Futurpreneur receives $60 million commitment from Government of Canada to increase access to business ownership among young adults

OTTAWA, April 17, 2024 (GLOBE NEWSWIRE) — Young entrepreneurs across the country now have a better chance to successfully start or buy a business, thanks to the Government of Canada’s renewed investment of $60 million over five years in Futurpreneur Canada, announced yesterday in the 2024 Federal Budget.

Budget 2024, as presented by The Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance, builds on the federal government’s $161.5 million investment in Futurpreneur’s inclusive programs for young entrepreneurs since 2001. This commitment bolsters Futurpreneur’s capacity to ensure more young adults will have access to the loan capital, mentorship and resources they need to turn their dreams into successful businesses.

“This renewed partnership comes at a vital time for young people looking for meaningful ways to get ahead financially,” said Karen Greve Young, Chief Executive Officer, Futurpreneur. “Thanks to this expanded funding commitment, Futurpreneur will increase access to business ownership for young entrepreneurs, helping them build their own prosperity while creating a robust economic future for Canada.”

Over the next decade, 76% of small business owners in Canada are projected to retire. Meanwhile, Gen-Z and millennials alike are increasingly interested in pursuing business ownership. With this commitment from the Government of Canada, Futurpreneur will ensure its programs continue to reach the young founders who need them most, empowering the next generation of young business owners to see entrepreneurship as a viable option for their careers.

“For over two decades, Futurpreneur Canada’s work has helped empower tens of thousands of young entrepreneurs across the country, and through Budget 2024 our government is going to ensure they can support thousands more to start up and scale up their business,” said the Honourable Rechie Valdez, Minister of Small Business. “Yesterday’s announcement is great news for young entrepreneurs and for Canada’s economy.”

The Government’s commitment, and the additional corporate and provincial funding it will help secure, will enable Futurpreneur to build on its successful 28-year track record of supporting young entrepreneurs to reach their business goals and strengthen the country’s economic resiliency – spanning every province and territory, on Main Streets across Canada.

“The renewed investment in Futurpreneur from the Government of Canada announced in Budget 2024 builds on our successful partnership since 2001 and is a testament to the important role that businesses founded by young entrepreneurs play in creating inclusive economic prosperity across the country.

The funding will help ensure that, as the current generation of entrepreneurs retires in the years ahead, a new generation will be ready to start or buy the businesses that will power the Canadian economy for years to come,” said David Aisenstat, Chair of the Futurpreneur Board of Directors, and Chair of Keg Restaurants Ltd.

Futurpreneur takes an inclusive approach towards entrepreneurship, emphasizing representative leadership and teams to connect authentically with the communities it serves, understand their challenges, and offer tailored solutions to help equity-deserving founders successfully start, buy and/or grow their businesses. Out of the many hundreds of businesses founded by young entrepreneurs that Futurpreneur supports annually, over 40% are women-led and more than 20% are led by Black and/or Indigenous founders.

Through its signature Startup Program, Side Hustle Program, Indigenous Entrepreneur Startup Program (IESP) and Black Entrepreneur Startup Program (BESP), Futurpreneur supports small business owners from diverse backgrounds, sectors and regions, providing them with the loans, mentorship and resources they need to start and succeed.

“On behalf of our pan-Canadian team, our Board of Directors, our 350+ partner organizations, our 2,600+ mentors, and the thousands of young entrepreneurs we support across Canada, I want to thank the Government of Canada, ISED and The Honourable Rechie Valdez, Minister of Small Business for their ongoing commitment, which will enable Futurpreneur to grow our impact, ensuring that entrepreneurship is accessible to young, aspiring business owners across the country,” said Greve Young. “Together we will build a stronger, more inclusive, and more resilient economy, one Futurpreneur at a time.”

ABOUT FUTURPRENEUR

Futurpreneur is a national, non-profit organization that provides collateral-free loans with mentorship and resources to diverse young entrepreneurs, ages 18-39, looking to start or grow their business in Canada. With a mandate to help young entrepreneurs bring their business ideas to life, Futurpreneur provides bilingual (English and French) support and resources to help business owners start and succeed.

Founded in 1996, the organization was established to promote entrepreneurship among Canadian youth as a critical pillar for diversifying the economy, generating employment opportunities and fostering a sustainable future. Since then, Futurpreneur has helped more than 17,700 young entrepreneurs launch small and growing businesses across Canada, with steadfast support from the Government of Canada since 2001.

Futurpreneur is a founding member of the G20 Young Entrepreneurs’ Alliance, the Canadian member of Youth Business International and the Canadian host of Global Entrepreneurship Week (GEW).

To read a version of this media release on the Futurpreneur website, click here.

MEDIA CONTACT
Dan Zaiontz
E: dzaiontz@futurpreneur.ca
T: 647-406-4638

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d31bc6ba-3298-4393-b998-37b91db630fc