Options Youth Subsidy Program
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing with an additional $150,000 for software or operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this program is that it is backed by the government, providing you with a sense of security. You also have the flexibility to choose your repayment plan, with up to 15 years to pay it back. This makes it easier to manage your finances and focus on growing your business.
Applying is straightforward, and the benefits are substantial. Approval will provide you with the necessary funds to make critical investments and improvements, positioning your business for long-term success.
Financing Details
Type of Financing:
- Wage Subsidy: Employers can receive a wage subsidy of $7.5 per hour for a 35-hour work week, lasting 15 weeks, when hiring individuals aged 15 to 30 facing employment barriers.
Repayment Terms and Interest Rates:
- No repayment required for the wage subsidy received.
- The subsidy is a one-time financial support provided directly to the employer for hiring eligible individuals.
Eligible Expenses:
- The wage subsidy can be used towards the wages of the eligible employees hired within the specified age range and facing employment barriers.
Ineligible Expenses:
- The funds from the wage subsidy cannot be used for any expenses other than subsidizing the wages of the eligible employees.
Fees:
- There are no fees associated with receiving the wage subsidy.
Qualifications
- Must hire a young person between the ages of 15 and 30.
- The young person must be facing certain employment barriers.
- Business must be willing to offer a 35-hour work week.
Employment period must be for 15 weeks.
- Disqualifications:
- None specified.
Description
This program offers a wage subsidy of $7.5 per hour for hiring young people aged 15 to 30 who face employment barriers. Your business can benefit from this subsidy based on a 35-hour work week for a period of 15 weeks.
This is a great opportunity to support your business while helping young individuals gain valuable work experience. The subsidy can help cover wages, making it easier for you to manage payroll costs.
By participating, you not only get financial support but also contribute to the community by providing employment opportunities to those who need it most. This can enhance your business's reputation and foster a positive work environment.
Program Steps
Visit the Application Page: Go to the Options Youth application page.
Create an Account: If you do not already have an account, create one by providing your email address and setting a password.
Complete the Online Application Form: Fill out the required fields in the application form. This will include basic information about your business and contact details.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Business registration documents
- Financial statements
- A brief business plan outlining your goals and how the program will benefit your business
- Any additional documents that demonstrate your business's need for the program
Upload Documentation: Attach the prepared documents to your online application form. Ensure all files are clear and legible.
Review and Submit: Double-check all entered information and uploaded documents for accuracy. Once you are confident everything is correct, submit your application.
Confirmation: After submission, you will receive a confirmation email. This email will include details on the next steps and any additional information required.
Follow Up: If you do not receive a confirmation email within a few days, contact the program's support team to ensure your application was received.
Await Approval: The program administrators will review your application. They may contact you for additional information or clarification.
Approval and Next Steps: Upon approval, you will receive detailed instructions on how to proceed, including any further documentation or actions required to begin participating in the program.