Youth Strategy
Highlights
This program is designed for young entrepreneurs like you, aged 18 to 39, who are ready to start or grow their business. It offers personal loans of up to $25,000 per entrepreneur, with the possibility of financing two young people for the same project, totaling $50,000. Additionally, you can benefit from a moratorium on interest and a two-year moratorium on the return of capital, making it easier to manage your finances in the early stages of your business.
What's in it for you?
- Up to $25,000 per entrepreneur in financing
- Total of $50,000 if two young entrepreneurs are involved
- Interest moratorium and two-year capital return moratorium
This financing is backed by the government, providing you with a reliable and supportive financial foundation. Approval for this program can significantly boost your business, allowing you to make essential purchases, hire staff, or invest in new equipment. Qualifying is straightforward, ensuring you can quickly access the funds you need to succeed.
Financing Details
Type of Financing: Personal Loan
Loan Amount:
- Up to $25,000 per entrepreneur
- Possibility of financing two young people for the same project, for a total of $50,000
Repayment Terms:
- Moratorium on interest
- Possibility of a two-year moratorium on return of capital
Eligible Expenses:
- Business start-up costs
- Operational expenses
- Equipment purchases
- Marketing and promotional activities
Ineligible Expenses:
- Personal expenses
- Non-business-related activities
Fees:
- No application fees
- No document preparation fees
Qualifications
- Business must be located in Quebec.
- Entrepreneur must be between the ages of 18 and 39.
- For internships, applicants must be under the age of 30.
- Eligible for a personal loan of up to $25,000 per entrepreneur.
- Possibility of financing two young people for the same project, for a total of $50,000.
Eligible for a moratorium on interest and a possible two-year moratorium on return of capital.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a personal loan of up to $25,000 per entrepreneur. If you have a partner, you can both receive funding, totaling up to $50,000 for your project.
Key benefits:
- Interest-free period: You won't have to pay interest for a set period.
- Capital repayment moratorium: You can delay repaying the loan's principal for up to two years.
You can use this money to start or expand your business. This could mean buying equipment, hiring staff, or covering other startup costs. The flexibility in repayment terms helps you manage your cash flow better, giving your business the support it needs to grow.
Program Steps
Find Your SADC or CAE: Locate your nearest SADC (Société d'aide au développement des collectivités) or CAE (Centre d'aide aux entreprises) to start the application process. You can find this information on their website or by contacting their office.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Business Plan
- Financial Statements (e.g., income statement, balance sheet)
- Personal Identification (e.g., driver's license, passport)
- Proof of Age (you must be between 18 and 39 years old)
- Details of the Business Project (e.g., project description, budget, timeline)
- Any other documents requested by the SADC or CAE
Contact Your SADC or CAE: Reach out to the SADC or CAE to discuss your business project and get guidance on the application process. They can provide you with specific details and answer any questions you may have.
Complete the Application Form: Fill out the application form provided by the SADC or CAE. Ensure all sections are completed accurately and attach the required documentation.
Submit the Application: Submit your completed application form along with the required documents to your SADC or CAE. This can usually be done in person, by mail, or through their online portal if available.
Attend an Interview: You may be asked to attend an interview or meeting with representatives from the SADC or CAE to discuss your business project in more detail. Be prepared to explain your vision and how the funding will help your business.
Review and Approval: The SADC or CAE will review your application and supporting documents. They may request additional information or clarification during this process.
Receive Funding: If your application is approved, you will receive the funding as outlined in the program. This may include a personal loan of up to $25,000 per entrepreneur, with the possibility of financing two young people for the same project, for a total of $50,000.
Follow-Up and Reporting: After receiving the funding, you may be required to provide periodic updates on the progress of your business project. This helps ensure that the funds are being used as intended and allows the SADC or CAE to offer additional support if needed.