Futurpreneur Canada Side Hustle (2022)

Description:

The Futurpreneur Side Hustle Program aims to help entrepreneurs to start and grow a side business or a new side to a business.

The program offers collateral-free loans of up to $15,000, as well as support and guidance from our network of more than 2400 volunteer mentors.

Comments on Funding:

Financing is a collateral-free loan of up to $15,000.  

Eligibility:

The applicant must:

  • Be aged 18 to 39.
  • Demonstrate sustainable full-time income outside of side business.
  • Agree to work with a mentor for up to two years (4 to 5 hours a month).
  • Complete and provide all required documentation by the end of the application process.
  • Assure there is no intention of converting side business to full-time operations within the next 12 months.
  • Agree to provide authorization for Futurpreneur Canada to carry out a credit check.
  • Assure that the business is NOT in the research and development stage.
  • Assure that financing proceeds may not be used for refinancing existing debt.
  • A side business must fall within specified industry guidelines in order to be approved for financing. Examples of businesses which do not meet Futurpreneur industry guidelines include: businesses that are sexually exploitive or that feature sexually explicit entertainment, products or services; businesses that are engaged in or associated with illegal activities; businesses trading in countries that are proscribed by the Canadian federal government; and any other commercial activities inappropriate for government funding.
  • Demonstrate that he has been discharged from bankruptcy for at least five years or one year after receipt of a Certificate of Full Performance in the case of a Consumer Proposal.

Additional eligibility criteria for partnerships and incorporated businesses:

  • Age-eligible applicants must have at least 51% of the voting shares and be involved in the day-to-day management of the business.
  • Age-eligible partners who are able to demonstrate shareholder ownership of 5% or less are not required to apply.

Additional eligibility criteria for incorporated businesses with more than two shareholders:

  • If there are more than two shareholders, those who meet the age criteria must collectively hold the majority of the voting shares, be involved in the day-to-day management of the business, and take direct responsibility for operational liability.

Additional eligibility criteria for entrepreneurs interested in purchasing an existing business through a succession plan:

  • Applicants must meet all general eligibility criteria, except that the requirement to attain 51 percent ownership is delayed until the fifth year of operation.

Other Things to Note:

The Futurpreneur Side Hustle program is sponsored by TD Bank Group.

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