Question Period Note: FUTURPRENEUR CANADA

How is Budget 2024 supporting Futurpreneur?

• Supporting a new generation of entrepreneurs and small businesses is critical to build the Canadian economy and communities.

• That is why the Government of Canada is investing $60 million to support Futurpreneur Canada so it can continue to help young entrepreneurs.

• Over the next five years, Futurpreneur estimates this investment will enable 6,250 Canadian youth to launch and scale-up their businesses.

• The government remains committed to building a more inclusive, resilient and competitive economy that benefits everyone.

Futurpreneur Canada provides young entrepreneurs between the ages of 18 and 39 up to $60,000 in start-up loans ($20,000 from Futurpreneur and $40,000 from the Business Development Bank of Canada) over a five year term with compulsory mentoring lasting a minimum of two years. Futurpreneur also offers pre- and post-launch coaching, additional financing opportunities for expansion, mentoring and online business resources to young entrepreneurs.

Since its creation, Futurpreneur Canada has invested in more than 17,700 young Canadians who have established successful businesses that have created more than 37,500 jobs.

Budget 2024 has committed to invest $60 million over five years to support Futurpreneur’s ongoing activities. By 2029, this investment is expected to help an estimated 6,250 businesses owned by young entrepreneurs to launch and scale up their business.

Futurpreneur supports young Black entrepreneurs through its Black Entrepreneur Startup Program (BESP). BESP guides Black entrepreneurs to start, finance and launch their business by providing mentorship, networking opportunities and financing, ranging from $5,000 to $60,000. As of March 2023, BESP has disbursed over $11 million in collateral-free loans while supporting more than 275 Black-led businesses.

Futurpreneur also supports young Indigenous entrepreneurs. The Indigenous Entrepreneur Startup Program (ISEP) provides start-up loan financing and up to two-years of mentorship, supported by a team with lived experience, offering access to tools and networking.

• Futurpreneur provides advisory, mentorship and financing to young entrepreneurs to help them turn their ideas into businesses.
• Since inception, Futurpreneur has helped over 17,700 young entrepreneurs launch more than 13,900 businesses across Canada.
• These businesses have created an estimated 37,500 jobs across the country.