Small and medium-sized enterprises play a vital role in our economy. The Government of Canada is working to help small businesses access the resources and capital that they need to grow into globally competitive firms.
The Canadian Youth Business Foundation (CYBF) supports these efforts by filling an important gap and providing support to the next generation of business leaders by offering financing of up to $15,000 to young entrepreneurs aged 18 to 39 who would not likely be able to secure financing elsewhere. The CYBF is different from other programs in that it matches its clients with experienced volunteer business mentors that provide them with business advice, coaching and support. This combination is key to the entrepreneur's success.
The CYBF has helped approximately 5,600 young entrepreneurs to establish successful businesses that have created some 23,000 new jobs since 2001.
The Government of Canada has invested over $75.5 million to support the CYBF. Economic Action Plan 2010 allocated $10 million to support young entrepreneurs. Economic Action Plan 2011 invested $20 million over two years, and Economic Action Plan 2013 provides a further $18 million over two years to enable the CYBF to continue its important support to young entrepreneurs.