The Honourable Rob Moore, Minister of State (Small Business and Tourism), announced that the Government of Canada is investing in the business leaders of tomorrow by supporting the Canadian Youth Business Foundation (CYBF). CYBF hosted the Honourable Rob Moore, Federal Minister of State (Small Business and Tourism) at a roundtable with seven of CYBF’s young entrepreneurs and mentors, held at the Intercontinental Toronto Centre Hotel.
The roundtable focused on the importance of strengthening youth entrepreneurship across Canada, and its positive and immediate contribution to Canada’s economic recovery, global competitiveness, and the cultivation of Canada’s future business leaders.
Speaking to Generation Next, Minister Moore noted that by young entrepreneurs, the government means “people under the age of 35. Certainly most people in the roundtable conference were in their 20s, but the program is designed for youth between the ages of 18 – 34.”
This is the age group whose ideas and notions are mostly disregarded as naïve, however Minister Moore says “we take our youth very seriously; one because they are our future; two, they have proven track record of 95% repayment.” He noted that young entrepreneurs face challenge in getting business loans because of bad credit or because they do not necessarily own a home and a vehicle at this age. While many banks may not provide financial assistance to young entrepreneurs, one bank has stepped up to match the funds given to entrepreneurs by CYBF.
Financial assistance is not the only challenge faced by young entrepreneurs. Having a mentor is a challenge in its own right. So what CYBF does is that it pairs up a young entrepreneur with a mentor.
CYBF provides financial support and mentorship to young Canadians who want to start their own business. CYBF is different from other programs that support young entrepreneurs in that it matches its clients with experienced volunteer business mentors. The combination of access to capital and the support of a mentor is key to the success of the entrepreneur. To date, CYBF has helped more than 3500 young entrepreneurs create more than 16 900 jobs. This is why the government chose to fund CYBF.
Beyond their economic impact, CYBF entrepreneurs are also a valuable social asset in their respective communities and for all Canadians. They are role models who inspire other young people to consider entrepreneurship as a career choice.
“At CYBF, we know that youth entrepreneurship plays a fundamental role in building a dynamic Canadian economy,” said Vivian Prokop, chief executive officer of CYBF. “The continued support of CYBF by the federal government reinforces a strong public-private partnership that enables CYBF to unleash the entrepreneurial potential of young people to generate ideas, expand innovation and create jobs and wealth in communities coast to coast.”
Minister Moore referenced the recent budget, which included $10 million in funding to CYBF which will help to create more than 500 new businesses in communities across Canada within the next year. These businesses will in turn generate an estimated 2,500 new jobs and more than $63 million in revenues by 2013.
This funding builds on $10 million given to CYBF by the federal government in 2009 as part of Canada’s Economic Action Plan.
In spite of these measures, the opposition has attacked the government’s budget for not creating enough jobs. Minister Moore says “what the opposition is saying is not accurate and not supported by facts. We’re creating an advisory committee on small business and entrepreneurship; we’re cutting money from red tape.” However it has to be noted that some parts of the country have been hit harder by economic downturn than others. The unemployment rate nationwide dropped by 0.1%, but it remains the same for Toronto. The jobs have been created in manufacturing and service industry.
Author: Staff Writer




Author: Maurizio Bevilacqua is the Liberal Critic for Citizenship and Immigration and the Member of Parliament for Vaughn.
Author: Ali Abbas
Author:James Gregory




Author: James Gregory


Author: Ruchitta Mittal




