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Embarking on the entrepreneurial journey as a teenager in Ontario is both exciting and challenging. Fortunately, there are several federal and provincial programs designed to support young entrepreneurs in turning their business ideas into reality. Below is an overview of key grants and resources available, along with their respective websites for more information.
Summer Company Program
The Summer Company program, offered by the Government of Ontario, provides students aged 15 to 29 with up to $3,000 in funding to start and run a summer business. Participants receive hands-on business training, mentorship, and essential business skills.
Eligibility:
- Ages 15 to 29
- Proposing a new business idea
- Returning to school in the fall
- Resident of Ontario
- Canadian citizen or permanent resident
Program Details: Summer Company
Futurpreneur Canada Start-Up Program
Futurpreneur Canada offers financing, mentorship, and resources to aspiring entrepreneurs aged 18 to 39. The program provides up to $60,000 in collateral-free loans and matches participants with experienced mentors for up to two years.
Eligibility:
- Ages 18 to 39
- Canadian citizen or permanent resident
- Business idea that will employ the applicant full-time
- Agree to work with a mentor for up to two years
- Own at least 51% of the business
Program Details: Futurpreneur Canada
Starter Company Plus
The Starter Company Plus program provides Ontario residents aged 18 and over with grants of up to $5,000, along with training and mentorship to start, expand, or purchase a small business.
Eligibility:
- Ages 18 and over
- Not attending school full-time
- Proposing a new business, expanding an existing business, or purchasing a business in Ontario
Program Details: Starter Company Plus
Ontario Youth Entrepreneurship Fund
The Ontario Youth Entrepreneurship Fund is a government-backed initiative designed to encourage and support young entrepreneurs aged 18 to 29. The program offers grants, loans, and mentorship opportunities to help launch and scale businesses.
Eligibility:
- Ages 18 to 29
- Resident of Ontario
- Business with high growth potential
- Well-defined business plan
Program Details: Ontario Youth Entrepreneurship Fund
Business Development Bank of Canada (BDC) – Young Entrepreneur Financing
The BDC offers financing solutions tailored to young entrepreneurs, including start-up financing, small business loans, and advisory services to support business growth.
Eligibility:
- Ages 18 and over
- Canadian citizen or permanent resident
- Viable business plan
Program Details: BDC Young Entrepreneur
Junior Achievement Canada
Junior Achievement Canada partners with local businesses and educators to provide high school students with programs focused on financial literacy, work readiness, and entrepreneurship.
Program Details: Junior Achievement Canada
OUT for Business Youth Entrepreneur Program
This program supports 2SLGBTQI+ youth entrepreneurs aged 18 to 39 by offering mentorship and networking opportunities to help grow their businesses.
Eligibility:
- Identify as a member of the 2SLGBTQI+ community
- Ages 18 to 39
- Registered business in Canada
Program Details: OUT for Business Youth Entrepreneur Program
Junior Achievement Canada
Junior Achievement Canada partners with local businesses and educators to provide high school students with programs focused on financial literacy, work readiness, and entrepreneurship.
Program Details: Junior Achievement Canada
These programs provide valuable resources and support for young entrepreneurs in Ontario. By exploring these opportunities, teens can access the funding, mentorship, and training necessary to successfully launch and grow their own businesses.