CBDC Young Millionaires Program

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.

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.

Who is eligible?

Who is not eligible

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.

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.

Eligible geographic areas

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.

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.

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.