ONTARIO NEWS RELEASE: Ontario Investing $6 Million to Support Young Entrepreneurs

TORONTO — The Ontario government is making it easier for young people to start and grow businesses across the province by investing an additional $6 million in Futurpreneur. The funding will give nearly 1,000 entrepreneurs between the ages of 18 to 39 access to financing, one-on-one mentorship, networking opportunities and business planning tools to grow their businesses and create jobs. As part of the province’s plan to protect Ontario, this investment will support more than 3,800 future jobs and help drive long-term economic growth and competitiveness across the province.

“Investing in Ontario’s young talent and the next generation of business leaders is key to securing a more competitive and resilient economy today and for the years to come,” said Nina Tangri, Associate Minister of Small Business. “Through our continued partnership with Futurpreneur, our government is reducing the barrier to capital for young entrepreneurs. This investment will better equip young people to turn their ideas into reality, bring Ontario-made products to the market, create local jobs and protect Ontario’s economy.”

Futurpreneur is a national not-for-profit organization that connects aspiring business owners with collateral-free loans of up to $75,000, and two years of mentorship and business resources. Through its flagship Core Startup Program, the organization supports entrepreneurs aged 18 to 39 and has helped start and grow more than 1,700 businesses, creating over 7,300 jobs across Ontario. As Futurpreneur marks its 30th anniversary this year, this investment brings the province’s total support for the organization to $15 million since 2021.

“This investment will ensure that hundreds of young entrepreneurs can access the financing, mentorship and resources they need to launch or buy successful businesses that will create jobs and strengthen local communities across the province,” said Karen Greve Young, CEO of Futurpreneur. “We are grateful to the Government of Ontario for increasing its commitment to Futurpreneur and our province’s next generation of business leaders.”

This investment builds on the province’s broader support for small businesses and entrepreneurs across Ontario, including cutting the small business tax rate to deliver more than $1.1 billion in relief and save approximately 375,000 small businesses up to $5,000 each year. The province is also investing $9.4 million over three years to support programs. Summer Company, and Starter Company Plus delivered through Ontario’s Small Business Enterprise Centres (SBECs).

The province is also investing an additional $5 million to expand the Digital Competence Centre (DCC), building on the $20 million invested in the program to date. The DCC helps small and medium-sized businesses adopt technology, access digital tools, and stay competitive in today’s economy.