Student Entrepreneurship
NB, Canada
Interest-free loans to New Brunswick student operated businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Retail trade
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
grant_single|grantors
- Government of New Brunswick
- Department of Post-Secondary Education, Training and Labour (NB)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Loans of up to $3,000 to help students start a business, with the option to be reimbursed a portion of the loan under certain conditions.
grant_single_labels|projects
This grant offers interest-free loans aiming to support students in New Brunswick who seek to create summer employment opportunities through entrepreneurship. Eligible projects focus on providing business experience, creating jobs, and ensuring the business can independently sustain operations.
- Opening a retail shop to engage in sales operations.
- Initiating a craft business to produce and sell handmade items.
- Establishing a painting business offering residential or commercial painting services.
- Starting a computer company, possibly offering IT support or software development.
- Running a lawn care business to provide landscaping and maintenance services.
- Other original ventures that offer full-time summer jobs and valuable business experience.
grant_single|admissibleProjectsExample
$3,000
Developing an online learning platform
$3,000
Establishing a tech hardware resale business
$3,000
Starting a mobile food truck business
$3,000
Launching an eco-friendly clothing line
$3,000
Creating a local artisan cooperative
$3,000
Opening a community-run café
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the company's operation and management.
- The business must fall under generally accepted definitions of an independent business, where the student maintains significant independent control over operations.
- The application must include a business plan demonstrating the ability to repay the loan by October 15.
- The business must create at least one full-time summer job and offer the student daily business experience, with a minimum of 30 hours per week.
- The business must operate for a minimum of 6 weeks.
- If the business operates on family-owned premises, it must demonstrate independence from the family-owned operations.
grant_eligibility_criteria|who_can_apply
Students who are 16 years or older and are returning to full-time studies in the fall at a post-secondary institution in New Brunswick. Applicants must have New Brunswick residency or have lived in the province during the last six months. Long-term residents studying outside the province remain eligible if they plan to return to New Brunswick for full-time studies. Eligible students should operate a business in New Brunswick and can only have one Student Entrepreneurship loan outstanding at any time. The business must be an independent operation, must operate for a minimum of six weeks, and should involve a significant measure of independence if affiliated with a family-owned operation.
grant_eligibility_criteria|who_cannot_apply
This grant program does not specify exclusions for company types or industries, but certain conditions may imply restrictions. The objective is to ensure the business provides independent control to students and is financially viable within the program's framework.
- Product distributorships where the applicant is a commissioned salesperson for a manufacturer or distributor may not be eligible.
- Businesses that cannot demonstrate independence from a family-owned operation, especially in agriculture, might face restrictions.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for the Student Entrepreneurship grant are likely to cover costs associated with business operations and essential set-up to ensure the summer business's viability.
- Expenses necessary to start and operate the summer business.
- Costs associated with creating full-time summer jobs for students.
- Interest payments are not applicable due to the nature of the loan being interest-free.
grant_eligibility_criteria|zone
Eligible businesses must operate within New Brunswick as the grant is administered provincially by the Government of New Brunswick.
- Businesses must be operational within New Brunswick.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Obtain Application Booklet
- Visit your local Department's Regional Office, Service New Brunswick Centre, or Enterprise Agency to pick up an application booklet.
- Step 2: Prepare Business Plan
- Use the guidance in the application booklet to draft a detailed business plan.
- Ensure the business plan demonstrates how the business will repay the loan by October 15.
- Step 3: Complete Application
- Fill out the application form provided in the booklet with accurate personal and business information.
- Include all required supporting documents as specified in the booklet.
- Step 4: Submission of Application
- Submit the completed application along with your business plan to the location specified in the application booklet before the deadline.
Apply to this program
Empower Your Entrepreneurial Spirit in New Brunswick
The Student Entrepreneurship Program offers an excellent opportunity for students aiming to gain real-world experience by initiating and operating their own businesses during the summer. With interest-free loans of up to $3,000, students can fund their ventures while contributing to the local economy through job creation.
Dive Into the Details of the Student Entrepreneurship Program
The Government of New Brunswick’s Student Entrepreneurship Program is a cornerstone initiative designed to cultivate entrepreneurial spirit among students. By providing interest-free loans, it gives young entrepreneurs the financial foundation to launch a business, offering them invaluable hands-on experience in business management outside of the typical academic environment.
This unique program doesn’t just offer financial support; it is a comprehensive pathway to learning about business planning, marketing, operations, and financial management. Over the years, the program has supported diverse ventures including retail shops, technology startups, and creative craft enterprises, proving its flexibility and wide scope of application. By mandating the creation of at least one full-time summer job, the program encourages students to delve deeply into business strategies, enhance their management skills, and contribute positively to the local economy, thereby fostering a culture of entrepreneurship in New Brunswick.
The eligibility requirements ensure that the program targets those students who are committed to both their education and their budding business pursuits. By prioritizing returning students, particularly those studying or planning to study in New Brunswick, the program aligns with provincial objectives of retaining talent and spurring local economic development. This ensures that the entrepreneurial skills learned can be immediately applied to benefit the local community and economy. Furthermore, the program insists on a clear definition of what constitutes an independent business to encourage genuine entrepreneur-driven ventures rather than initiatives that might be overshadowed by external corporate influences.
An essential aspect of the program is the requirement for applicants to present a detailed business plan. This step is not only crucial for obtaining funding but also serves as a significant educational tool. Crafting a business plan compels young entrepreneurs to research their market, understand the competitive landscape, develop strategic business models, and create detailed financial forecasts. This rigorous process equips students with the analytical skills essential for business success. Moreover, if the loan is successfully repaid, the potential reimbursement of up to a third of the loan serves as an additional incentive, promoting responsible financial management skills among young entrepreneurs.
By operating their businesses for a minimum of six weeks, students are able to implement, test, and pivot business strategies in a real-world setting. This experiential learning is foundational for understanding the intricacies of running a business and adapting to the challenges that may arise in a dynamic market environment. Such long-term exposure to business operations forms a practical learning curve that complements theoretical knowledge gained in classrooms.
A meticulous evaluation ensuring independence from any family-owned business premises serves a dual role; it ensures students experience true entrepreneurship while diversifying the types of businesses benefiting from the program. This criterion is especially relevant for agricultural and other family-dominated sectors, ensuring the student-led enterprises bring innovation rather than simply extending existing family-business operations.
Moreover, by joining the program, students are not only preparing to face the challenges of business ownership but are also contributing to a sustainable economic model. The skills acquired, such as leadership, problem-solving, and financial literacy, are transferable and beneficial beyond the summer business venture, thereby equipping students with tools for future success in any career path.
In summary, the Student Entrepreneurship Program by the Government of New Brunswick is more than just a funding opportunity; it’s an incubator for young minds ready to make a mark in the business world. It builds a community of innovative thinkers and proactive leaders ready to transform ideas into actionable, scalable solutions. Students interested in participating should quickly seize this opportunity, gather their creative ideas, and prepare to embark on an entrepreneurial journey that promises growth, learning, and a contribution to New Brunswick’s economic vitality.
