Young Entrepreneurs Program
Highlights
This program is a fantastic opportunity for your business. It offers a non-repayable grant of up to $10,000 to help cover your start-up costs. This means you can invest in essential items like inventory, equipment, and other capital expenditures without the burden of repayment.
Why Apply?
- Financial Boost: Receive up to $10,000 to cover 25% of your start-up costs.
- Flexibility: Use the funds for a wide range of expenses, including license fees, space rental, and equipment.
- Support: Access resources and support to help develop your business plan.
What's in it for You?
- Non-repayable Grant: Unlike loans, this grant does not need to be paid back.
- Ease of Qualification: If your business has been in operation for less than 12 months, you are eligible to apply.
- Growth Potential: This financial assistance can help you establish a viable, full-time business, providing you with a sustainable income.
Applying for this grant can significantly ease the financial strain of starting a business, allowing you to focus on growth and success.
Financing Details
Type of Financing: Non-repayable Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Start-up Costs: License fees, space rental, telephone installation, utilities, office supplies, equipment rental, business travel costs.
- Inventory Costs: Finished goods or raw materials (eligible up to 50% of the expense).
- Capital Expenditures: Recent purchases of land, buildings, office equipment, and other significant equipment and fixtures.
Ineligible Expenses:
- Expansion of existing businesses.
- Businesses that cannot provide a living wage (provincial minimum wage).
- Applicants receiving grant funding from other Federal or Provincial programs.
- Purchase of existing businesses providing regulated professional services in self-governing professional occupational categories in Manitoba.
Fees:
- No fees associated with the program.
Qualifications
- Must be a Manitoba-based business.
- Business must have been in full operation for up to twelve months of submitting the application.
- Applicant must be a youth aged 18 to 29 years.
- Applicant must be a Canadian citizen or have received landed immigrant status.
- Principal applicant must be involved in the management of the business.
- Principal applicant must be involved in all aspects of the business on a day-to-day basis.
- Applicant must dedicate a minimum of 15 hours per week to the business if employed full-time elsewhere or attending school.
- If the applicant is not working and their main focus is establishing their business, a minimum of 30 hours per week must be dedicated to the business.
- Business must be year-round and permanent in nature.
- Business must ultimately provide the principal applicant with full-time self-employment.
- Business must be created for the purpose of making a profit and providing the applicant with at least a minimum wage income.
- Business must demonstrate viability through the business plan.
- Any existing business ventures and/or assets being purchased must be at fair market value.
Approved applicants must maintain and submit a log of daily hours and activities for the first 300 hours of operation.
Disqualifications:
- Expansion of the applicant’s existing business.
- Businesses that cannot provide the applicant with a living wage (provincial minimum wage).
- Applicants receiving grant funding from any other Federal or Provincial program.
- Applicants who have received the Young Entrepreneurs Grant in the past.
- Purchase of existing businesses that provide regulated professional services in self-governing professional occupational categories in Manitoba.
Description
This program offers a non-repayable grant of up to $10,000. This grant is designed to help you start or grow your business. You can use this money for eligible start-up costs, inventory, and capital expenses.
Eligible start-up costs include things like license fees, space rental, utilities, office supplies, and business travel. Eligible capital costs cover recent purchases of land, buildings, office equipment, and other significant items.
The grant covers up to 25% of your start-up costs. For example, if your start-up costs are $12,000, you can receive up to $9,000 from the grant, and you would need to contribute $3,000. This grant is a great opportunity to reduce your financial burden and focus on growing your business.
Program Steps
Review the Application Form: Download and fill out the Young Entrepreneurs Grant application form.
Prepare Business Documentation: Gather the necessary documents to support your application. These include:
- Completed application form
- Detailed business plan
- Proof of Canadian citizenship or landed immigrant status
- Log of daily business activity and hours worked (if applicable)
- Receipts for all business-related purchases made during start-up
Review Business Plan Checklist: Ensure all key sections are included in your business plan by reviewing the Business Plan Overview checklist provided at the end of the application.
Make Copies for Records: Make a copy of your completed application, business plan, and all correspondence for your records.
Submit the Application: Submit your completed application and business plan via email to [email protected] or mail to 230-800 Portage Ave., Winnipeg, MB R3G 0N4.
Maintain a Log of Business Activities: Keep a log of daily business activities and hours worked, as this documentation will be required if your application is approved.
Keep Receipts: Retain receipts for all business-related purchases made during the start-up phase. These will be required for reimbursement and tax purposes.
Await Notification: After submission, await notification by letter regarding the funding decision. If approved, you will receive information on the claim for reimbursement process. If not approved, the basis for the decision will be provided.