Young people with some good ideas and a good business plan could tap into some new federal money designed to get their business off the ground.
Another $60 million, over the next five years, will be plowed into Futurpreneur Canada, the federal government announced Monday at the Delta Chamber of Commerce.
Five cabinet ministers showed up for the event that was part of Budget 2024; Delta MP and Minister of Sport and Physical Activity, Carla Qualtrough; Minister of Emergency Preparedness of Canada, Harjit Sajjan; Minster of Crown-Indigenous Relations, Gary Anandasangaree; Minister of Tourism Soraya Martinez Ferrada and Minister of Justice and Attorney General, Arif Virani.
It’s difficult to get startup capital if you’re young, so the Futurpreneur takes a little bit of risk for enormous reward for the country, said Gary Anandasangaree, minister of Crown-Indigenous Relations.
“This investment today is part of our broader program towards ensuring the next generation of entrepreneurs, the next generation of Canadians are supported, the Gen Zs and the millennials, are supported through Budget 2024,” he said.
The money comes in the form of low-interest loans, re-payable over five years, currently at nine per cent, and can be matched with other government grants or private funding.
Futurepreneur Canada has been around for two decades and has received $161 million in federal funding and has helped more than 17,700 young people launch more than 13,900 businesses.
Mentoring is also available through the program which covers many industries, said Andrea Welling, regional director for B.C. with Futurpreneur.
