COVID-19 SUPPORT: FUTURPRENEUR TO COVER LOAN PAYMENTS FOR SIX MONTHS AND PROVIDE TOP-UP LOANS
To help its small business clients manage through the global pandemic, Futurpreneur, with funding from the Government of Canada, will cover payments for six months on loans disbursed prior to April 1, 2020 and will also offer eligible existing clients top-up loans of up to $10,000
Toronto, ON, April 28, 2020 – Following the recent announcement of $20.1 million in critical funding from the Government of Canada, Futurpreneur today announced details of a new support package that will cover loan payments for six months for each of its more than 3,200 Start-up Program clients whose Futurpreneur loan was disbursed prior to April 1, 2020. This loan payment coverage is effective March 25 through to September 24, 2020, and comes at a crucial time for thousands of young entrepreneurs across Canada whose small businesses have been hit hard by the COVID-19 crisis.
In addition to the six-month loan payment coverage, for existing eligible Futurpreneur clients who require extra working capital to help cover operating costs during this challenging period and do not qualify for the Canada Emergency Business Account, Futurpreneur will offer a top-up loan of up to $10,000, interest-free, with one year of deferred repayment.
Within the first two weeks of the COVID-19-related disruptions, Futurpreneur’s client support team saw a dramatic increase in calls, with more than 1,400 young business owners—nearly half of its entire portfolio of active clients—requesting support for their businesses as a result of the pandemic.
This financial support—generously funded by the Government of Canada—will provide young entrepreneurs with crucial financial relief, enabling them to focus their resources where needed most, whether it’s paying bills or pivoting their business to manage through this challenging time.
“The thousands of main street businesses we support across Canada are pillars of their communities, contributing to local economic growth and prosperity through employment and independent products and services, while also fostering the vitality of their communities by drawing residents to connect and engage with each other,” says Karen Greve Young, CEO, Futurpreneur Canada. “We’re committed to helping the young business owners in our network manage through this crisis, as their success will be key to Canada’s inclusive economic recovery in the coming months.”
“Small businesses drive the Canadian economy and help to keep our communities strong. Now, more than ever, we need to be there for them,” said the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade. “To help young, innovative entrepreneurs through the COVID-19 pandemic, our government is providing $20.1 million in financial support to Futurpreneur Canada. Our investment, along with the wide range of supports we’ve introduced for small business owners, will give thousands of young entrepreneurs much-needed support so they can weather this storm and start to rebuild once we are on the other side.”
The loan payment coverage and top-up financing are the latest in a host of support measures implemented by Futurpreneur to bolster its national community of young entrepreneurs during the pandemic, including:
- Temporary loan stop payment for two months beginning March 25, 2020 (these payments will now be covered as part of this loan coverage support);
- The launch of a national online collaboration community for Futurpreneur clients;
- Weekly peer-to-peer support webinars where entrepreneurs learn from Futurpreneur business coaches, mentors and from each other;
- The transition of all programming to a virtual offering, enabling nationwide participation; and
- A digital resource guide containing the latest small business support measures, tools and resources.
While these are challenging times, to ensure that entrepreneurship remains an engine of prosperity as we emerge from this pandemic, Futurpreneur will continue to guide young entrepreneurs who need help launching successful new businesses by offering them a combination of loan financing, mentorship and resources, as well as opportunities to connect, share ideas and learn from each other.
About Futurpreneur Canada
Futurpreneur Canada has been fuelling the entrepreneurial passions of enterprising young Canadians since 1996. We’re the only national, non-profit organization that provides resources, financing and mentoring to aspiring business owners aged 18-39. More than 12,000 young Canadian entrepreneurs, spanning every province and territory, have successfully launched their business with Futurpreneur’s support.
Futurpreneur is a founding member of the G20 Young Entrepreneurs’ Alliance, the Canadian member of Youth Business International, and the Canadian host of Global Entrepreneurship Week.
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