INFO-GUIDE - Young Entrepreneurs

BUSINESS PROGRAMS AND SERVICES

Young Entrepreneur Awards - Business Development Bank of Canada (BDC)
Every year, the BDC presents the Young Entrepreneur Awards (YEA). Thirteen young canadian entrepreneurs aged between 19 and 30 years old - one from each province and territory - will receive these awards to recognize their accomplishments. One of them will also receive the Export Acheivement Award from Export Development Canada.

The awards are given to 13 companies, one from each province and territory. The Export Development Corporation is sponsoring the Export Achievement Award which will be presented to one of the 13 winners.

Application Deadline
The application deadline seems to be in June every year.

Telephone: 1-888-463-6232
Web site: http://www.bdc.ca/en/home.htm

FINANCIAL ASSISTANCE

Aboriginal Business Canada - Industry Canada (IC)

This is an Industry Canada program which promotes the growth of commerce as one means towards economic self-sufficiency for Aboriginal people. Canadian Status Indians and Non-Status Indians, Métis and Inuit entrepreneurs are eligible for this program, as are partnerships, for-profit and non-profit groups, and other entities that are majority-owned or controlled by Aboriginal persons. For eligible applicants, this program provides financial assistance, information, resource materials and referrals to other possible sources of financing or business support.

Seed Capital Program - Atlantic Canada Opportunities Agency (ACOA)
This program effectively responds to the needs of entrepreneurs by helping them access small business start-up and expansion financing of up to $15 000, while providing them with sound business counselling and training.

Telephone: 1-800-561-7862

Entrepreneur Loan Program (ELP)
The Entrepreneur Loan Program is an initiative of the Province of Prince Edward Island designed to stimulate small business activity throughout the province.  The applicant must be a resident of the Province of Prince Edward Island, be 18 years of age or older, (except in the case of students), and be owner/operator of the business.  Student applicants must be enrolled in a high school, college or university program and intend to return to school in the fall.  Students under 18 years of age may apply with an adult co-signer.  

This program provides entrepreneurs with up to a maximum of $25,000 for use as an investment in eligible new and expanding businesses.  Loans are to be sourced through participating financial institutions and are fully guaranteed by Prince Edward Island Business Development for the life of the loan, to a maximum of five years.  Interest is charged at a floating rate of prime plus one per cent.

In the case of students starting their own business for the summer months, assistance will be in the form of a $3000 loan guarantee that must be repaid by October 31 of the year in which the loan was made.  

For further information, see Entrepreneur Loan Program (ELP) or contact Prince Edward Island Business Development Inc. at 1-800-563-3734, or visit PEIBDI's Web site at http://www.peibusinessdevelopment.com/

The Young Millionaires Program - Central Development Corporation
The Business Builders Youth Entrepreneurship Program (formerly called the I Want To Be A Millionaire Program) is program is designed to assist youth, ages 8 to 16 by helping them get started in a business of their own.  The participants will develop skills they will need to succeed in business from marketing to record keeping, and promotion to public speaking.  Each young entrepreneur has the opportunity to receive a maximum $100 non-repayable loan in exchange for their cooperation and involvement in the program.  It is an exciting summer of learning, fun and money making.

Telephone: 1-877-887-3400.

Canadian Youth Business FoundationThe Canadian Youth Business Foundation has a free on-line service at http://www.cybf.ca/ where young Canadian entrepreneurs (age 18 - 34) can get information, exchange ideas and receive support from business advisers and experts.  Young people who are unable to access other means of financing can apply to Youth Business, provided they reside in a community in which the program is available and meet the eligibility requirements.

Loans up to $15 000 are approved for aspiring young entrepreneurs with a sound business plan, who agree to work with a mentor.  Terms are designed to be supportive of a young person during business start-up and in the early years of operation.

Telephone: (902) 436-2815.

Canada / Prince Edward Island Business Service Centre

The Canada / Prince Edward Island Business Service Centre is an innovative partnership of federal and provincial government departments.  Both levels of government work with key private-sector organizations to support business start-ups, modernization and growth in Prince Edward Island.

The Canada / Prince Edward Island Business Service Centre is accessible province-wide and free of charge.  You may reach us through our toll-free number or visit us with your questions.  Our office is open business hours, Monday to Friday.  We also provide a 24-hour business information service, seven days a week, through our Internet site.

Canada / Prince Edward Island Business Service Centre
75 Fitzroy Street, Charlottetown, PEI.  
Telephone:  (902) 368-0771 or 1- 800-668-1010
Fax:  (902) 566-7377
Internet site: http://www.cbsc.org/pe
E-mail: pei@cbsc.ic.gc.ca