Business Development Bank of Canada (BDC)

Business Development Bank of Canada (BDC)

April 30, 2008 23:59 ET

A helping hand for youth going into business: BDC establishes a partnership with the Canadian Youth Business Foundation

MONTREAL, April 30 - The Business Development Bank of Canada
(BDC) is pleased to announce that it has signed a partnership agreement with
the Canadian Youth Business Foundation (CYBF) to enable more of Canada's youth
to start up their business. Under this agreement, BDC will grant eligible
entrepreneurs a loan equal in value to the financing granted by CYBF, up to
$15,000. The loans granted by BDC will be used to support businesses in
operation for less than 12 months, operated by young Canadians between the
ages of 18 and 34.
"Young entrepreneurs contribute significantly to the current Canadian
economy and their businesses constitute the foundation of tomorrow's economy.
It is important to encourage youth's entrepreneurial spirit and to support
their business projects," said Edmée Métivier, Executive Vice President,
Financing and Consulting, at BDC. "This new partnership between CYBF and BDC
will enable more young entrepreneurs to find the financing and coaching
necessary to start up their business and successfully grow it."
To be eligible for a BDC loan, all applications must be previously
authorized by CYBF for the portion of financing offered by CYBF and meet BDC's
criteria. CYBF will be responsible for receiving financing requests under this
partnership.
"CYBF is committed to youth entrepreneurship business start-ups and
sustainability," says CYBF CEO, Vivian Prokop. "This partnership is especially
important in Canada's changing demographic cycle, whereby up to 70% of small
business owners will retire in the next 10 years. It is therefore important to
ensure that innovative young people receive the support they need, through
financing and mentoring in order to bridge this critical gap. We are proud and
excited about the positive impact this partnership will have in developing the
next generation of business leaders across the country."

Entrepreneurs wanting to know more about this program and submit an
application must contact CYBF at 1-800-464-2923 or consult the organization's
Web site at www.cybf.ca .

About BDC

BDC actively supports the development and growth of Canadian small and
medium-sized businesses through its complementary financing, investment and
consulting services. BDC is a financial institution wholly owned by the
Government of Canada. It is one of Canada's Top 100 Employers. For more
information, visit www.bdc.ca .

About the Canadian Youth Business Foundation (CYBF)

The Canadian Youth Business Foundation (CYBF) is a national charity
providing mentoring, financing and business resources for young Canadians aged
18 to 34 to create their own successful business. Whether urban or rural,
service or high-tech, leading edge or traditional, CYBF helps young Canadians
make their dream of owning a business come true. For more information, visit
www.cybf.ca .

Contact Information

  • Johanne Bissonnette, Media Relations Manager,
    BDC, (514) 283-7929, johanne.bissonnette@bdc.ca; Flavian DeLima, Media
    Relations & Communications Specialist, Canadian Youth Business Foundation,
    (416) 408-2923, ext. 2120, fdelima@cybf.ca