CYBF - Canadian Youth Business Foundation

Eligibility Criteria

Applicant

• Between 18 and 34 years old
• Eligible to work in Canada
• Operate your business in the community in which you apply for a loan
• Produces a complete and viable business plan
• Have experience or education related to your business idea
• Possess entrepreneurial training, and/or demonstrate the capability to manage your business
• Agree to work with a mentor for the duration of the loan term
• Has a business that creates or leads to full-time sustainable employment for the applicant

Business

• Loans are available for business start-up or within the first year of operation
• Multi-level marketing businesses are not eligible
• For a partnership of two, the principal or general partner must meet the age criteria and both are subject to the CYBF application process
• If the business is incorporated, the applicant must be a majority shareholder, having at least 51% of the voting shares, and be involved in the day-to-day management of the business
• If the business is incorporated with more than two shareholders and no one person holds majority shares, the shareholders meeting the age criteria must collectively hold the majority of the voting shares and be involved in the day-to-day management of the business. All applicants are subject to the CYBF application process.

Eligible Area

Delivery partners are located across Canada

Eligible Activities

Most sectors are eligible.

Summary

Loans
Loans of up to $15,000 are available for start-up costs of a business or within the first year of operation. The repayment period varies with the loan amount. Amounts up to $7,500 are repayable over 3 years. Amounts over $7,500 are repayable over 5 years. The first year's payments are interest-only at chartered bank prime plus two. There is an initial start-up fee of $50 plus a $5 monthly administration fee.

Mentoring
A mandatory mentoring program is part of CYBF's loan program.  Young entrepreneurs must strike a working agreement with a mentor who will assist in the business development process.  In the event that a young entrepreneur cannot find a suitable mentor, CYBF will assist in finding one.

Learning Resources

CYBF has a variety of interactive online learning resources from developing a business plan to accessing financing to help you start your own business..

For additional information or to obtain a loan application, please contact CYBF or, visit their web site www.cybf.ca

Nova Scotia Contact(s):
Mr. Shawn Cunningham
Canadian Youth Business Foundation
Centre for Entrepreneurship Education and Development
Ste. 107, Tower 1
Halifax Shopping Centre
7001 Mumford Road
P.O. Box 196
Halifax, Nova Scotia  B3L 2H8
Telephone: (902) 209-3504
Fax: (902) 482-0291
Toll-free (information): 1-800-590-8481
E-mail: shawn.cunningham@ceed.info
Web site: http://www.ceed.info/ceedsite