Minister Valdez celebrates improvements to Futurpreneur Canada’s programming for young entrepreneurs
Press Release
From: Innovation, Science and Economic Development Canada
September 12, 2024
The federal government believes that every Canadian with a dream of opening a small business should be able to do so—no matter their background. Increasing access to financing and mentorship is key to this and will help young entrepreneurs across Canada open and grow their small businesses.
Today, the Honourable Rechie Valdez, Minister of Small Business, highlighted two important enhancements that Futurpreneur Canada is implementing to its programs, made possible through the federal government’s recent $60 million investment through Budget 2024.
Starting today, Futurpreneur Canada is increasing its maximum collateral-free loan from $60,000 to $75,000, in collaboration with its co-lending partner, BDC. On top of this, entrepreneurs who have been in business for up to two years will now be eligible for Futurpreneur loans, giving young entrepreneurs an additional year to access collateral-free lending with mentorship through Futurpreneur’s programs. Funding through Futurpreneur’s Side Hustle Program will also increase from $15,000 to $25,000.
Since Futurpreneur Canada’s creation, its programs and offerings have helped over 18,700 young entrepreneurs to launch more than 14,700 businesses across the country, creating thousands of jobs. By 2029, Futurpreneur Canada estimates that the federal government’s $60 million investment will empower 6,250 more young Canadians to pursue their goals of entrepreneurship, contributing to Canada’s economy even more.
Quotes
“Giving young people the option to choose entrepreneurship as a viable career path for their futures is so important to our government. That is why in Budget 2024, we invested $60 million in Futurpreneur to help the organization increase its capacity to support young Canadian entrepreneurs. I am so proud of the important steps being announced today to further help young entrepreneurs count on more financial and mentorship support. These changes are crucial to helping them start up, grow and be successful. Congratulations to Futurpreneur Canada on making these important changes so we can support even more young entrepreneurs.”
– The Honourable Rechie Valdez, Minister of Small Business
Quick facts
- Futurpreneur is a national not-for-profit organization that provides young entrepreneurs with access to financing, mentorship and other business supports to help them launch and grow their business.
- Budget 2024 has committed to investing $60 million over five years to support Futurpreneur’s ongoing activities.
- Federal funding will be matched by funding received from other orders of government and private sector partners to maximize the impact of new support committed in Budget 2024.
- By 2029, this $60 million investment is expected to help an estimated 6,250 businesses owned by young entrepreneurs to start up and scale up.
- The federal government’s $60 million investment is enabling Futurpreneur to scale up its support for young entrepreneurs by:
- increasing the maximum collateral-free loan available by $15,000: from $60,000 to $75,000; and
- extending the eligibility period for these loans from within one year of launching a business to within two years of launching a business.
- Futurpreneur has supported over 18,700 young entrepreneurs in launching more than 14,700 businesses across the country.
- Futurpreneur Canada’s Black Entrepreneur Startup Program (BESP), a partnership with the Royal Bank of Canada and BDC, helps Black entrepreneurs access financing of up to $75,000 to start or buy their businesses, along with mentorship, networking and resources they need to succeed. Futurpreneur also offers follow-on financing of up to $40,000 to Black entrepreneurs who want to scale up 2–4 years post-launch. As of March 2023, BESP had disbursed over $11 million in collateral-free loans while supporting more than 275 Black-led businesses.
- Futurpreneur also supports young Indigenous entrepreneurs. The Indigenous Entrepreneur Startup Program provides start-up loan financing, up to two years of mentorship—supported by a team with lived experience—and access to tools and networking.
Associated links
Contacts
Chris Zhou
Acting Director of Communications
Office of the Minister of Small Business
chris.zhou@ised-isde.gc.ca
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
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