Access to capital can be a frustrating process for young entrepreneurs. Banks are low-risk lenders and very often, young entrepreneurs are not able to meet the qualification criteria of traditional loans. As a result, governments and organizations in many provinces offer guaranteed loans, or even grants, to qualified young entrepreneurs.
Some programs address one of the major concerns of loans to young entrepreneurs – the lack of experience and business skills – as part of their loan programs. For example, the Business Development Bank’s Young Entrepreneur Loan Program includes a training component that the entrepreneur must pay to obtain a loan.
The following table lists Canada’s grant and loan programs for young entrepreneurs. Click on a province or region to directly access information about that region or scroll down to see what is currently available in Canada. In addition to these loans, young entrepreneurs should also study subsidy programs and loans specific to their sector.
Grants and loans by region:
Alberta | Manitoba | Ontario | Quebec | New Brunswick
Atlantic Canada | Western Canada | National Programs
Young Entrepreneur Award of Distinction
Applicants must be between 18 and 35 years old. The Young Entrepreneur Award recognizes the outstanding achievements of young entrepreneurs. This award is given to the company that best exemplifies the qualities of effective leadership, innovative applied know-how and excellent growth potential. it reflects a high level of social, cultural and environmental awareness and a demonstrated commitment to the wider community; and who participates in continuous learning or other opportunities for improvement designed to improve the economic, social and environmental prospects of the company.
Alberta Youth Entrepreneurship Camp
Although not a traditional grant or loan to start a business, the Alberta Youth Entrepreneurship Camp is a one-week camp for 13- to 15-year-olds interested in getting started. trade and entrepreneurship. Campers will spend the week learning about marketing, advertising and writing a business plan, as well as starting their own business, using real money that they will borrow from real people. bankers.
Summer Student Loan Program
This loan program is administered by the Alberta Community Futures Center West and offers up to $ 3,000 to youth for the creation and management of a summer business. Applicants must be full-time students aged 16 to 24 years old. The funds must be used for the operation of a business during the summer months. The loan is interest free for the first three months.
Business Startup Program (BSP)
Business Start is designed to promote the success of new businesses by ensuring that entrepreneurs have thoroughly researched their ideas through a comprehensive business plan, providing training and advice to businesses, and providing access to financing. by means of a loan guarantee.
Young Entrepreneurs Program
Designed to encourage Manitoba youth to start their own full-time business and pursue self-employment as a career choice. Applications are accepted year-round by Manitoba youth aged 18 to 29. Under the Young Entrepreneur Program, approved applicants will be eligible for a grant of up to 50% of your start-up costs, up to a maximum of $ 4,000, to help young entrepreneurs with a business idea . Some of the requirements of this grant require you to submit your application BEFORE the business is operational. You must also provide a business plan showing the viability of the business.
Aboriginal youth is a business!
It is a coalition of service providers working together to encourage Aboriginal youth to start or grow a business in Manitoba. Although the program does not offer grants or direct loans, it serves as a directory to help Aboriginal youth find the resources they need to access funding information.
This program is for young entrepreneurs who have a business idea based on technology. TechFutures offers a grant of up to 3,000 euros (non-refundable), in addition to an “Initiation to Skills” workshop where participants will receive training and business advice. You must be between the ages of 18 and 34 to apply for a technology-related product or service that is not yet commercially available.
Partnership Program for Youth Entrepreneurship
This program donates money to non-profit organizations for projects that: a) educate young people about the entrepreneurial profession; and b) encourage unique, innovative and collaborative initiatives that foster a culture of entrepreneurship among young Ontarians. You can apply for a loan for an entrepreneurship event (loan up to 15,000 euros) or for a business initiative (loan up to 50,000 euros). The conditions apply so be sure to check the site!
Young Entrepreneurs Program: Summer Company
This program could bring you up to € 3,000 to help you start and run a summer business. The Summer Company program is for current students, ages 15 to 24, who are returning to school in the fall. Summer Company provides start-up funds to help you start a new summer business. The program will put you in touch with local business leaders who will offer advice and mentorship to help you get started.
Northern Ontario Young Entrepreneur Program
All Northern Ontario residents aged 18 to 29 who are considering starting their own for-profit business in the North are eligible. As a rule, the funding should not be reimbursed and can cover up to 85% of the eligible costs, up to a maximum of 25,000 euros per project.
As a young entrepreneur, you may be eligible for up to $ 5,000 in funding and professional training to help you start or expand your business. This program is for young adults aged 18 to 29 who are not attending school full time. Start Company can also put you in touch with a business consultant for personalized advice, mentoring a local entrepreneur and training through various workshops. To be eligible, you must be able to pay 25% of the grant in cash or in kind.
Strategic Community Entrepreneurship Project
This program is in partnership with various participating organizations and communities, so be sure to check the website for a list of participating organizations. The Strategic Community Entrepreneurship Project targets young entrepreneurs aged 15 to 29. The program will provide up to US $ 3,000 in funding and business skills training to help you start a business. The training includes seminars, workshops, learning modules and resource guides. In addition, you will have access to mentoring, in-company coaching and other self-employment training.
