When have you heard of governments supporting young entrepreneurs in the country?  Well Canada has done a good job of this recently in the 2024 federal budget which includes a significant investment aimed at youth (ages 18-39) entrepreneurs nationwide.

Let’s outline the details of the recent $60 million investment in Futurpreneur Canada, exploring how this initiative can transform the landscape for young business owners across the country and how you can get a piece of that $60 million dollars to build your business.

What is Futurpreneur Canada?

Futurpreneur Canada is a national non-profit organization dedicated to building a vibrant future for young entrepreneurs. Since its inception in 1996, Futurpreneur has been instrumental in launching over 14,700 businesses through collateral-free loans, mentorship, and a network of resources. The organization focuses on entrepreneurs between the ages of 18-39, aiming to create a diverse and inclusive entrepreneurial community.

Why now?

This investment comes at a critical time. With a considerable portion of small business owners nearing retirement, there is a pressing need to pass the entrepreneurial torch to younger generations. Moreover, the increasing interest among Gen-Z and millennials in entrepreneurship highlights the demand for robust support systems that can help transform innovative ideas into successful businesses.

How the Funding Will Be Used

This funding is expected to assist in launching an estimated 6,250 new businesses by 2029, significantly expanding Futurpreneur's impact. The investment will enable the organization to offer more loans, increase its mentoring efforts, and expand its range of entrepreneur support resources.

The $60 million will be channeled into several key areas:

• Expansion of Loan Programs: Increasing the capital available for loans to young entrepreneurs, allowing them to start and scale their businesses. Access to necessary funding without the need for collateral.
• Enhanced Mentorship Opportunities: Bolstering the mentoring framework to connect young business owners with experienced professionals who can guide them through the complexities of entrepreneurship. Connections with experienced business leaders who provide guidance, support, and encouragement.
• Resource Availability: Enhancing the availability of critical resources that young entrepreneurs need to succeed, including business planning tools, financial advice, and market analysis capabilities.
• DEI: Futurpreneur's approach emphasizes inclusivity, ensuring support for entrepreneurs from diverse backgrounds, including women, Black, and Indigenous founders. This aligns with Canada's broader goals of fostering a diverse and resilient economy.

The programs in which they provide funding through include:

• Core Startup Program
• Side Hustle Program
• Indigenous Entrepreneur Startup Program (IESP)
• Black Entrepreneur Startup Program (BESP)

Keep in mind: Certain eligibility criteria must be met in order to get the funding for your business.  For young individuals looking to embark on an entrepreneurial journey, or for those interested in supporting this vibrant sector, engaging with Futurpreneur Canada could be the first step towards making a significant impact.

What’s the call for action for Blinc?  Nothing.  When you’re ready to incorporate and looking into compliance options, just consider us.  Now go build your dreams!

Tags: Futurpreneur