Futurpreneur Canada Side Hustle
Highlights
The Side Hustle Program is designed for you. It offers up to $15,000 in financing to help you launch or grow your side business while keeping your full-time job. This program also provides free mentoring for up to two years and access to valuable business planning tools. These resources can help you take your side hustle to the next level.
What You Get:
- Flexible startup loan of up to $15,000
- Interest-only payments for the first year
- No penalty for early repayment
- Access to a Canada-wide network of entrepreneurs
- Business planning tools and workshops
This financing is more flexible than traditional loans, with interest capped at a reasonable rate and no collateral required. Approval can help you make significant strides in your business without the stress of high-interest rates or rigid repayment terms. Qualifying is straightforward, making it easier for you to get the support you need.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Up to $15,000 with a term over four years.
- Interest is charged at CIBC’s prime rate + 3%.
- If CIBC’s prime rate exceeds 6%, the interest rate is capped at 9%.
- If CIBC’s prime rate exceeds 9%, the interest rate will be charged at CIBC prime rate.
- Interest-only payments for the first year.
- Principal repayments are made in equal monthly installments together with interest, over the remaining 3 years.
- No penalty for early repayment.
Eligible Expenses:
- Funds can be used for various startup costs, including:
- Equipment
- Leasehold improvements
- Intangible assets
- Working capital
Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related costs.
Fees:
- A one-time loan management fee of 1% of the total loan amount is charged at the time of disbursement.
Qualifications
- Must be a Canadian citizen or permanent resident of Canada.
- Must physically reside in Canada.
- Must be between the ages of 18-39.
- Must have a full-time income outside of the side business.
The side business must remain a secondary source of income for the next 12 months.
Disqualifications:
- Not a Canadian citizen or permanent resident.
- Does not physically reside in Canada.
- Outside the age range of 18-39.
- Does not have a full-time income outside of the side business.
Description
This program offers your business up to $15,000 in financing. You can use this money to start or grow your side business while keeping your full-time job. This funding can help you cover various expenses, such as purchasing equipment, marketing, or other operational costs.
Mentorship is included for up to two years, providing you with valuable guidance and support. You will also gain access to a wide network of entrepreneurs across Canada, which can open doors to new opportunities and collaborations.
The loan terms are flexible. You will only need to pay interest for the first year. After that, you will repay the principal and interest over the next three years. There is no penalty for early repayment, and a one-time loan management fee of 1% of the total loan amount is charged at the time of disbursement. This program is designed to help you succeed without adding financial stress.
Program Steps
Gather Required Documentation:
- Business Plan
- Cash Flow Statement
- Proof of Full-Time Employment
- Identification (e.g., Passport or Driver's License)
- Proof of Canadian Citizenship or Permanent Residency
Complete the Online Application Form:
- Visit the program's website.
- Fill out the required fields, including personal and business information.
Submit Business Plan and Cash Flow Statement:
- Attach your business plan and cash flow statement to the application.
- Ensure all financial projections and business strategies are clearly outlined.
Schedule an Interview:
- Once your application is submitted, schedule an interview with a program advisor.
- Prepare to discuss your business plan and how you intend to use the financing.
Review Loan Terms and Conditions:
- Carefully read through the loan terms, including interest rates and repayment schedules.
- Make sure you understand all conditions before proceeding.
Sign the Loan Agreement:
- If approved, sign the loan agreement.
- Ensure you keep a copy for your records.
Receive Funds and Begin Mentorship:
- Upon signing, the funds will be disbursed to your account.
- Start your mentorship program to receive guidance and support for your business.
Utilize Resources and Networking Opportunities:
- Take advantage of available workshops and business planning tools.
- Engage with the Canada-wide network of entrepreneurs for additional support and opportunities.