged 18 to 39 can avail the benefits of this Futurpreneur Canada program by tapping into the following:
- Start-up resources such as their interactive Business Plan Writer to simplify the planning process and create a customized version of a business idea.
- Mentoring services that match a budding entrepreneur with an experienced professional to provide them with business advice, counseling, and networking. The program offers the opportunity for the upcoming business owner to meet with their mentor on a periodic basis for 2 years.
- Financing of up to $45,000. In association with its partner, the Business Development Bank of Canada (BDC), Futurpreneur Canada offers loans up to $15,000 with a term over 5 years. In addition, once the entrepreneur is approved for funding from Futurpreneur Canada, they may be eligible to receive up to double the Futurpreneur Canada approved loan, to a maximum of $30,000, with a loan period of 5 years.
- Expertise and Other Resources. Through its crash courses, mentoring, Entrepreneur-in-Residence service, and help from community partners, Futurpreneur Canada connects emerging business people with professionals from their industry and supports them.
Similar in design to the Start-up Program, the Newcomer Program targets individuals who are between 18 and 39 years of age with a solid business idea but have been in Canada for less than 5 years. The benefits of the two programs are similar but financing may be restricted to up to $15,000 for newcomers who have not yet established Canadian credit history (however, newcomers with Canadian credit history are still eligible to receive up to $45,000).
Spin Master Innovation Fund
Futurpreneur Canada in association with Spin Master Ltd., an innovative Canadian toy company, offers financing, mentoring, and an exclusive innovation workshop through the Spin Master Innovation Fund. Features of the program include up to $50,000 in start-up financing without collateral, mentorship from Futurpreneur Canada’s mentoring program, access to expert advice from industry leaders, and a network of Futurpreneur Canada’s community of over 5000 (entrepreneur and mentor) members. In addition, two paid trips to Toronto are offered to budding entrepreneurs. In the fall, the 2-day Innovation Launch Pad Workshop lets participants meet one-on-one with Spin Master executives and in the spring, the 2-day Accelerator Workshop allows entrepreneurs to meet program alumni, reconnect with Spin Master executives, and take part in professional development activities.
As the name may suggest, moMENTum aims to guide program participants through the vital early stages of the business setup process by providing them with a business mentor for 6 months to seek advice and discuss growth plans.
Past beneficiaries of Futurpreneur Canada programs who got assistance in the early stages of their business setup can take advantage of the Expansion Program to grow their business. If a business has been operating for 3 to 5 years, then a developing entrepreneur may be eligible to receive up to $10,000 in financing from Futurpreneur Canada and additional funding from BDC.
The Prince’s Operation Entrepreneur
The Prince’s Operation Entrepreneur is a national program that is geared toward members of the Canadian Forces who are interested in starting their own businesses. The program offers financing, education, mentoring, and other resources to members of the Canadian Forces to ease their path into the entrepreneurial world.
Have you used any of the 6 programs mentioned above? If so, do you have any stories to share?
About the Author: Clark works in Saskatchewan and has been working to build his (DIY) investment portfolio, structured for an early retirement. He loves reading (and using the lessons learned) about personal finance, technology and minimalism. You can read his other articles here.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).