BE THE NEXT SMALL BUSINESS HERO FOR YOUR COMMUNITY
With access to up to $60,000* in financing and the support of an expert mentor, you can launch the business your community needs, like Jonathan did.
Jonathan Sparrow is the owner and founder of Go Oil, Canada’s largest mobile oil change company servicing fleet from coast to coast.
Based in Manitoba, the company came into fruition over a 55-hour Ramp Up Weekend in 2017 and launched in April 2018. One year later the company has set up 12 franchises nationwide, launching and growing with Futurpreneur.
That’s when I thought about having all our franchisees go through the Program. It’s a really great resource, they get the mentorship that’s going to be local to them, and it was kind of a no-brainer.”
Find out how you can get the support you need to start your business with Futurpreneur.
- Apply for up to $60,000* in loan financing to launch or to help grow your business as much or as little as you like.
- Get matched with an experienced mentor to help you build confidence and tackle your toughest challenges for up to two years.
- Learn key skills like business planning, marketing and cash flow management through our online and in-person business resources.
- 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 three months.
- 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.
- 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.
- 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.
- Up to $15,000 with a term over four years.
- Interest is charged at CIBC’s prime rate + 3%. (Note that if CIBC’s prime rate exceeds 6%, the interest rate charged is capped at 9%. If CIBC’s prime rate exceeds 9%, the interest rate charged will be charged at CIBC prime rate.)
- Interest-only payments for the first year.
- Principal repayments are made in equal monthly instalments together with interest, over the remaining 3 years.
- No penalty for early repayment.
- A one-time loan management fee of 1% of the total loan amount is charged at time of disbursement
- The above points reflect current Futurpreneur loan terms; the exact terms of each entrepreneur’s loan are clearly defined in their loan agreement.
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Futurpreneur Canada is a non-profit organization that supports Canadian entrepreneurs age 18-39, providing them with loan financing, mentoring and business resources. Our experts are here to answer your questions and put you on the path to success.