New funding mechanism to support small business, with a maximum 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 Human Resources and Skills 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 and must support an internship period of six months minimum but may be up to 12 months.
Requirements of the interested incorporated business:
- 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
- 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