Young entrepreneurs across the country now have a better chance to
successfully start or buy a business, thanks to the Government of
Canada’s renewed investment of $60 million over five years in
Futurpreneur Canada, announced yesterday in the 2024 Federal
Budget.
Budget 2024, as presented by The Honourable Chrystia Freeland,
Canada’s Deputy Prime Minister and Minister of Finance, builds on
the federal government’s $161.5 million investment in
Futurpreneur’s inclusive programs for young entrepreneurs since
2001. This commitment bolsters Futurpreneur’s capacity to ensure
more young adults will have access to the loan capital, mentorship
and resources they need to turn their dreams into successful
businesses.
“This renewed partnership comes at a vital time for young people
looking for meaningful ways to get ahead financially,” said Karen
Greve Young, Chief Executive Officer, Futurpreneur. “Thanks to this
expanded funding commitment, Futurpreneur will increase access to
business ownership for young entrepreneurs, helping them build
their own prosperity while creating a robust economic future for
Canada.”
Over the next decade, 76% of small
business owners in Canada are projected to retire. Meanwhile, Gen-Z
and millennials alike are increasingly
interested in pursuing business ownership. With this
commitment from the Government of Canada, Futurpreneur will ensure
its programs continue to reach the young founders who need them
most, empowering the next generation of young business owners to
see entrepreneurship as a viable option for their
careers.
“For over two decades, Futurpreneur Canada’s work has helped
empower tens of thousands of young entrepreneurs across the
country, and through Budget 2024 our government is going to ensure
they can support thousands more to start up and scale up their
business,” said the Honourable Rechie Valdez, Minister of Small
Business. “Yesterday’s announcement is great news for young
entrepreneurs and for Canada’s economy.”
The Government’s commitment, and the additional corporate and
provincial funding it will help secure, will enable Futurpreneur to
build on its successful 28-year track record of supporting young
entrepreneurs to reach their business goals and strengthen the
country’s economic resiliency – spanning every province and
territory, on Main Streets across Canada.
“The renewed investment in Futurpreneur from the Government of
Canada announced in Budget 2024 builds on our successful
partnership since 2001 and is a testament to the important role
that businesses founded by young entrepreneurs play in creating
inclusive economic prosperity across the country.
The funding will help ensure that, as the current generation of
entrepreneurs retires in the years ahead, a new generation will be
ready to start or buy the businesses that will power the Canadian
economy for years to come,” said David Aisenstat, Chair of the
Futurpreneur Board of Directors, and Chair of Keg Restaurants
Ltd.
Futurpreneur takes an inclusive approach towards
entrepreneurship, emphasizing representative leadership and teams
to connect authentically with the communities it serves, understand
their challenges, and offer tailored solutions to help
equity-deserving founders successfully start, buy and/or grow their
businesses. Out of the many hundreds of businesses founded by young
entrepreneurs that Futurpreneur supports annually, over 40% are
women-led and more than 20% are led by Black and/or Indigenous
founders.
Through its signature Startup Program, Side Hustle Program,
Indigenous Entrepreneur Startup Program (IESP) and Black
Entrepreneur Startup Program (BESP), Futurpreneur supports small
business owners from diverse backgrounds, sectors and regions,
providing them with the loans, mentorship and resources they need
to start and succeed.
“On behalf of our pan-Canadian team, our Board of Directors, our
350+ partner organizations, our 2,600+ mentors, and the thousands
of young entrepreneurs we support across Canada, I want to thank
the Government of Canada, ISED and The Honourable Rechie Valdez,
Minister of Small Business for their ongoing commitment, which will
enable Futurpreneur to grow our impact, ensuring that
entrepreneurship is accessible to young, aspiring business owners
across the country,” said Greve Young. “Together we will build a
stronger, more inclusive, and more resilient economy, one
Futurpreneur at a time.”
ABOUT FUTURPRENEUR
Futurpreneur is a national, non-profit organization that
provides collateral-free loans with mentorship and resources to
diverse young entrepreneurs, ages 18-39, looking to start or grow
their business in Canada. With a mandate to help young
entrepreneurs bring their business ideas to life, Futurpreneur
provides bilingual (English and French) support and resources to
help business owners start and succeed.
Founded in 1996, the organization was established to promote
entrepreneurship among Canadian youth as a critical pillar for
diversifying the economy, generating employment opportunities and
fostering a sustainable future. Since then, Futurpreneur has helped
more than 17,700 young entrepreneurs launch small and growing
businesses across Canada, with steadfast support from the
Government of Canada since 2001.
Futurpreneur is a founding member of the G20 Young
Entrepreneurs’ Alliance, the Canadian member
of Youth Business International and the
Canadian host of Global Entrepreneurship Week
(GEW).
To read a version of this media release on the Futurpreneur
website, click here.
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MEDIA CONTACT Dan Zaiontz E:
dzaiontz@futurpreneur.ca T: 647-406-4638
A photo accompanying this announcement is available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/d31bc6ba-3298-4393-b998-37b91db630fc