Canadian Youth Business Foundation (BEST PRACTICE)

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The Harper Government is investing $10 million in the Canadian Youth Business Foundation.

 

This is a national charity getting a lot of attention of late – it provides start-up mentoring, financing, resources to help young Canadians, aged 18-34, create their own businesses. Founded in 1996, it supports youth who would not otherwise realize their full potential and launch a business. 

 

Modeled after the UK’s Prince’s Trust, CYBF has been recognized as one of the most efficient organizations of its kind globally. As such, CYBF is often called upon to mentor youth entrepreneurship programs in other countries.

 

CYBF provides business start-ups with loans of up to $15k and on-line business resources. Loans below $7,500 are repayable over 3 years – above that level, the repayments are over 5 years. Year 1 payments are interest-only. Initial start-up fee of $50 plus $10 monthly administration fee.

 

The difference is the mandatory world-class mentoring program. CYBF individually qualifies, interviews and trains every volunteer mentor, hand-matching each with a CYBF entrepreneur for 2 years during the critical start-up period.

 

Delivery partners are located across Canada and most sectors are eligible. Last year CYBF funded 400 new start-ups – total to date of 2,800 companies. They have created $300 million in sales, $69 million in tax revenue, $33 million in exports and 15,000+ jobs.  On average, each new company creates 5 jobs.  CYBF has an impressive repayment rate of 95% – received money is reinvested in the next wave of entrepreneurs.

 

Contributed by Mark Marich (USA)

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One Response to “Canadian Youth Business Foundation (BEST PRACTICE)”

  1. Lanie Says:

    This is really helpful and a good news for many. Thanks for sharing this. This site might be helpful too.

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