New partnership will help finance young entrepreneurs
By Mario Cywinski | May 5, 2008
One of the greatest challenges for young entrepreneurs is finding the cash needed to start their business. A new partnership will help entrepreneur between the ages of 18 and 34 access financial assistance.
The partnership between the Business Development Bank (BDC) and the Canadian Youth Business Foundation (CYBF) will offer loans meant to encourage young people to start a business.
"Young entrepreneurs contribute significantly to the current Canadian economy and their businesses constitute the foundation of tomorrow's economy. It is important to encourage youth's entrepreneurial spirit and to support their business projects," said Edmée Métivier, Executive Vice President, Financing and Consulting, at BDC.
To be eligible for the $15,000 loan, applicants must have already been approved for financing by CYBF, as well as meeting the criteria put forth by BDC.
"Up to 70 per cent of small business owners will retire in the next 10 years. It is therefore important to ensure that innovative young people receive the support they need, through financing and mentoring in order to bridge this critical gap," said CYBF CEO, Vivian Prokop.
Potential applicants who wish to find out more information about the program should visit CYBF's web site at http://www.cybf.ca, or by calling 1-800-464-2923.
If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.