Federal Government Confirms $20 Million Investment in the Canadian Youth Business Foundation

June 6, 2011

CYBF Funding Anticipated to Create 6,700 New Canadian Jobs

June  6, 2011 – Toronto, ON – Today’s federal budget  confirmed the Government of Canada’s commitment to young entrepreneurs through a  continued confidence in the work of the Canadian Youth Business Foundation  (CYBF).

With today’s budget, Finance Minister Jim  Flaherty confirmed $20 million over two years in CYBF funding, an investment  that will help the national charity continue to expand in order to meet the  growing demand for start-up assistance. CYBF provides character-based start-up  financing and world-class mentoring from business expert volunteers to young  Canadians, enabling them to launch more than 1,000 new businesses in the next  two years. These businesses are expected to generate more than 6,700 new  Canadian jobs, reinforcing both short-term recovery and Canada’s long-term  economic growth.

“We are grateful for the ongoing  partnership we have forged with the Government of Canada, in this, the Year of  the Entrepreneur,” explains Vivian Prokop, chief executive officer of CYBF,  widely considered the go-to organization driving youth entrepreneurship in  Canada. “This contribution will allow CYBF to continue to support the ideas,  the innovation and the entrepreneurial spirit of Canada’s youth, ultimately  creating jobs and strengthening our economy.”

Earlier this year, The Government of Canada  designated 2011 as Year of the Entrepreneur, in recognition of the critical  role that entrepreneurship plays in building a strong and competitive economy. The  organization will also rely on funding from non-federal government sources in the  public and private sectors in order to help meet the ever-increasing demand for  its programs from coast to coast to coast.


About  the Canadian Youth Business Foundation – Canada’s Entrepreneur Gateway 
The Canadian Youth Business Foundation  (CYBF) is the ‘go to’ place for youth entrepreneurship in Canada. As a national  charity we are dedicated to growing Canada’s economy one young entrepreneur at  a time. We look at character rather than collateral in providing Canadians  between the ages of 18 and 34 with the pre-launch coaching, business resources,  start-up financing and mentoring they need to enable them to launch and build  successful entrepreneurial businesses.

Founded in 1996, CYBF has invested to date  in more than 4,200 young entrepreneurs, whose businesses have created more than  17,800 new jobs, $123.9 million in tax revenue and hundreds of millions of  dollars in global sales. CYBF delivers its program coast to coast to coast  through a national network of more than 170 community partners and 3,700  volunteers including business mentors. Information about CYBF is available at  www.cybf.ca.

For  more information, contact:
Rachel Azagury
Senior Manager, Marketing &  Communications, CYBF
416-408-2923, ext. 2111