TORONTO, Ontario, March 12, 2010 — The Honourable Rob Moore, Minister of State (Small Business and Tourism), today announced that the Government of Canada is investing in the business leaders of tomorrow by supporting the Canadian Youth Business Foundation (CYBF).
The funding will enable an estimated 500 new Canadian businesses to launch over the next year, generating approximately 2500 new jobs and $63 million in revenues within three years. Minister of State Moore was joined at the announcement by the Honourable James Flaherty, Minister of Finance.
“By opening businesses across the country, young entrepreneurs help create jobs while strengthening Canada’s economic recovery,” said Minister of State Moore. “Through year two of Canada’s Economic Action Plan, our government is continuing to support the business leaders of tomorrow.”
The $10-million investment was provided in Budget 2010: Leading the Way on Jobs and Growth. It builds on an investment of $10 million made in year one of Canada’s Economic Action Plan. Small businesses are a key driver of Canada’s economy. Through year two of Canada’s Economic Action Plan, the government continues to support this vital sector of the Canadian economy.
“We know that when we help young entrepreneurs open businesses in communities across Canada, we create jobs while strengthening our economic recovery,” said Minister Flaherty. “This investment in CYBF is one that will pay dividends, now and in the future.”
“At CYBF, we know that youth entrepreneurship plays a fundamental role in building a dynamic Canadian economy,” said Vivian Prokop, Chief Executive Officer of the Foundation. “The federal government’s continued support of CYBF reinforces a strong public–private partnership that enables CYBF to unleash the entrepreneurial potential of young people to generate ideas, expand innovation and create jobs and wealth in communities coast to coast.”
CYBF provides financial support and mentorship to young Canadians who want to start their own business. CYBF is different from other programs that support young entrepreneurs in that it matches its clients with experienced volunteer business mentors. The combination of access to capital and the support of a mentor is key to the success of the entrepreneur. To date, CYBF has helped more than 3500 young entrepreneurs create more than 16 900 jobs.
For more information on the CYBF, visit the CYBF website. For more information on Canada’s Economic Action Plan, please visit Canada’s Economic Action Plan website.
For further information (media only), please contact:
Catherine Godbout
Office of the Honourable Rob Moore
Minister of State (Small Business and Tourism)
613-947-7023
613-668-5406 (cell)
Media Relations
Industry Canada
613-943-2502
