Montreal, Quebec, April 30, 2008-The Business Development Bank of Canada (BDC) is pleased to announce that it has signed a partnership agreement with the Canadian Youth Business Foundation (CYBF) to enable more of Canada's youth to start up their business. Under this agreement, BDC will grant eligible entrepreneurs a loan equal in value to the financing granted by CYBF, up to $15,000. The loans granted by BDC will be used to support businesses in operation for less than 12 months, operated by young Canadians between the ages of 18 and 34.
"Young entrepreneurs contribute significantly to the current Canadian economy and their businesses constitute the foundation of tomorrow's economy. It is important to encourage youth's entrepreneurial spirit and to support their business projects," said Edmée Métivier, Executive Vice President, Financing and Consulting, at BDC. "This new partnership between CYBF and BDC will enable more young entrepreneurs to find the financing and coaching necessary to start up their business and successfully grow it."
To be eligible for a BDC loan, all applications must be previously authorized by CYBF for the portion of financing offered by CYBF and meet BDC's criteria. CYBF will be responsible for receiving financing requests under this partnership.
"CYBF is committed to youth entrepreneurship business start-ups and sustainability," says CYBF CEO, Vivian Prokop. "This partnership is especially important in Canada's changing demographic cycle, whereby up to 70% of small business owners will retire in the next 10 years. It is therefore important to ensure that innovative young people receive the support they need, through financing and mentoring in order to bridge this critical gap. We are proud and excited about the positive impact this partnership will have in developing the next generation of business leaders across the country."
Entrepreneurs wanting to know more about this program and submit an application must contact CYBF at 1-800-464-2923 or consult the organization's Web site.
About BDC
BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financing, investment , and consulting services.
About the Canadian Youth Business Foundation (CYBF)
The Canadian Youth Business Foundation (CYBF) is a national charity providing mentoring, financing and business resources for young Canadians aged 18 to 34 to create their own successful business. Whether urban or rural, service or high-tech, leading edge or traditional, CYBF helps young Canadians make their dream of owning a business come true. For more information, visit their web site.
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For information:
Johanne Bissonnette
Media Relations Manager
(514) 283-7929
Contact by email
Flavian DeLima
Media Relations & Communications Specialist
Canadian Youth Business Foundation
416-408-2923, ext. 2120
fdelima@cybf.ca
