For too long, one of Northern Ontario’s most precious resources, its youth, has been exported never to return home. The NOHFC Young Entrepreneur program aims to mobilize a new generation of entrepreneurs and community builders in the North, securing a more prosperous future for tomorrow’s northern families and workers.
Who is Eligible?
Residents of Northern Ontario, 18 to 29 who are planning on starting their own for-profit business in the North.
The new venture cannot be an expansion or natural extension of a similar business owned by the young entrepreneur and/or family members or direct relatives.
What is Eligible?
Examples of costs that may qualify for funding include, but are not limited to:
Capital costs related to starting a new business such as office furniture, fixtures and equipment.
Certain costs and projects will not be considered eligible for funding. These include, but are not limited to:
Financing existing debts, purchasing an existing business or personal expenses etc.
Costs incurred prior to the approved project start date.
Funding and Guidelines
Generally, funding does not have to be repaid and may cover up to 85 per cent of eligible costs, to a maximum of $25,000 per project.
The young entrepreneur must make a cash investment in the business equal to 10 per cent of the NOHFC’s conditional contribution.
The proposed new business will operate as a full-time business and create a minimum of one new job in Northern Ontario.
Canadian Youth Business Foundation
The Canadian Youth Business Foundation (CYBF) is a national charity providing pre-launch coaching, business resources, start-up financing and mentoring to help you start your own successful business. If you are 18-34 and have a business idea…they can help!
The CYBF program is all about support from the beginning of your entrepreneurial journey right through all of your milestones. CYBF lends young entrepreneurs up to $15,000 for their start-up. Additional financing is available through other CYBF services for a total of up to $40,000. CYBF supports businesses of all kinds – skilled trades, technology, retail, services, and everything in between. CYBF does not require security for its loans – CYBF lends on character and a great business plan. Plus, every entrepreneur is hand-matched with an experienced business mentor for a minimum of 2 years to allow knowledge sharing and ensure a higher business success rate.
GET STARTED NOW!
Visit www.futurpreneur.ca for more information about the program, eligibility criteria and all their services. or Contact Us, your local CYBF Community Partner at 807-467-4643 today!
Welcome to Summer Company, an exciting opportunity for enterprising students, 15 to 29 years old, to start and run their own summer businesses.
As a Summer Company entrepreneur, you’ll receive hands-on business coaching and mentoring from local community business leaders who will help make your Summer Company a success. Who knows, it could be the start of something big. If your application is accepted, you will be eligible to receive up to $1,500 to put toward start-up costs and up to $1,500 upon successful completion of the program. View Summer Company guidelines for more detailed information.