There are literally dozens of options for individuals looking to start a new venture in Canada.
One particularly noteworthy possibility for individuals between 18 and 34 years of age is the Canadian Youth Business Foundation (CYBF).
How the CYBF supports young entrepreneurs
As a national charitable organization, the CYBF has a program to help youth get their businesses off the ground through start-up financing loans.
“It gives money for young (entrepreneurs) just out of school,” explains Anthony Orazietti, Sault Ste Marie-based specialist in youth enterprises.
With loans of up to $15,000 available, the commitment level is high. Your new company must operate according to a competitive and viable business plan, and must provide you with a sustainable income. The loan term is anywhere from three to five years.
Providing mentoring and learning resources are the other two key services the organization delivers to support young entrepreneurs.
How support, financial or otherwise, is effective in starting a business
The CYBF success rate speaks of its effectiveness. It has assisted more than 1,500 entrepreneurs, creating more than 8,000 jobs in the process. It services nearly 1,000 communities country-wide through more than 60 loan centres. Alumnae of the program have forged businesses in everything from fashion design to systems analysis to automotive repair.
You can find out more about CYBF by visiting them online at cybf.ca, or by calling them toll free at 1-800-464-2923.
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