Minister Ng announces $38 million investment to support young entrepreneurs

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Innovation, Science and Economic Development Canada

27 août, 2019, 13:30 ET

Government of Canada renews its partnership with Futurpreneur Canada for the next five years

VANCOUVER, Aug. 27, 2019 /CNW/ - Futurpreneur Canada is a national not-for-profit organization that provides financing, mentoring, and business support tools to young entrepreneurs between the ages of 18 and 39. Since 1996, Futurpreneur has supported more than 12,000 young business owners and helped launch more than 10,000 businesses across Canada, creating an estimated 41,000 jobs and generating an estimated $300 million in tax revenue.

Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, joined Terry Beech, Member of Parliament for Burnaby North–Seymour, to celebrate an investment of $38 million over five years in Futurpreneur to support young entrepreneurs as they start and grow businesses and increase export capacity.

This funding, announced in Budget 2019, will support Futurpreneur's flagship Start-up Program, which will help approximately 1,000 young entrepreneurs per year receive mentorship, learning resources and start-up financing to help them bring their ideas to life and to market.

This funding also includes $3 million to engage Indigenous youth through a specially tailored program of outreach and support. This program will be delivered in partnership with Indigenous business organizations.

Budget 2019's investment in Futurpreneur Canada complements the Government of Canada's efforts to invest in young Canadians. These efforts include making post-secondary education more affordable, helping over 33,000 youth develop the skills they need to find work or go back to school, and creating Canada's first ever youth policy. These also include opportunities for Canada's co-operative sector, as young co-operative entrepreneurs will also be eligible and have full access to Futurpreneur programming and support.

Quotes

"As Minister of Small Business and Export Promotion, I am committed to helping Canadian entrepreneurs and small and medium-sized enterprises develop their businesses, with a goal of sustainable and inclusive growth. The financing and mentoring services that Futurpreneur offers to Canada's next generation of business leaders play an important role in achieving this goal. I look forward to seeing the many incredible success stories of young entrepreneurs who are able to start up, scale up and access new markets with the help of Futurpreneur Canada."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion

"Our government knows that a strong and inclusive economy is one where young entrepreneurs are well represented. With this renewed investment, a thousand more young Canadians are going to see their ideas become part of our economic success. Young Canadians like those in Burnaby, North Vancouver and British Columbia are getting the right tools they need to succeed in every stage of life."
– Terry Beech, Member of Parliament for Burnaby North–Seymour

"This partnership strengthens early-stage support for young entrepreneurs to fuel their long-term success, building our national economy and shaping their local communities in the process. We look forward to continuing to work with the Government of Canada, as well our as provincial and corporate partners, in supporting entrepreneurs from coast to coast to coast."
– Karen Greve Young, CEO, Futurpreneur Canada

Quick facts

  • Futurpreneur Canada is a national not-for-profit organization that provides young entrepreneurs with mentorship, learning resources and start-up financing to help them bring their business ideas to market.
  • Since 1996, Futurpreneur Canada's core program has helped more than 12,000 young entrepreneurs launch more than 10,000 new businesses.
  • About 45% of the businesses supported by Futurpreneur Canada have been majority owned by women—more than double the national average.
  • Budget 2019 invested $38 million in Futurpreneur Canada over five years, starting in 2019–20, to help it continue its efforts to support the next generation of entrepreneurs.
  • This renewed investment is expected to help support the work of approximately 1,000 young entrepreneurs per year. This funding also includes $3 million over five years to build Futurpreneur's capacity to engage Indigenous youth through a specially tailored program of outreach and support delivered in partnership with Indigenous business organizations.
  • Futurpreneur's main Start-up Program provides up to $60,000 in loans for three- to five-year terms: $20,000 from Futurpreneur, with the option to request an additional $40,000 from the Business Development Bank of Canada.

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SOURCE Innovation, Science and Economic Development Canada

Corinne Havard, Press Secretary, Office of the Minister of Small Business and Export Promotion, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]

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