CBDC Young Millionaires Program
PE, Canada
Support for Atlantic youth to start a business
grant_single|update January 24, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateMay 9, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Educational services
grant_single|grantors
- Community Business Development Corporations (CBDC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
If your child is between the ages of 9 and 16, they can develop their entrepreneurial skills through a series of workshops and mentoring designed to help them start a business of their own.
grant_single_labels|terms_and_conditions
The CBDC Young Millionaires Program provides a start-up grant to support youth entrepreneurs in establishing their businesses during the summer program. This non-repayable grant has specific financial terms depending on the business structure.
- Non-repayable start-up grant of up to $150 for sole proprietorships.
- Non-repayable start-up grant of up to $200 for partnerships.
grant_single_labels|projects
The Young Millionaires Program offers a series of projects and activities designed to cultivate the entrepreneurial skills of youth aged 9 to 16. These activities provide a comprehensive exploration of entrepreneurship through practical and educational engagements.
- Entrepreneurial skill development through workshops covering creativity, innovation, marketing, and public speaking.
- Business idea and plan development with mentorship and support.
- Participation in group vending events and activities engaging family and community connections.
- Opportunities to develop and execute a business plan with potential start-up grants.
- Access to ongoing support to enhance problem-solving skills and learn from failure.
- Encouragement towards independence and confidence-building for aspiring young entrepreneurs.
grant_single|admissibleProjectsExample
$ 200
Group vending event for youth entrepreneurs
$ 200
A series of creativity and innovation workshops
$ 200
Financial management training for young entrepreneurs
$ 200
Developing a marketing strategy for a youth-run business
$ 200
Customer service skill-building workshop for youth
$ 200
Public speaking workshops for youths
grant_single_labels|admissibility
Eligibility for this grant is determined by specific criteria related to the applicant's profile and readiness to participate in the program.
- Applicants must be youth aged 9 to 16.
- Applicants must complete the program's application process, including submission of a business idea and business plan.
- Interest and enthusiasm for entrepreneurship must be demonstrated.
- Applicants must participate in and complete all required workshops.
- A detailed business plan and a successful interview are required for acceptance.
grant_eligibility_criteria|who_can_apply
This grant is part of the Young Millionaires Program, which is open to youth entrepreneurs aged 9 to 16 in Prince Edward Island, Canada. Applicants must complete the program prerequisites such as attending workshops, submitting a completed business plan, and participating in an interview process to be eligible for the start-up grant. The program welcomes individual applications as sole proprietors or as partnerships, with support provided through local delivery partners. Participants are evaluated on the basis of their application, business idea, business plan, interest, and enthusiasm in entrepreneurship.
grant_eligibility_criteria|who_cannot_apply
This program does not specify any particular industries or types of companies that are excluded from applying. However, it is inherently restricted to individual young entrepreneurs between the ages of 9 and 16, rather than registered companies or established industries.
grant_eligibility_criteria|eligible_expenses
The Young Millionaires Program funds activities that provide youth with both entrepreneurial skills and real-world business experience. Eligible projects include establishing and growing youth-led businesses, creating innovative products, and engaging in market opportunities.
- Creation and development of youth-led businesses with initial start-up support.
- Participation in workshops focused on business fundamentals like marketing and expenses.
- Producing and selling unique products or offering specialized services.
- Engagement in community vending events to gain market exposure.
- Partnering with peers in business initiatives to increase collaborative skills.
- Expanding business reach through strategic planning and exploring online markets.
- Accessing mentorship for ongoing entrepreneurial development.
- Participation in organized events and exclusive year-round venues.
grant_eligibility_criteria|zone
This program is available to young entrepreneurs located across specific regions of Prince Edward Island, Canada. The eligible areas ensure support for youth enterprise development in both English and Francophone communities across the island.
- Central Prince Edward Island
- Eastern Prince Edward Island
- Western Prince Edward Island
- Charlottetown Area
- Francophone communities through RDÉE Ile-du-Prince-Édouard Inc.
grant_single_labels|criteria
The evaluation and selection of projects for the Young Millionaires Program are based on the completion of specific requirements and demonstration of interest and enthusiasm for entrepreneurship.
- Completion of the application form with all necessary details.
- Quality and viability of the business idea presented by the applicant.
- Comprehensive development of the business plan.
- Demonstrated interest and enthusiasm for entrepreneurship throughout the application process.
- Successful completion of required workshops on basic business fundamentals.
- Performance during the interview stage.
grant_single_labels|register
Here are the steps to apply for the Young Millionaires Program:
- Step 1: Pre-registration
- Express interest in the program by pre-registering online.
- Keep an eye on the opening of official registration in May.
- Step 2: Official Registration
- Complete the official registration form when it opens in May.
- Provide necessary details about the youth applicant and guardian's consent.
- Step 3: Application Submission
- Submit a filled-out application with the proposed business idea.
- Ensure the application reflects the business idea, enthusiasm, and interest of the youth.
- Step 4: Participate in Workshops
- Attend all scheduled workshops starting in June to learn business fundamentals.
- Engage actively in all workshops to acquire necessary entrepreneurial skills.
- Step 5: Develop Business Plan
- Create a detailed business plan based on the learnings from workshops.
- Include components like marketing strategies, budgets, and operational plans.
- Step 6: Interview
- Participate in an interview to assess the readiness and potential of the business idea.
- Prepare to discuss your business plan and answer any questions.
- Step 7: Program Acceptance
- Wait for acceptance into the program based on application, workshops, and interview results.
- Once accepted, receive a start-up grant to launch the business.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The program has been running since 1992 and is funded by the Atlantic Canada Opportunities Agency’s Business Development Program and Innovation PEI.
- Participants in the program are expected to engage in vending events and activities throughout the summer.
- The Shooting Stars program provides year-round support and mentorship for those continuing their business after initial participation in the Young Millionaires Program.
- The Youth Employment Program complements the entrepreneurial focus by providing skills-based work experience.
- Young Millionaires Program alumni have access to various perks and support options, indicating a strong alumni network and ongoing opportunities beyond initial program participation.
- Success stories highlight the significant earning potential and skill development achieved by past participants.
- Engagement with the community and collaboration with local businesses is encouraged through various program-sponsored events.
grant_single_labels|contact
ymp@centralpei.ca
902-887-3400
