The Canadian Youth Business Foundation (CYBF) is an organization that fosters youth entrepreneurship and provides resources you need to be successful. They accomplish this through building relationships with federal and provincial governments in Canada and offer coaching, mentoring, financing and business resources to aspiring young people. The CYBF’s Start-up Program provides the support that entrepreneurs need to get their business started. It includes coaching and resources to help create a solid business plan.
Funding for Small Business via CYBF Start-Up Program
When assessing your eligibility for financial support, CYBF focuses on the business plan and the applicant’s character. Youth entrepreneurs may be eligible to receive up to $45,000 to launch their new business. CYBF offers up to $15,000 in start-up financing and you can receive up to twice your approved CYBF amount through their partnerships with the Business Development Bank of Canada.
Additionally, CYBF has community partners that are located across the country and will help provide more business resources in your area. They also have several entrepreneurs-in-residence that can provide you with support and guidance in all areas relating to the start of a new business.
Lastly, if you are taking over an existing business, applicants can meet the same criteria as start-up loan applicants and attain 51% ownership of the company by the fifth year of operation.
Government Funding for Business Support
Businesses interested in learning more about various Canadian government funding programs should strongly consider contacting one of our Canadian Government Funding experts. Readers can also receive weekly updates on the latest Ontario Government Funding mechanisms by signing up for our Weekly Canadian Government Funding E-Newsletter or following us on Twitter.