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Government funds to start a business for youth (under 30)

Feb 11th, 2016 | By | Category: Business Startup, Ontario, Unemployment, Youth

Government funds to start a business for youth under 30

If you are under 30 and have an entrepreneurial spirit, Ontario Government has programs and tools to help you start your own business. Below, there is a list of government support funds to help you get started.

Starter Company

  • An entrepreneurship program for Ontario youth aged 18 to 29
  • Get guidance, mentoring, business expertise and funding to start your own business
  • Applicants must not be attending school full time
  • To qualify for funding of up to $5,000, you need to be able to contribute at least 25 per cent (in cash or in kind) of the grant amount

Strategic Community Entrepreneurship Projects

  • An entrepreneurship program for young Ontarians aged 15 to 29
  • Get training, resources and money to start your own business
  • Applicants must be ineligible for other self-employment programs, such as the Ontario Self-Employment Benefit

Microlending for Women in Ontario

  • Get financial literacy training, entrepreneurship mentoring and skills development and life skills support
  • Become eligible for a small loan to start your own business

Youth Entrepreneurship Fund (Youth Investment Accelerator Fund)

  • Apply for investment capital ($100,000- $250,000) to help your business expand
  • Your business must not be beyond the seed capital stage, with revenues under $500,000
  • Strong potential to attract follow-on financing

Youth Entrepreneurship Fund (Youth Business Accelerator Program)

  • Get $5,000-$20,000 to help grow your innovative tech-sector business
  • Access to valuable market intelligence and network support

School of Social Entrepreneurs

  • A 6-month fellowship at the Daniels Centre of Learning in Toronto
  • Support to help you develop and secure a social venture that can benefit your community (e.g., fair trade products)
  • Cost: $1,500 (including course materials and school fees)
  • Scholarships and bursaries available, in some cases

Northern Business Opportunity Program – Small Business Start-Up Projects

  • Get money to start a business in Northern Ontario
  • NOHFC assistance will be in the form of a conditional contribution and will generally not exceed 50% of eligible project costs up to a maximum of $200,000.

Summer Company

  • Get start-up money to kick-off a new summer business
  • Up to $1,500 up front to help with start-up costs
  • Up to $1,500 when you successfully complete the program requirements
  • Receive advice and mentorship from local business leaders to help get the business up and running

Updated: February 1, 2016

Sources:

  • https://www.ontario.ca/page/employment-programs-people-under-30?_ga=1.222977371.1715956546.1454953661
  • https://www.ontario.ca/page/entrepreneurship-funds-and-resources-people-under-30
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