Canadian Youth Business Foundation (CYBF) received a big boost from the Federal Government of Canada last week. The not-for-profit foundation that helps budding young business owners with everything from startup funding to writing a business plan has been featured frequently in our blog over the years. CYBF is most well-known for helping young entrepreneurs access startup business loans.
Startup Funding and Support Services from CYBF has Generated $164M in Tax Revenue
The effect that CYBF has had on the economy at large since its inception is notable. While helping 5,600 Canadian entrepreneurs start their businesses, CYBF efforts have translated into an extra $164 million in tax revenue from small businesses that have received support from CYBF, adding over 23,000 jobs across the country. CYBF delivers its program through a vast national network of 185 community partners and more than 4,000 volunteers including business mentors.
Goodyear on Hand to Announce $626K Investment in CYBF Business Start Up Services
Gary Goodyear, the Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced Monday September 18th, that the federal government is prepared to invest up to $626,000 to allow CYBF to provide small business start up loans, help writing a business plan, and other steps to starting a business. The project is also receiving support via a joint investment from FedDev Ontario and the National Research Council of Canada (NRC) of up to $378,000 through its Scientists and Engineers in Business initiative while the NRC, through the Industrial Research Assistance Program (NRC-IRAP), is providing up to $248,000 in Canadian government funding support.
Startup Business Grants & Small Business Start up Loans Focus
This investment is expected to enable CYBF to provide entrepreneurship training to as many as 225 young entrepreneurs as well as startup funding to launch up to 12 new innovative businesses in Southern Ontario. The project will focus on assisting STEM (science, technology, engineering and math) employees that have been recently displaced. The loan will enable successful applicants to acquire entrepreneurial skills and provide them with the startup funding required to develop and commercialize their business model.
Learn More about Small Business Startup Grants and Loans
Mentor Works is your source of startup funding and resources for entrepreneurs interested in starting a business. Download our free government funding for startups checklist and you will be sent an invitation to join our exclusive Small Business Grants and Loans for Startups Webinar and receive a Resource Guide for Small Businesses and Entrepreneurs.