Government Committed to Building Canada's Next Generation of Entrepreneurs

OTTAWA, ONTARIO--(Marketwired - Feb. 6, 2014) - Industry Canada

Maxime Bernier, Minister of State (Small Business and Tourism) (Agriculture), today participated in a Canadian Youth Business Foundation (CYBF) round table to discuss how to build a strong culture of youth entrepreneurship in Canada. He also highlighted the Government of Canada's continued support for young entrepreneurs as announced in Canada's Economic Action Plan 2013.

This funding will help the CYBF continue to support the ideas, innovation and entrepreneurial spirit of our young business minds, while helping them to create jobs and economic growth in Canada.

The Minister of State also reinforced the key role of entrepreneurs in creating jobs and spurring economic growth. He explained the Government of Canada's efforts to cut unnecessary government red tape, which will save entrepreneurs time and money.

Quick facts

• The CYBF is a national not-for-profit organization that works with young entrepreneurs to help them become the business leaders of tomorrow through mentorship, expert advice, learning resources and start-up financing.
• The CYBF has helped approximately 5,600 young business people establish successful enterprises that have generated 23,000 new jobs. Small businesses are the engine of the Canadian economy. In Canada, small businesses represent 98 percent of all businesses, account for nearly 7 in 10 jobs in the private sector and contribute about 30 percent to GDP, proving to be important economic drivers and sources of job creation.

Quotes

"Investing in Canada's young entrepreneurs will provide them with the tools they need to turn their ideas into successful businesses. Actions have been taken to create the best possible business environment and to empower Canada's young entrepreneurs to grow their businesses and grow our economy."

- Maxime Bernier, Minister of State (Small Business and Tourism) (Agriculture)

"With the federal government's investment of $18 million over two years, CYBF and its many partners will help thousands of young entrepreneurs to realize their dreams and to start and grow businesses in communities across Canada. This investment and belief in youth enterprise means more job creation and economic growth for the benefit of all Canadians. We are delighted to partner with the Government of Canada to help more young entrepreneurs succeed."

- Julia Deans, CEO, Canadian Youth Business Foundation

Related products

• Backgrounder

Associated links

• www.cybf.ca

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BACKGROUNDER

CANADIAN YOUTH BUSINESS FOUNDATION

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.