Common menu bar links

Features

LATEST TWEETS

Follow PM Web Updates

PHOTO GALLERY

FAMILY CENTRE

Fostering entrepreneurship and creating jobs by investing in the Canadian Youth Business Foundation

18 March 2009

As part of Canada’s Economic Action Plan, the Harper Government is investing $10 million in the Canadian Youth Business Foundation (CYBF), a national charity that provides start-up mentoring, financing and business resources to help young Canadians, aged 18-34, create their own successful businesses.

Founded in 1996, CYBF supports youth who would not otherwise have the opportunity to realize their full potential and launch a business. Modeled after the UK's Prince's Trust, CYBF is an accredited member of Youth Business International, and has been recognized as one of the most efficient organizations of its kind globally. As such, CYBF is often called upon to mentor youth entrepreneurship programs in other countries.

CYBF provides the foundation for new business start-ups with loans of up to $15,000 and on-line business resources. The repayment period varies with the loan amount. Amounts up to $7,500 are repayable over 3 years. Amounts over $7,500 are repayable over 5 years. The first year's payments are interest-only at chartered bank prime plus two percent. There is an initial start-up fee of $50 plus a $10 monthly administration fee.

The critical difference between a new company's sustainable success and failure is the mandatory world-class mentoring program. CYBF individually qualifies, interviews and trains every volunteer mentor, hand-matching each one with a CYBF entrepreneur for a minimum of 2 years during the critical start-up period.

Delivery partners are located across Canada and most sectors are eligible.

Last year CYBF funded 400 new start-ups across the country, bringing their total to 2,800 entrepreneurial companies. These businesses have created $300 million in sales revenue, $69 million in tax revenue, $33 million in export revenue, and more than 15,000 new jobs. On average, each new company creates 5 jobs. CYBF also boasts an impressive repayment rate of 95%, with received money reinvested in the next wave of entrepreneurs.

By working collaboratively through existing infrastructure, with generous support from the private and public sectors, and with its network of more than 150 local Community Partners and with more than 2,600 volunteers, CYBF delivers its vital program coast to coast.

For additional information or to obtain a loan application, please go to www.cybf.ca.

All News