Pushing all the Right Buttons to Help Young Entrepreneurs Get Going


January 28, 2008 from the Financial Post – “The Canadian Youth Business Foundation provides startup financing, mentoring and online business resources to entrepreneurs between the ages of 18 and 34. Each week, Financial Post features CYBF alumni, who discuss the hurdles faced en route to success. Jonathan Davids, whose growing online business includes the popular lifestyle Web site, TheSoko.coma, and who will soon be helping to guide other entrepreneurs as a member of CYBF's local loans committee, talks about his experience with the program.”

The CYBF is a national organization which provides up to $15,000 in start-up financing (as well as subsequent expansion financing, mentorship and resources), provided that the applicant is eligible based on various criteria which include:

• Between 18-34 years old
• Eligible to work in Canada
• Produces a complete and viable business plan
• Has been in business, fully operating, for less 1 year
• Lives or opens the business in the community which is offering the CYBF program
• Has some training / experience related to the business idea
• Must work with mentor for a period of two years
• Has a business that creates full-time sustainable employment for the applicant
• Must hold at least 51% voting share in the business (if a partnership)
• Not a full-time student
• Loan proceeds may NOT be used for the refinancing of existing debt

Typical applicants do not qualify for conventional funding. CYBF’s website proudly announces that it lends based on character, not collateral. The interest rates are low, and the CYBF offers flexible repayment schedules, and no principal repayments in the first year.

180 View (Written by Esther Friedberg Karp) – Banks are nervous these days, as they try to eliminate risk and minimize the exposure they have taken on some bad investments south of the border. The CYBF is a great way for young business owners to obtain funds and the hand-holding of experienced mentors without crying all the way from the bank.