Ontario Allocates $2 Million to Support Young Entrepreneurs

The Ontario government has announced a $2 million investment in Futurpreneur Canada, aimed at supporting 300 young entrepreneurs in rural and northern communities. This funding is expected to create approximately 1,200 new jobs. The Core Startup Program by Futurpreneur Canada offers collateral-free loans up to $75,000, two years of mentorship, and in-person programming. The program targets aspiring business owners aged 18-39.

Nina Tangri, Associate Minister of Small Business, stated that the goal is to provide young entrepreneurs with the necessary tools, resources, and capital. Karen Greve Young, CEO of Futurpreneur Canada, mentioned that the funding will help grow the reach and impact of the program, particularly in rural communities.

Since 2021, Ontario has provided $7 million in funding to Futurpreneur, aiding the start and growth of nearly 900 businesses and creating close to 3,500 jobs. The provincial funding is exclusively for Ontario residents. Small businesses account for 98% of the more than 400,000 businesses in Ontario. Additional funding of $6.8 million was announced in the 2024 Budget to support small business programs, including Starter Company Plus and Summer Company.