Minister Valdez announces new support for young entrepreneurs in Toronto
- The federal government has invested $60 million in Futurpreneur Canada to enhance support for young entrepreneurs.
- Key improvements include increasing funding for the Side Hustle Program from $15,000 to $25,000 and extending loan eligibility from one year to two years after launching a business.
- These initiatives aim to empower an estimated 6,250 young Canadians to start and grow their businesses by 2029.
On September 12, 2024, in Toronto, Minister Rechie Valdez announced significant enhancements to Futurpreneur Canada's support for young entrepreneurs, backed by a $60 million investment from the federal government. This funding, part of Budget 2024, aims to improve access to financing and mentorship, crucial for aspiring business owners. The investment will be matched by contributions from other government levels and private sector partners, maximizing its impact. Among the key changes is an increase in funding for the Side Hustle Program, raising the maximum loan amount from $15,000 to $25,000. Additionally, the eligibility period for loans has been extended from one year to two years post-business launch, allowing more time for entrepreneurs to secure necessary funding. These enhancements are expected to empower approximately 6,250 young Canadians to pursue their entrepreneurial dreams by 2029, contributing positively to the Canadian economy. The federal government emphasizes that every Canadian should have the opportunity to start a small business, regardless of their background. The announcement highlights the government's commitment to fostering entrepreneurship among youth, including support for Black-led and Indigenous businesses. The changes made by Futurpreneur Canada are seen as vital steps in ensuring young entrepreneurs receive the financial and mentorship support they need to succeed.