Starter Company: Ontario Government Grants for Youth Entrepreneurship
Although the Ontario Self-Employment Benefit (OSEB) tax incentive will be phased out in 2016, a startup funding and business support program has been created to help youth (aged 18-29) entrepreneurs start their own business. The Starter Company grant program provides valuable resources to young Ontarians in addition to $5,000 in Ontario government grant funding. Like OSEB, the Starter Company grant assists young, ambitious entrepreneurs by providing training and mentorship for business development. As highlighted by many successful OSEB participants, it is the mentorship from professionals and ability to network with other new entrepreneurs which makes the biggest impact on future success. The Starter Company will continue providing these advantages to participants while using a different method of dispersing funding through Ontario government grants.
Benefits of Starter Company Small Business Grants
Participants of the program receive several valuable resources in addition to funding. Youth entrepreneurs who have been waiting for the right opportunity to launch their own business should consider the following program features:
- Individual guidance from a Small Business Enterprise Centre advisor;
- Mentorship provided by a successful local entrepreneur;
- Access to business skills development workshops with topics that include writing a business plan, budgeting, and executing a marketing plan;
- $5,000 of Ontario government grant funding; and
- Valuable entrepreneurship experience that will assist applicants in securing traditional funding.
Starter Company Participant Eligibility Requirements
Some restrictions have been put in place to ensure that the program is directly supporting those that it can help the most. Therefore, applicants are encouraged to apply if they are:
- Aged between 18 and 29;
- An Ontario resident;
- Not attending school full time; and
- Able to contribute 25% (cash or in-kind) of the grant amount.
Apply for the Starter Company Ontario Government Grant
Youth who wish to apply for the Starter Company program are advised to contact their local Small Business Enterprise Centre for more information regarding the program and the application process.
Startup Funding Resources for Entrepreneurs
Canadian government grant funding and resources are mostly available to small businesses which have been in operation for two years and are incorporated. However, if you’re a startup and don’t qualify for these opportunities then other resources are available. To help bridge the gap, we’ve developed a startup funding checklist that shows what most Canadian government funding programs look for from applicants, including incorporation status, revenue, and number of employees.
