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
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- 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
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grant_card_status|open
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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.
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This grant is available to individuals who are Canadian citizens or permanent residents physically residing in Canada. The support is accessible to them across the entire nation without any regional restrictions.
- Canadian citizens residing anywhere in Canada.
- Permanent residents living within Canadian borders.
grant_single|admissibleProjectsExample
$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
$13,500
Establish a drone photography service for real estate
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_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.
Apply to this program
Unlock Your Entrepreneurial Potential with the Side Hustle Program
The Side Hustle Program offers aspiring entrepreneurs in Canada a unique opportunity to secure up to $15,000 in financing, alongside mentorship and essential business resources, to help them balance a side business with their full-time job. Designed for young Canadians aged 18 to 39, this program fosters growth and innovation while ensuring participants maintain a stable primary income.
An In-Depth Look at the Side Hustle Program's Benefits and Structure
The Side Hustle Program is a beacon of opportunity for young Canadians dreaming of nurturing their entrepreneurial instincts without sacrificing their current employment stability. Offering up to $15,000 in flexible financing, this program lowers the financial barrier for individuals looking to start or enhance their side business. Beyond just funding, the initiative connects participants with a seasoned mentor for up to two years, providing ongoing guidance that can be crucial for navigating the complexities of the business world. This mentorship is a cornerstone of the program, ensuring that participants have access to advice and support that can significantly uplift their business strategy and operational efficiency.
This initiative is more than a financial booster; it's a comprehensive support system that includes access to a wealth of business planning tools and workshops specifically designed to fortify the business acumen of participants. Among these is the "Rock My Business" workshop series, which takes budding entrepreneurs through rigorous, practice-oriented sessions on managing business finances, marketing strategies, and operational logistics. Participants are also welcomed into a vibrant network of Canadian entrepreneurs, fostering an environment rich in ideas, collaboration, and shared experiences.
The program's inclusivity is another important facet. It is open to Canadian citizens and permanent residents residing in Canada, reflecting the organization's commitment to fostering a diverse entrepreneurial ecosystem. Importantly, applicants should already have a primary full-time source of income, ensuring that their side business is developed sustainably and without undue financial pressure over the next twelve months. This dual-income approach is strategic, allowing individuals the safety net of a consistent paycheck while they experiment and innovate with their business ideas.
Financing terms are thoughtfully designed to be manageable and are tailored to ease the participant into entrepreneurship. Loans are structured over a four-year term with the initial year focused on interest-only payments, easing the cash flow demands on businesses in their nascent stages. The following three years involve equal monthly installments for both the principal and interest, based on a competitive interest rate tied to CIBC’s prime rate, capped for added financial safety, ensuring entrepreneurs are not overwhelmed by unexpected financial burdens. Furthermore, there's no penalty for early loan repayment, offering entrepreneurs the flexibility to manage their financings wisely as their business cash flow grows. A small loan management fee keeps the funding process clear and straightforward without hidden costs.
The significance of this program extends beyond just capital and guidance; it is an invitation to be part of a larger entrepreneurial narrative that supports, challenges, and celebrates young Canadian innovators. By embracing this endeavor, entrepreneurs not only secure crucial resources and expertise but also join a transformative journey where side hustles are nurtured into substantial ventures. This alignment with strategic entrepreneurial support shapes a future where passion-driven businesses contribute meaningfully to Canada’s economic landscape.
The Side Hustle Program, through its multifaceted approach, stands as a prime example of fostering entrepreneurial spirit in a practical, sustainable manner. It empowers individuals by bridging the often formidable gap between entrenched employment and entrepreneurial pursuits, creating an arena of balanced growth, sustainability, and innovation. Whether launching new products like LOTUS Sleep Products Inc. did with their weighted blankets or developing entirely new business models, the program equips young entrepreneurs with the essential tools, guidance, and community needed to thrive in today’s competitive economy.
