Student Entrepreneurship
Overview
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.
At a glance
Funding available
- Develop employee skills
- Selling in a new market
- Marketing a product
- Maximum amount : 3,000 $
- Open continuously
Eligible candidates
- Retail trade
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
- New Brunswick
- For-profit business
- Sole proprietorship
- $ 10,000,000 maximum revenue
- All organization sizes
- Youth (<40)
Activities funded
The Student Entrepreneurship program encourages the creation of diverse businesses by post-secondary students over the summer, facilitating valuable entrepreneurial experiences while also generating employment. The eligible projects under this grant entail starting a summer business that demonstrates independence and operates within a specific timeframe to ensure meaningful business engagement.
- Operation of retail shops or similar independent retail ventures designed by students.
- Crafts production and sales initiatives managed by student entrepreneurs.
- Running painting operations, offering painting services through student-led businesses.
- Establishment of technology-focused businesses, such as computer services or sales.
- Launch of lawn care and maintenance businesses operated independently by students.
- Any innovative business model that complies with the program’s requirements and fosters job creation.
Eligibility
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.
Who is eligible?
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.
Who is not eligible
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.
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.
Eligible geographic areas
This grant is specifically available to students operating businesses within New Brunswick. Eligible companies should ensure their business activities are conducted entirely within the province to align with the program's criteria.
- Businesses operated in New Brunswick, Canada.
How to apply
Obtain Application Booklet
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.
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.
