- Demonstrate some training/experience related to your business idea.
- Create full-time sustainable employment for the applicant(s).
- Agree to work with a mentor for up to two years (4 to 5 hours a month).
- Produce a complete and viable business plan by the end of the application process.
- Business fully operating for fewer than 12 months.
- Agree to complete Futurpreneur Canada status updates every month.
- Agree to provide authorization for Futurpreneur Canada to carry out a credit check.
- Supply two personal references.
- Assure that the business is NOT in the research and development stage.
- Assure that financing proceeds may not be used for refinancing existing debt.
- BDC financing through a Futurpreneur Canada application is not available to all persons, corporations, firms and companies who are already a BDC borrower.
- 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.
- For establishments serving alcohol, a maximum of 49% of revenues can be generated from the sale of alcohol when same is consumed on-site. Exempt from this are producers such as craft breweries, wine and spirit producers, brew-it-yourself type locations.
- 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.
- The amount invested, or to be invested in the Business, by the persons other than BDC and the character of the investment are such that a reasonable lender may expect that those persons will have a continuing commitment to the business An amount of 10% of the total project plan financing will in general be considered as sufficient for the entrepreneur investment.
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.