Are you looking for cash injection for your new business idea?
We believe entrepreneurship is an important part of the Canadian economy. However, there are many people out there (wanting or hoping) to start a business but have no capital or mentoring. If you are between 18 and 39 years old and have a business idea but no credit history you can still get a loan through a government loan program called Futurpreneur Canada (formerly the Canadian Youth Business Foundation or CYBF)’.
This is just one of their six different programs. There are also programs available for new immigrant called the Newcomer Program. In addition, if you were a member of the Canadian Armed Forces, then you can use The Prince’s Operation Entrepreneur program.
Even if you don’t qualify for this program and others, chances are there is somebody you know who might be interested, please pass on the message.
Here is some more detailed information for the basic startup program:
- The basic financing program can offer up to $15,000 with a repayment term of over 5 years
- Futurpreneur Canada offers a mix of programs including financing and mentoring which can provide guidance and support
- Interest is charged at CIBC’s prime rate * plus 3%.
- Interest-only payments for the first year.
- Principal repayments are made in equal monthly instalments together with interest, over the remaining four years
- No penalty for early repayment
If you want to find more about how to start a new business check out their website at http://www.futurpreneur.ca/en/. Please feel free to speak to your accountant or contact us at 416-495-1098 or email@example.com.