Ontario's $2 Million Investment in Futurpreneur: A Boost for Young Entrepreneurs and Small Businesses

The Ontario government has announced an of $2 million in Futurpreneur Canada, a non-profit dedicated to fostering entrepreneurship among young people. This funding aims to help 300 young entrepreneurs start their businesses, creating around 1,200 new jobs, focusing on rural and Northern Ontario. This initiative offers a significant opportunity to access crucial resources and funding, ultimately driving the economic growth and innovation within the communities.

Empowering the Next Generation of Entrepreneurs

“Young entrepreneurs are vital to our future economy, and our goal is to provide the tools, resources, and capital they need to succeed,” said Nina Tangri, Associate Minister of Small Business. Programs like this offer entrepreneurs aged 18-39 collateral-free loans of up to $75,000, along with two years of dedicated mentorship and personalized programming.

This investment is specially in rural and remote areas where these small businesses can be crucial in revitalizing the local economy. Addressing these challenges, such as access to funding, business guidance, and mentorship, this initiative paves the way for a new generation of small business owners to thrive. Aiding to economic development, this creates a “self-feeding” cycle, where small businesses are able to thrive and grow, and intern feeding back to the economy to help it grow.

Why This Matters To Your Business?

Accounting for 98% of the province’s businesses, small businesses are the backbone of Ontario's economy, employing over 2 million people. By building businesses in these areas, entrepreneurs are not only filling market gaps but also contributing to local job creation.

Karen Greve Young, CEO of Futurpreneur Canada, emphasized that Ontario’s partnership will allow the organization to provide essential loans and mentorship, thereby driving inclusive growth across the province.

Providing up to $75,000 in collateral-free loans, mentorship, and support 300 new businesses launch, these funds can be used for start-up costs, marketing, inventory, and hiring employees. Additionally, entrepreneurs can invest in technology, software, and employee training to streamline operations and improve their expertise. Beyond financial support, the two years of mentorship offered ensures entrepreneurs receive essential guidance in refining business strategies, navigating challenges, and expanding into new markets.

Let’s Take Advantage

To access funding through Futurpreneur Canada's Core Startup Program, small business owners must meet eligibility criteria:

• Canadian citizen or permanent resident
• Age 18-39
• Physically reside in Canada
• Create sustainable full-time employment
• Have a viable business plan with cash flow projections
• Additional requirements:
  • Up-to-date taxes
  • No involvement in lawsuits
  • At least 50% ownership of the business
  • Not a full-time student (unless in final year)

Aspiring entrepreneurs can apply for collateral-free loans, mentorship, and other resources by visiting Futurpreneur Canada's Core Startup Program to begin the application process.