The Youth Accelerator Fund
This fundraising program is particularly interested in funding opportunities for youth who have participated in acceleration programs at either colleges or universities or who are currently enrolled in a regional innovation center program. (However, it is important to note that this is not a mandatory requirement of the program if the other qualifications are met). The available funding for this program is a maximum of € 250,000 ! This program is funded by MaRS. Be sure to check the website for the list of requirements.
If you are between 18 and 35 years old and want to start your first business, you may be eligible for financial assistance through the Young Promoters program. The program has three potential components for which you could receive funding: Component 1 – Receive 75% of your expenses to complete a feasibility study of a business plan; Component 2 – If you have a business plan and you are going to create at least two jobs, you could have 50% of your expenses; Component 3 – funding to receive entrepreneurial training tailored to your business plan, as well as access to assistance that can cover all your eligible expenses.
Small Business Loan Guarantee Program (SBLGP)
Provides loan guarantees to businesses in certain sectors of the economy to stimulate the capital investments needed to start up and expand small businesses. Program options include term loan guarantees, working capital guarantees for start-ups and working capital loan guarantees for existing businesses.
Student Entrepreneurship – SEED
The Student Entrepreneurship Loan is for full-time students who are returning to school in the fall and who are at least 16 years old. You could receive an interest-free loan of up to $ 3,000 to start your own summer business. If you are able to repay your entire loan before October 15th, you can recover 1/3!
Students in Business
The Students in Business program can provide you with a € 5,000 interest-free loan to start your own business, as well as training and advice. Applicants must be between the ages of 15 and 34 and intend to attend a recognized high school or post-secondary institution. You must also have lived in Nova Scotia for 6 consecutive months.
First Nations Youth Breeding Program
This program is funded by the Saskatchewan Indian Equity Foundation Inc. This is a four-year program for Aboriginal youth interested in livestock operations. The program’s services are designed to help youth create equity by providing funding, training and support. Loans are provided for the purchase of a herd of livestock, as well as for the acquisition of skills in livestock production and business management. To apply, you must be a First Nations youth aged 15 to 29 and up to 10% to 15% of the monetary equity.
Youth Investment Fund
The Youth Investment Fund provides financial support for short-term projects for youth. These programs should promote self-esteem, encourage the development of positive life choices, or create social or recreational opportunities. You must be under 19 to apply. Groups can request up to € 5,000 twice a year or up to € 500 at any time.
SEED Capital Program
Seed Capital and Counseling Program or 1-800-668-1010
– up to $ 20,000 for residents of Atlantic Canada aged 18 to 29 years inclusive (applicants under 19 years of age require the signature of an adult); see website for detailed criteria – for young entrepreneurs from New Brunswick, Newfoundland, Nova Scotia and Prince Edward Island
SEED / Student Entrepreneurship
Up to $ 20,000 for residents of Atlantic Canada. Candidates must be the majority owners of their businesses. Applicants under 35 years old can use the loan to create, develop or modernize a business. Applicants aged 35 and over can use the loan to start a new business only; see the site for detailed criteria – for young entrepreneurs in New Brunswick, Newfoundland, Nova Scotia and Prince Edward Island.
Futurepreneur Canada’s Newcomers Program
If you are between 18 and 39 years old and have lived in Canada for less than 60 months , you can apply for a loan of up to $ 15,000 to help you start a business (or up to $ 45,000 if you have a credit history in Canada). This loan is repayable over 5 years, with interest payments only the first year. This program will also connect you with a mentor who can help you learn how to do business in Canada, including creating a business plan. Although the program is open to applicants aged 18 to 39, applicants aged 35 to 39 will be assessed on a case-by-case basis.
Futurepreneur Canada Startup Program
This program is for young entrepreneurs in Canada who want to start a business. If you are between 18 and 39 years old and you are a Canadian Resident with a good business idea, you could receive $ 15,000 to help you start and run your business. In addition, if you qualify, you can also apply for an additional loan of $ 30,000 through the Futurepreneur Canada-BDC Starter Program Partnership.
BDC Young Entrepreneur Financing Program
There are two funding options under BDC’s Young Entrepreneur Program. You can apply for start-up financing online to help you start your business. To apply for this financing option, you must be in the start-up phase of your business or in the first 12 months of sales.
A second funding option offered through the BDC program is a small business loan for young entrepreneurs, in which you can receive up to $ 50,000 to support your business. To apply for a loan, your business must have been in business for at least 24 months and you must be a Canadian citizen or permanent resident and have reached the age of majority in your province.
BDC’s Young Entrepreneur Program also offers coaching and marketing workshops.
Aboriginal Veterans Scholarship Trust
The scholarships support Aboriginal students pursuing post-secondary education in all areas of economic development and self-government, such as technology studies, business, science, law and education.
Social Investment Fund for Youth
This funding opportunity is for young entrepreneurs with a social or environmental goal. You may qualify for loans of up to € 25,000 to start or grow a business. Loans range from 1,000 euros to 10,000 euros, with the option of an additional 15,000 euros from a partner organization. To apply for this loan, you must be 18 to 29 years old and operate a for-profit or not-for-profit social enterprise. Your company must also work toward social or environmental goals.