CYBF Newcomer Entrepreneur Program helps recent immigrants to Canada become successful business owners
Montreal, March 17, 2011– Business Development Bank of Canada (BDC) and the Canadian Youth Business Foundation (CYBF) are pleased to announce an enhanced partnership that will help young, newly arrived immigrants to Canada become successful entrepreneurs.
The CYBF Newcomer Entrepreneur Program recognizes that recent immigrants may require targeted support to start their own businesses. In addition to offering flexible financing, the program is designed to overcome the difficulty many young, newly arrived immigrants have in accessing credit because they do not have a Canadian credit history. The program also offers mentoring and business resources so newcomers can learn about operating a business in Canada and improve their chances of success. For details, please visit: www.cybf.ca/entrepreneurs/newcomer/.
“Recently arrived immigrants to Canada are among the country’s most dynamic and entrepreneurial group of individuals,” says Edmée Métivier, BDC Executive Vice President, Financing and Consulting, who also sits on the CYBF Board of Directors. “Newcomers have an acute desire to succeed and anything BDC and CYFB can do to help them start and, subsequently, operate a business is certainly worth encouraging. Entrepreneurs play a key role in ensuring Canada’s long term prosperity.”
“During the Year of the Entrepreneur, in a country deeply entrenched in the principles of multiculturalism, it’s only fitting that we partner with BDC to offer this unique opportunity to young new Canadians,” says Vivian Prokop, Chief Executive Officer, CYBF. “Our unique program directly addresses the challenges faced by newcomers and provides the critical financial, mentoring and educational support they need to succeed in the Canadian business landscape.”
Under the BDC-CYBF partnership, permanent Canadian residents between the ages of 18 and 34 can apply for up to $15,000 in financing. The CYBF Newcomer Entrepreneur Program provides residents who have lived in Canada for less than 36 months and possess a solid working knowledge of English or French with the opportunity to build sound, sustainable and profitable businesses with.