Potential source of funding for young entrepreneurs

Deanne Turnbull Loverock

The Canadian Youth Business Foundation (CYBF.ca) may be a source of funding for Canadians between the ages of 18-34. Funding is available (as a loan) via CYBF/BDC. Might be a way to get $$$ for building prototypes so entrepreneurs have something real to show potential investors.

Has anyone in the Victoria tech community used this Foundation for this purpose? If so, please post to share your feedback.

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Andy Eadie

Island Labs

Hi Deanne, I used this service for partial funding of 'Island Labs' (www.islandlabs.ca) EMC test facility. They loan up to $15k and the BDC match the $15k using the same documentation. The applicant must put in at least 10% of the startup equity. The interest rate on the CYBF portion is great (about prime plus 2%) and for the BDC portion it is similar to a regular bank loan. I highly recommend this route for young entrepreneurs.