Feds to support youth entrepreneurs
New $60-million, five-year program will help 6,250 businesses
BEDFORD — Nova Scotia MP Sean Fraser was in a Bedford coffee shop on Monday to tout the federal government’s five-year, $60-million funding program, already announced in the spring budget, to help young entrepreneurs.
The minister of Housing, Infrastructure, and Communities talked about the boost for Futurpreneur, a nationwide non-profit organization which provides young entrepreneurs with loan financing, mentorship, and resources to start their businesses.
“This is an enormous option,” Fraser said.
“Despite the extraordinary difficulty we've been having over the last few years, I can't help … to think about how great the economic prospects for Canada can be if we make the decision to invest in ourselves,” he said.
Fraser cited a list of positives, saying Canada stands out as the only country with trading relationships with all G7 economies, has the cleanest electricity grid and attracts foreign investment, and also boasts one of the world's most educated workforces.
“With these advantages in mind, we should be able to build a strong economy,” he said. “But we're not going to be able to do it if people aren't starting businesses.”
Fraser explained that mentorship and advisory are more important than financial support for people to overcome challenges when they start a business.
The Atlantic team lead of Futurpreneur, David Eisnor, said starting a business is harder for young entrepreneurs because they usually don't have equity to borrow against or have mentors to advise them.
Seventy-six per cent of small business owners will retire in Canada within the next decade, Eisnor said.
“Millennials and Gen-Z are becoming more and more interested in owning a business,” he said. “With an aging population of business owners, now is the moment for young people to seize the opportunity and sustain local economies and foster economic prosperity.”
Fraser added that there are many measures included in the budget specifically for young entrepreneurs.
Marquessa Cook is the owner of The Mellow Mug, the coffee shop where Sean Fraser and David Eisnor were pumping the tires on this entrepreneurship funding program.
“Without Futurpreneur, I wouldn't have been able to open the cafe,” Cook said. “We benefit from them with mentoring, with educational programs, … leadership programs and financing.”
The Mellow Mug has been in business for almost three years. Cook plans to open two more coffee shops and she’s considering applying again for the new entrepreneurship program.
The federal government provided $33 million in funding to Futurpreneur five years ago.
Nicholas Lavalle, the CEO of Clean Valley, an aquaculture technology research and development company in Dartmouth, is another entrepreneur funded and trained in the previous entrepreneurship program.
“From the numbers, they (Futurpreneur) were able to … double their budgets,” Lavalle said. “I think it's great that they were able to receive this funding. … So, I'm excited.”