Futurpreneur Canada – Side Hustle Program: Quick Guide for Young Entrepreneurs

ByMaurice

Description:

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

Comments on Funding:

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

When It Ends:

Ongoing

Deadline:

Rolling deadline

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.

Applications Steps:

1

Applicants must sign up to connect with a Futurpreneur business development manager and learn how Futurpreneur can support them on their entrepreneurship journey.

Program Contact:

Side Hustle – Futurpreneur Canada

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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