It’s officially been six months since phase one of the pandemic shutdown occurred all throughout Canada, a whole half-year since businesses across the country first felt the impacts of quarantines, closures, lay-offs, social distancing, and financial struggles. The Government of Canada continues to maintain the importance of small business recovery, relief, and overall well-being through COVID-19 government funding and resources.
Futurpreneur Canada will distribute $20.1M in government funds to help small businesses survive the pandemic by covering loan payments for up to six months and extending eligible clients’ loans by up to $10,000.
Starting a small business isn’t easy, perhaps it is even that much harder at a younger age, when an entrepreneur may not have the years of experience, finances, or knowledge to get through the initial stages. Imagine how much harder it must be to stay afloat amidst a virus sweeping the nations and shaking economies. Small businesses, especially ones run by innovative youth, need support now more than ever.
Youth Entrepreneurs Facing Hardship During the Pandemic
With deep passion for innovation in sectors such as environmentalism, technology, and economic sustainability, Canadian youth develop and utilize their entrepreneurial spirits which ultimately strengthen the economy, create jobs, and drive more effective and efficient solutions to everyday problems. And yet, without the support of a strong economy, none of this is possible. That is why it’s important government funding programs are active to support small businesses through the inevitably difficult times during the global pandemic.
“Small businesses drive the Canadian economy and help to keep our communities strong. Our investment, along with the wide range of supports we’ve introduced for small business owners, will give thousands of young entrepreneurs much-needed support so they can weather this storm and start to rebuild once we are on the other side.”
– Mary Ng, Minister of Small Business, Export Promotion and International Trade
Earlier this year, Futurpreneur Canada stated that during the initial hit of COVID-19 disruptions, their client support team experienced a huge volume of incoming calls, with more than 1,400 young business owners asking for help because of pandemic-related fears. This comes as no surprise since countless non-essential businesses were forced to shut their doors, many employees were laid off, and normal operations for many companies are yet to resume, if ever.
About Futurpreneur Canada and How They’re Helping
Futurpreneur Canada is a non-profit organization that provides finance solutions and support in the form of mentoring resources to ambitious business owners aged 18-39. Since 1996, they have helped more than 13,400 young Canadian entrepreneurs in successfully discovering and launching their businesses. With over 300 partners in the Canadian community, an average of five jobs is created with every business that works with Futurpreneur.
“The thousands of main street businesses we support across Canada are pillars of their communities, contributing to local economic growth and prosperity through employment and independent products and services. We’re committed to helping these young business owners, as their success will be key to Canada’s economic recovery.”
– Karen Greve Young, CEO of Futurpreneur Canada
Futurpreneur Canada has created a new support package which will cover loan payments for six months for more than 3,200 youth clients whose Futurpreneur loan was distributed prior to April 1, 2020. Existing Futurpreneur clients who need extra financial support can also receive an interest-free top-up loan of up to $10,000. Additionally, Futurpreneur Canada has launched a national collaboration community initiative in which they offer free one-on-one webinars, peer support, and various digital resources.
The loan payment program is effective until September 24, 2020.
Learn More About COVID-19 Government Funding Support
To assist small businesses across the country through COVID-19 impacts, the Government of Canada is continuously managing availability for government funding. There are numerous grant and loan programs such as the Regional Relief and Recovery Fund (RRRF) and the Canada United Small Business Relief Fund. Check out our startup resources to increase your business’s chance of receiving government funding.
Are you a small business owner looking to access COVID-19 support in the form of government funding programs? Connect with the Mentor Works team to get started and find out if funding is right for you. Don’t forget to subscribe to our Weekly Funding Newsletter to learn about the latest programs and updates, delivered right to your inbox.