Government Funding for Small Businesses – Youth Employment Program (YEP)
New funding mechanism to support small business, withamaximum contribution of $30,000, for the financial support of hiring a graduate. The funding must be applied to hire a recent graduate in their area expertise for business development, marketing plans or technical development for a period of six months or greater.
Through Employment and Social Development Canada, the Youth Employment Program is intended to help young graduates find employment in their chosen field, by providing a financial contribution to Canadian SME’s to help offset the cost of the graduate’s salary and training.
The maximum contribution is $30,000 per graduate per company (maximum of 2 employees at $15K each) and must support an internship period of at least six months minimum up to 12 months.
Requirements of the interested incorporated business:
- Must be for profit
- The business must have one employee on the payroll (T4 slip) but fewer than 500 employees
- Able to use the expertise of the grad through a technical, business or marketing development
- No displacement of current employees
- Graduate must be currently unemployed
- The company, not IRAP, must find the graduate before applying
- It is recommended that the company register the position on the National Graduate Register.
- NGR coordinates
- A current balance sheet confirming that the operating line is sufficient for the first 2-3 months of start-up
- A copy of the graduates CV and diploma must accompany the application
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The Youth Employment Program is delivered by IRAP.