Business & Personal Finance

Are you a young entrepreneur hoping to start your own business?  If so, here are a couple of programs that may be able to help.

Canadian Youth Business Foundation (CYBF) is a national not-for-profit organization that provides pre-launch coaching, start-up financing, mentoring and business resources to Canadian youth between the ages of 18 to 39.  Their services include the following: 

Pre-launch Coaching:  CYBF provides entrepreneurs personal guidance with their Entrepreneur-In-Residence, who assists you with business planning or developing financial strategies.

Start-up Financing:  CYBF may provide up to $15,000 in start-up financing, low interest rates and 5 year repayment schedule with no principal payments in the first year. Additional financial assistance may be available with their partnership with the Business Development Bank of Canada (BDC).

Mentoring:  Every young entrepreneur is "hand-matched" with a business professional for the first critical two years of the business start-up phase in order to help businesses succeed.

Online Business Resources:  CYBF provides access to many resources including a business plan writer and marketing tips to draw awareness to your company.

Visit the Canadian Youth Business Foundation website or call at 1-800-464-2923 to learn more about CYBF.

Rise Asset Development also has a Youth Small Business Program.  Their program is designed for individuals aged 16 to 29 with a history of mental health or addiction challenges (anorexia, depression, bipolar disorder, anxiety, drug or alcohol addictions, post-traumatic stress, abuse etc.)

This is a free group training program where participants gain practical tools, business knowledge and confidence, while converting their business idea into a viable business plan. Students may be eligible to apply to receive Rise financing and a start-up grant upon completion of the program.

The sessions include:

Workshops: Creative and interactive sessions are taught by Rotman School of Management, University of Toronto alumni and industry experts. Participants work together and discuss business strategies and concepts to develop their business skills.

Coaching:  Participants receive individual and group coaching from mentors across the Rotman community (Rotman MBA alumni) and professionals from the business community.

Self-Directed Learning: Learning is not limited to the classroom. At home, participants can access online resources and support and use a customized Business Plan Workbook to develop their business plans.

Expectations and Outcomes: All participants must complete a business plan and will have the opportunity to present their plan to a panel of small business experts on the final day of the program. Participants receive a certificate upon successful completion of the program.

Financing: Participants successfully completing the program may be eligible to receive a financial incentive of $500 toward the start-up costs of their business. They may also be eligible to apply for Rise financing.

Upon completion of the program, youth will:

• create an actionable business plan
• gain tools and knowledge to start their business
• become eligible for business financing from Rise

Visit the Rise Asset Development website or call 1-855-464-7473 for details. 

Also, check out the Students and Young Entrepreneurs page at the Ontario Ministry of Economic Development, Trade and Employment website for information on youth-owned enterprises.

Moreover, the Toronto Public Library has related recommended websites on its Young Entrepreneurs page.