Canadian Youth Business Foundation

Canadian Youth Business Foundation

March 22, 2011 16:59 ET

Canadian Youth Business Foundation Receives $20 Million Investment from Federal Government

Investment Will Create New Jobs, New Businesses

TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Today's federal budget demonstrates Prime Minister Stephen Harper's continuing commitment to young entrepreneurs and his government's confidence in the work of the Canadian Youth Business Foundation (CYBF). 

CYBF will use the contribution of $20 million over two years to provide character-based start-up financing and volunteer business mentors to enable young Canadians to launch more than 1,000 new businesses, reinforcing both short-term recovery and Canada's long-term economic growth. These businesses are expected to generate more than 6,700 new Canadian jobs.

The Government of Canada's designation of 2011 as Year of the Entrepreneur recognizes the critical role that entrepreneurship plays in building a strong and competitive economy. This federal funding will be leveraged through new non-federal government donations by both the public and private sectors to help meet the ever increasing demand for the CYBF program.

"This expansion of the partnership between CYBF and the Government of Canada means that we will be able to continue growing the next generation of entrepreneurs, talented young people who create jobs for themselves and for others, strengthen our economy and nourish the entrepreneurial spirit of our communities," says CYBF Chief Executive Officer Vivian Prokop. "This new contribution will support many more of the brilliant business ideas that young Canadians generate every year. We are honoured that the federal government has recognized the immense value created by our partnership and sees CYBF as the go-to organization driving youth entrepreneurship in Canada." 

ABOUT THE CANADIAN YOUTH BUSINESS FOUNDATION (CYBF)

Canada's Entrepreneur Gateway

The Canadian Youth Business Foundation (CYBF) is the 'go to' place for youth entrepreneurship in Canada. As a national charity we are dedicated to growing our nation's economy one young entrepreneur at a time. We look at character rather than collateral in providing Canadians between the ages of 18 and 34 with the pre-launch coaching, business resources, start-up financing and mentoring they need to enable them to launch and build successful entrepreneurial businesses.

Founded in 1996, CYBF has invested to date in more than 4,100 young entrepreneurs, whose businesses have created more than 17,680 new jobs, $118.9 million in tax revenue and hundreds of millions of dollars in global sales. CYBF delivers its program coast to coast to coast through a national network of more than 160 community partners and 3,660 volunteers including business mentors. Information about CYBF is available at www.cybf.ca.

Contact Information

  • CYBF Media Contact:
    Rachel Azagury
    Senior Manager, Social Media, Media and Events
    866-646-2922 x2111
    647-834-2923