Canadian Youth Business Foundation

Are you between 18 and 34 and do you need money to start your own business?

The CYBF is a national charity organization that provides financial support to young entrepreneurs age 18 to 34 to start-up their business.

What is eligible?

Profit-oriented businesses and cooperatives

To be eligible:

• You must be between 18 and 34 years old
• All the shareholders/partners between 18 and 34 years old must register and subscribe to the program
• You must be legally authorized to work in Canada (a  work permit alone is not sufficient)
• You must demonstrate the viability of the project with the help of a complete business plan
• Your business must be in operation for less than 12 months
• You must operate your business in a municipality that offers the CYBF program
• You must have previous experience or a relevant training
• You must agree to work with a mentor for 2 years
• You must create a full time job for yourself
• You must hold at least 51% of your company’s voting shares (in a succession acquisition case, 51% within 5 years)
• You cannot be a full-time student
• The loan cannot be used to refinance existing debts or for a business development/expansion project
• You did not file for bankruptcy in the past 5 years

This fund is for new businesses only (start-up, acquisition, succession)

No eligible

R&D projects, commission based salespeople, video stores and businesses of a sexual, religious, political or illegal nature.

Investment

Minimum 10% of the total value of the project (including the transfer of personal assets).

Type of aid

The aid granted is as follows:

• Loan up to $15,000 (refundable in 3 to 5 years depending on the amount)
• Moratorium on the capital during the first year
• The young entrepreneur must personally guarantee the loan

Additional information

1^st year: prime rate + 2%
2^nd year: prime rate + 1%
3^rd to 5^th year: prime rate

Allowable expenses

You can include in your business project the following expenses:

• Working capital
• Fixed assets
• Etc.

Jobs

Your business project must allow the creation of at least one permanent job (including the promoter’s)

Other important information

• Project analysis conducted by the CAE Haute-Yamaska et région
• Decision making and follow-up done by the CYBF
• Fee of $100 to study the file. Also, the Foundation charges fees of $50 for loan acceptance and $15 per month for administration

For more information, contact:
Catherine Labrie, Business Adviser

Telephone: 450-378-2294
Email: c.labrie@caehyr.com