Now You're Talking, Stephen

Hundreds of aspiring young entrepreneurs will be able to contribute quickly to Canada’s economic recovery as a result of a $10 million grant to the Canadian Youth Business Foundation (CYBF) announced in today’s federal budget.
Stephen Harper's Conservative government recognizes the value of CYBF.
“Canada has no shortage of young people ready and willing to defy the current doom and gloom. This grant from the Government of Canada will let us increase dramatically the number of business start-ups that we can finance and support through our partners in more than 150 communities across the country,” said Vivian Prokop, CEO of the national charity.
“I would like to thank in particular Industry Canada, Industry Minister Tony Clement, and Minister of State for Small Business and Tourism Diane Ablonczy for their enthusiasm in nurturing a culture of entrepreneurship at a time when Canada needs it most.”
While access to business credit is tight and unemployment is rising, the demand for the CYBF’s financing and mentoring services continues to grow. The number of CYBF-funded start-ups from October 2008 through January 2009 was 68 percent higher than during the same period in 2007, and the Government of Canada’s investment will enable CYBF to meet this growing demand and accelerate its pace of lending.
An estimated 20,000 young people want to start businesses every year but find it difficult to obtain financing through traditional sources. CYBF offers an experienced volunteer mentor and a loan of up to $15,000 with no collateral. Qualified applicants can access a further $15,000 through a partnership with the Business Development Bank of Canada.
The one-year grant will provide much-needed stimulus in communities from coast to coast, enabling the launch of an estimated 800 new businesses within 5 years. Based on the performance of CYBF clients to date, these businesses will generate an estimated 5,000 new jobs, $135 million in sales revenue and $32 million in tax revenue within 5 years

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