Futurpreneur Canada Side Hustle
Canada
Loan for young professionals to develop a side business
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
Expert Advice
Partnering and Collaboration
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Futurpreneur Canada
grant_single|status
grant_card_status|open
grant_single_labels|preview
<p>If you're a young professional (18 to 39 years old) with a full-time job, you can get up to $15,000 and mentoring to launch or grow a side business.</p>
grant_single_labels|terms_and_conditions
The Futurpreneur Canada Side Hustle program provides flexible financing with terms designed for young entrepreneurs maintaining full-time employment. The program's loan structure offers competitive interest rates and support features.
- Financing up to $15,000 with a term over four years.
- Interest charged at CIBC’s prime rate plus 3%, capped based on prime rate thresholds.
- Interest-only payments are required for the first year.
- Principal repayments are amortized over the remaining three years with equal monthly installments.
- No penalties for early repayment are included.
- A one-time loan management fee of 1% of the total loan amount is applied at disbursement.
grant_single_labels|projects
The Futurpreneur Canada Side Hustle Program is designed to assist young Canadian entrepreneurs in launching or growing their side businesses while maintaining full-time employment. The eligible activities focus on providing financial support, mentorship, and business development resources to burgeoning entrepreneurs.
- Provision of financial loans up to $15,000 for startup businesses.
- Access to two years of free mentorship tailored to individual business needs.
- Facilitation of networking opportunities through a Canada-wide network of entrepreneurs.
- Availability of business planning tools and resources, including the 'Rock My Business' workshop series.
grant_single|admissibleProjectsExample
$ 13,500
Establish a drone photography service for real estate
$ 11,500
Create a social enterprise offering eco-friendly cleaning services
$ 14,000
Launch a custom bakery offering unique pastries and cakes
$ 13,000
Launch an online store selling handmade jewelry
$ 12,000
Develop a mobile app for local farm produce delivery
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's status and business operations.
- The applicant must be a Canadian citizen or permanent resident of Canada.
- The applicant must physically reside in Canada.
- The applicant must be between the ages of 18-39 at the time of application.
- The applicant must have a full-time income outside of their side business.
- The side business must remain the applicant's secondary source of income for the next 12 months.
grant_eligibility_criteria|who_can_apply
The Futurpreneur Side Hustle Program is designed for young Canadians who maintain full-time employment while looking to support their side businesses. To apply, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident of Canada.
- Reside physically within Canada.
- Be between the ages of 18 and 39 at the time of application.
- Have a full-time income outside of your side business, as the side business must remain a secondary source of income for the next 12 months.
grant_eligibility_criteria|who_cannot_apply
Some types of companies may not be eligible for the Futurpreneur grant:
- Companies not run by Canadian citizens or permanent residents of Canada.
- Companies with owners outside the age range of 18-39.
- Companies where the side business is not a secondary source of income.
grant_eligibility_criteria|eligible_expenses
This grant supports individuals who are looking to start or grow their side businesses while maintaining full-time employment. Eligible activities focus on providing access to financing, mentorship, and resources essential for business development and growth.
- Launch or expansion of a side business.
- Participation in a mentorship program for business guidance and support.
- Utilization of business planning tools offered by Futurpreneur.
- Engagement in networking opportunities through a Canada-wide entrepreneur network.
grant_eligibility_criteria|zone
This grant is available to Canadian citizens or permanent residents who physically reside in Canada, reflecting national eligibility criteria. This broad eligibility ensures that entrepreneurs from any region within Canada can apply.
- All provinces and territories in Canada.
grant_single_labels|criteria
The Futurpreneur Side Hustle Program in Canada has specific evaluation and selection criteria. Applicants must meet certain eligibility requirements and demonstrate a clear business plan to qualify for up to $15,000 in financing along with mentorship and networking opportunities.
- Must be a Canadian citizen or permanent resident residing in Canada.
- Age requirement of 18-39 years old.
- Must have a full-time income outside of the side business.
- Business plan evaluation for viability and growth potential.
- Commitment to remaining a secondary source of income for the next 12 months.
grant_single_labels|register
- Step 1: Determine Eligibility
- Review the eligibility criteria to ensure you meet all the requirements such as age, residency, and business stage.
- Ensure your side hustle does not replace your full-time income for the next 12 months.
- Step 2: Prepare Business Plan and Cash Flow
- Utilize Futurpreneur’s business planning tools, such as the Business Plan Writer, to draft your business plan and financial forecasts.
- Ensure your business plan and 24-month cash flow projections are complete before applying.
- Step 3: Sign Up for Assistance
- Sign up via the Futurpreneur website to get connected with a team member for guidance on the loan application process.
- Indicate if you need assistance finalizing your business plan when signing up.
- Step 4: Submit Application
- If your business plan and cash flow are ready, proceed to submit your application through the Futurpreneur submission platform linked on their site.
- Ensure all required fields are completed in the application form.
- Upload all necessary supporting documents as outlined in the application requirements.
- Step 5: Confirmation and Follow-up
- Receive confirmation of your application submission via email.
- Keep track of any follow-up communications from Futurpreneur regarding your application status.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The mentorship is mandatory and provided as part of the loan package; it is not available separately.
- Access to networking opportunities through a Canada-wide network of entrepreneurs is included.
- Interest-only payments are available for the first year.
- There is no penalty for early repayment of the loan.
- A one-time loan management fee of 1% is charged at the time of disbursement.
- The interest rate is CIBC's prime rate plus 3%, with a cap under certain conditions.
- Free resources are available, such as the "Rock My Business" workshop series, to aid in business planning and development.
