- Demonstrate sustainable full-time income outside of side business.
- Agree to work with a mentor for up to two years (4 to 5 hours a month).
- Complete and provide all required documentation by the end of the application process.
- Assure there is no intention of converting side business to full-time operations within the next 12 months. If you plan on turning your existing side business full-time, you might be eligible for our Start-up Program.
- Agree to provide authorization for Futurpreneur Canada to carry out a credit check.
- Assure that the business is NOT in the research and development stage.
- Assure that financing proceeds may not be used for refinancing existing debt.
- A business plan must fall within specified industry guidelines in order to be approved for financing. Examples of businesses which do not meet Futurpreneur industry guidelines include: businesses that are sexually exploitive or that feature sexually explicit entertainment, products or services; businesses that are engaged in or associated with illegal activities; businesses trading in countries that are proscribed by the Canadian federal government; and any other commercial activities inappropriate for government funding. For more details on Futurpreneur industry eligibility, click here. All BDC loans are subject to the eligibility criteria of the BDC.
- Demonstrate that you have been discharged from bankruptcy for at least five years or one year after receipt of a Certificate of Full Performance in the case of a Consumer Proposal.
- Any age eligible entrepreneur (18-39 years old) who owns 5% or less of the business does not need to be party to Futurpreneur Canada and BDC application.
For additional eligibility criteria for partnerships, incorporations, and business take-overs please click here.
For information on businesses not eligible for Futurpreneur Canada financing please click here.
Approval for financing is also dependent on an applicant successfully meeting credit score minimums determined by Futurpreneur.