Youth Small Business Loans

By mmuise
Description:

A special focus on Youth has been made possible through a partnership with Futurpreneur Canada. The Youth Small Business Loans is designed for young entrepreneurs aged 18 to 39.


Comments on Funding:

1. Funding is up to $60,000 in start-up financing.
2. Low Interest rates.
3. Flexible 3–5 year repayment schedules.
4. No principal payments in the first year.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be over 18 and under 40 years old;
  • be eligible to work in Canada;
  • have some training/experience related to your business idea;
  • agree to work with a mentor for the first two years of the loan term;
  • produce a complete and viable business plan;
  • open the business in Ottawa or Eastern Ontario (with exceptions);
  • have a business that will lead to full-time sustainable employment for themselves;
  • It has been at least 5 years since applicants discharge if they have been bankrupt;
  • Loans are approved for new businesses (less than one year) only.
  • Network or multi-level marketing businesses are not eligible.
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  • For a partnership, the principal or general partner must meet the age criteria and all other owners under the age of 40 will also be subject to the Futurpreneur application process.
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  • If the business is incorporated, they must be a majority shareholder, having at least 51% of the voting shares, and be involved in the day-to-day management of the business.
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  • If the business is incorporated with more than two shareholders and no one person holds a majority share, the shareholders meeting the age criteria must collectively hold the majority of the voting shares and be involved in the day-to-day management of the business.
Application Steps:

No specific steps have been identified.

Documentation Needed:

Applicants must provide the following requirements:
1. Proof of identity (driver’s license, passport or similar photo identity document);
2. Business plan including a two-year cash-flow projection;
3. Two References (business or academic contacts only);
4. If applicable, business registration document.

Other Things to Note:

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About the author
mmuise