How much funding can be received?

Funds up to 25000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Futurpreneur Canada Newcomer Program?

Futurpreneur Canada Newcomer Program is funded by Futurpreneur Canada

What are Futurpreneur Canada Newcomer Program's eligibility criterias?

Must have lived in Canada for less than 60 months. Must be a Canadian citizen or permanent resident. Must have limited or no established credit history in Canada.

Futurpreneur Canada Newcomer Program

Last Update: January 24, 2025

Canada

Loan for young immigrant entrepreneurs

Futurpreneur Canada Newcomer Program at a glance

Eligible Funding

Max. $25,000

Timeline

Continuous Intakes

Financing Type

Other Support

Expert Advice

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Futurpreneur Canada

Status

Open

Overview of the Futurpreneur Canada Newcomer Program program

Get a loan of up to $12,500 to start a business in Canada, without having an established credit history.

Financing terms and conditions

This grant offers a structured financial support system for newcomers to Canada, enabling the establishment and growth of new businesses. It combines loan funding with essential mentorship, thus supporting a comprehensive entrepreneurial journey.

Offers a startup business loan of up to $25,000, split equally between Futurpreneur ($12,500) and BDC ($12,500).
Repayment terms for Futurpreneur include up to $12,500 over five years.
Initial interest-only payments for the first year are required, followed by equal principal and interest payments over the remaining four years.
No penalties are charged for early repayment of the loan.
A one-time loan management fee of 1% of the total loan amount applies at the time of disbursement.
BDC repayment terms require direct consultation with the local BDC office to understand specific conditions, including the Floating Base Rate.

Eligible projects & activities

This grant offers support specifically to newcomers to Canada who are aspiring entrepreneurs. The eligible activities include securing startup financing and engaging in mentorship for business development.

Securing a flexible startup business loan of up to $25,000.
Receiving up to two years of personalized mentorship from an experienced business leader.
Engaging in workshops and training programs designed to help develop a comprehensive business plan and cash flow strategy.
Networking with a national community of entrepreneurs and business leaders through various entrepreneurial events.

Examples of admissible projects:

$ 12,500

Establishing an eco-friendly cleaning service business

$ 12,500

Launching a social enterprise for at-risk youth

$ 12,500

Opening an autonomous bakery specializing in gluten-free products

$ 12,500

Creating an online platform to connect freelance graphic designers

$ 12,500

Starting a microbrewery focusing on unique local flavors

$ 12,500

Expanding a community-supported agriculture (CSA) initiative

Eligibility criteria of the Futurpreneur Canada Newcomer Program program

Eligibility for the Futurpreneur Startup Program is determined by specific requirements related to the applicant's immigrant status, age, citizenship, credit history, and necessary documentation.

The applicant must have lived in Canada for less than 60 months from the application processing date.
The applicant must be a Canadian citizen or permanent resident.
The applicant must be between the ages of 18 and 39 years old.
The applicant must have limited or no established credit history in Canada.
The applicant must have a Social Insurance Number (SIN) that does not begin with a "9" and must provide two character-based references, one of which must be from a Canadian citizen.

Who is eligible?

Entrepreneurs who are newcomers to Canada and meet specific criteria can apply for the Futurpreneur Startup Program.

Who is not eligible

Some types of companies may not be eligible for the Futurpreneur Startup Program in Canada:

Companies where the applicant(s) have been in Canada for more than 60 months
Businesses owned by individuals who are not Canadian citizens or permanent residents
Companies with established credit history in Canada

Eligible expenses

The Futurpreneur Startup Program for newcomers to Canada offers several opportunities for entrepreneurial activities. These initiatives aim to support the establishment and growth of startup businesses launched by eligible newcomers.

Development and execution of a comprehensive business plan.
Participation in mentorship programs for up to two years with experienced business leaders.
Engagement in networking events to connect with a national network of entrepreneurs and leaders.
Access to business resources like workshops and planning tools to aid in startup growth.

Eligible geographic areas

This program is available for newcomers to Canada, with no specific geographical area restrictions mentioned within the country. As such, eligible applicants can apply from anywhere in Canada as long as they meet the general eligibility requirements.

Available to newcomers across all provinces and territories in Canada.

Eligibility criteria of the Futurpreneur Canada Newcomer Program program

For the Futurpreneur Startup Program in Canada, the selection criteria include factors like age, newcomer status, credit history, and documentation requirements. Applicants must meet eligibility criteria to qualify for financing, mentorship, and resources.

Age requirement: Entrepreneurs must be between 18-39 years old.
Newcomer status: Applicants must have lived in Canada for less than 60 months.
Credit history: Limited or no established credit history in Canada is necessary.
Documentation: Participants must have the required documentation, including a social insurance number and character-based references.

How to apply to the Futurpreneur Canada Newcomer Program program

Check Eligibility

Verify that you are a newcomer to Canada, aged 18-39, and have lived in Canada for less than 60 months.
Ensure you are a Canadian citizen or permanent resident with limited or no credit history in Canada.
Prepare to provide a social insurance number (SIN) that does not start with a "9" and two character-based references, one from a Canadian citizen.

Prepare Business Plan

Create a comprehensive business plan using available resources and tools provided by Futurpreneur.
Prepare a 24-month cash flow projection for your business.

Submit Application

Visit the Futurpreneur website and register/sign up to initiate your application.
If your business plan and cash flow are ready, proceed to the application submission section.
Fill out the required application forms and upload your business plan and financial documents as specified.

Application Review and Follow-Up

Wait for confirmation from Futurpreneur regarding the status of your application.
Be prepared for potential interviews or follow-up questions from the Futurpreneur team.

Acceptance and Mentorship Matching

Upon approval, receive details of your loan agreement, including repayment terms.
Get matched with a mentor for two years of one-on-one support to aid in your business’s development.

Additional information

Here are additional relevant details for this grant:

Mentorship cannot be accessed separately and requires participation in the financing program.
The loan amount is split between Futurpreneur and BDC, with each providing up to $12,500.
A one-time loan management fee of 1% of the total loan amount is applicable at disbursement.
Interest-only payments are required for the first year, with principal repayments starting afterward.
Eligible businesses must have a plan to start generating sales within a few months or have less than a year of significant sales.