Federal Government Confirms $20 Million Investment in the Canadian Youth Business Foundation
CYBF Funding Anticipated to Create 6,700 New Canadian Jobs
June 6, 2011 – Toronto, ON – Today’s federal budget confirmed the Government of Canada’s commitment to young entrepreneurs through a continued confidence in the work of the Canadian Youth Business Foundation (CYBF).
With today’s budget, Finance Minister Jim Flaherty confirmed $20 million over two years in CYBF funding, an investment that will help the national charity continue to expand in order to meet the growing demand for start-up assistance. CYBF provides character-based start-up financing and world-class mentoring from business expert volunteers to young Canadians, enabling them to launch more than 1,000 new businesses in the next two years. These businesses are expected to generate more than 6,700 new Canadian jobs, reinforcing both short-term recovery and Canada’s long-term economic growth.
“We are grateful for the ongoing partnership we have forged with the Government of Canada, in this, the Year of the Entrepreneur,” explains Vivian Prokop, chief executive officer of CYBF, widely considered the go-to organization driving youth entrepreneurship in Canada. “This contribution will allow CYBF to continue to support the ideas, the innovation and the entrepreneurial spirit of Canada’s youth, ultimately creating jobs and strengthening our economy.”
Earlier this year, The Government of Canada designated 2011 as Year of the Entrepreneur, in recognition of the critical role that entrepreneurship plays in building a strong and competitive economy. The organization will also rely on funding from non-federal government sources in the public and private sectors in order to help meet the ever-increasing demand for its programs from coast to coast to coast.
About the Canadian Youth Business Foundation – Canada’s Entrepreneur Gateway
The Canadian Youth Business Foundation (CYBF) is the ‘go to’ place for youth entrepreneurship in Canada. As a national charity we are dedicated to growing Canada’s economy one young entrepreneur at a time. We look at character rather than collateral in providing Canadians between the ages of 18 and 34 with the pre-launch coaching, business resources, start-up financing and mentoring they need to enable them to launch and build successful entrepreneurial businesses.
Founded in 1996, CYBF has invested to date in more than 4,200 young entrepreneurs, whose businesses have created more than 17,800 new jobs, $123.9 million in tax revenue and hundreds of millions of dollars in global sales. CYBF delivers its program coast to coast to coast through a national network of more than 170 community partners and 3,700 volunteers including business mentors. Information about CYBF is available at www.cybf.ca.
For more information, contact:
Senior Manager, Marketing & Communications, CYBF
416-408-2923, ext. 2111