Futurpreneur Canada Start-Up Program
Highlights
This program is designed for young entrepreneurs like you, offering a unique blend of financing and mentorship to help you succeed. You can receive up to $60,000 in financing, which can be used for various business needs such as startup costs, equipment, and working capital. Additionally, you will be paired with an expert business mentor for up to two years, providing invaluable guidance and support.
Key Benefits:
- Up to $60,000 in financing to kickstart your business.
- Expert mentorship for up to two years to help you navigate challenges.
- Access to a wealth of resources, including workshops and networking events.
This financing is more advantageous than others because it combines financial support with mentorship, ensuring you have both the funds and the knowledge to grow your business. The application process is straightforward, and with your qualifications, you have a strong chance of approval. This program will not only provide the capital you need but also the expert advice to help you succeed.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 5 years.
- Interest Rate: Prime rate + 3.75%.
- Grace Period: 12 months of interest-only payments, followed by regular principal and interest payments.
Eligible Expenses:
- Startup costs.
- Equipment purchases.
- Leasehold improvements.
- Inventory purchases.
- Working capital.
Ineligible Expenses:
- Personal expenses.
- Debt refinancing.
- Real estate purchases.
Fees:
- Application Fee: $50.
- Annual Administration Fee: 1% of the outstanding loan balance.
Qualifications
- Must be an entrepreneur residing in Canada.
- Must be aged 18-39.
Must be a citizen or permanent resident of Canada.
Disqualifications:
- Entrepreneurs outside the age range of 18-39.
- Non-citizens or non-permanent residents of Canada.
- Entrepreneurs not residing in Canada.
Description
This program offers you financing and mentorship to help you start or grow your business. You can receive up to $60,000 in funding. This money can be used for various business needs like purchasing equipment, marketing, or covering operational costs.
A key benefit is the expert business mentor you will be paired with for up to two years. This mentor will guide you through planning, managing, and growing your business. The support doesn't stop there; you will also have access to valuable resources and networking opportunities.
The loan is flexible and designed to be manageable. You have up to five years to repay the loan, making it easier to focus on growing your business without immediate financial pressure. This program is a great opportunity to get the financial support and expert advice you need to succeed.
Program Steps
Register for the Program:
- Visit the program's website and fill out the registration form with your personal and business details.
Submit a Draft Business Plan and Cash Flow Statement:
- If you do not have these documents, the program will assist you in creating them.
Prepare Required Documentation:
- Final Business Plan
- Cash Flow Statement
- Business Registration
- Identification (ID)
Submit Complete Business Plan and Cash Flow Statement:
- Ensure all sections are thoroughly filled out and accurate.
Credit and Business Plan Review:
- The program will review your credit and business plan to ensure they meet eligibility requirements.
Submit Supporting Documents:
- Provide your final business plan, cash flow statement, business registration, and ID.
Application Review:
- Your application will be reviewed to confirm it meets all required conditions.
Approval and Financing:
- If approved, your financing will be granted, and you will be matched with a mentor.
Meet Your Mentor and Complete Orientation:
- Engage with your assigned mentor and complete the orientation process.
Receive Financing:
- Once all approval conditions are met, you will receive your financing.
Launch and Grow Your Business:
- Utilize the resources and mentorship provided to successfully launch and grow your business.