Futurpreneur Canada Newcomer Program

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.

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?

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.

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.

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.