Futurpreneur launches My Canadian Startup, a newcomer entrepreneur initiative presented by the TD Bank Group
TORONTO, CANADA (SEPT. 18, 2024) – Futurpreneur, Canada’s leading national non-profit organization supporting diverse young entrepreneurs, is excited to announce the launch of My Canadian Startup, a newcomer entrepreneur initiative presented by TD through its corporate citizenship platform, the TD Ready Commitment.
This initiative seeks to empower aspiring newcomer entrepreneurs with knowledge, tools and resources to reach their small business goals in Canada. It includes an ambitious series of interactive free national, regional, in-person and virtual sessions, as well as, digital resources and networking events, to inform and empower newcomers to Canada interested in starting, buying or growing a small business in their new country.
Futurpreneur recognizes newcomers to Canada can face unique barriers when starting a new business, from language and cultural differences, to a lack of Canadian credit history or the absence of a business network. At the same time, newcomers to Canada bring fresh ideas, entrepreneurial skills and connections to global markets. Just as Canada offers distinct benefits to immigrants seeking to begin their entrepreneurial journeys, newcomers bring incredible potential to contribute to Canadian innovation and economic prosperity.
“Futurpreneur has nearly 30 years of experience working with equity-deserving communities. Expanding the resources we offer for newcomers with support from TD is a natural step in our organization’s growth and aligns with our values,” says Karen Greve Young, CEO of Futurpreneur. “We are excited about the potential impact of these initiatives to empower newcomer entrepreneurs to reach their small business goals in Canada and contribute to inclusive economic and social prosperity.”
“Navigating the stress and uncertainty of life in a new country is a significant and personal challenge,” says Robyn Small, Senior Manager, Philanthropy, Sustainability & Corporate Citizenship, TD Bank Group. “That’s why TD is proud to support Futurpreneur and the My Canadian Startup initiative. Our goal is to help improve access to programs that are providing newcomers with the tools and resources to kickstart their entrepreneurship journeys while helping them feel a greater sense of financial confidence that can support them for years to come.”
Since 1996, Futurpreneur has nurtured the entrepreneurial passions of Canada’s diverse startup founders, ages 18-39. We are the only national non-profit organization providing young aspiring entrepreneurs, across Canada, with the startup loan financing, mentorship and resources needed to start, buy or grow their small businesses. The organization also brings particular experience working with aspiring young entrepreneurs from equity-deserving communities including newcomers, Black, Indigenous, 2SLGBTQIA+ and official language minority startup founders.
Futurpreneur recently increased its startup loan offerings with mentorship to provide up to $75,000 in collateral-free financing and expanded its eligibility criteria to support young entrepreneurs who have been in business for up to 24 months—doubling the previous 12-month threshold. This addresses a critical funding gap for young founders, across Canada, who have launched their businesses but lack the equity or financial track record required by most small business lenders.
Small business is big business in Canada
According to Statistics Canada, small businesses account for 98% of all businesses in Canada. They employ nearly 11 million people, led by approximately 3.5 million entrepreneurs, across the country.
Newcomer entrepreneurs are an essential community within this group. They are also important contributors to the Canadian economy. There are over 600,000 self-employed immigrants across Canada, and immigrant-owned businesses account for 33% of businesses. As more newcomers choose entrepreneurship to achieve their goals, it is important that they have the financial resources to succeed.
Key deliverables of the My Canadian Startup initiative
Free national and regional in-person and virtual newcomer entrepreneur workshops
Newcomer workshops will help entrepreneurs who are new to Canada understand the fundamentals of starting, buying or growing their small businesses.
Access to loan financing with mentorship
For startup founders that are new to Canada, with limited credit history, Futurpreneur has a newcomer loan with mentorship offering that can help these entrepreneurs start, buy or grow their small businesses.
Dedicated newcomer mentors
Futurpreneur has also devoted time and resources to building its mentorship capacity in support of newcomer entrepreneurs. Our diverse mentorship community of 2,300+ is comprised of individuals originating from countries around the world and have benefited from training resources designed to empower newcomer entrepreneurs to succeed in their new country.
Networking events
Futurpreneur will host virtual and in-person gatherings to enable more newcomer entrepreneurs to connect with mentors and fellow startup founders, who are new to Canada, helping them to address feelings of isolation and build their networks in their new country.
Digital resources
The initiative includes the launch of a new and dynamic bilingual e-guide called: My Canadian Startup: An e-guide for newcomer entrepreneurs in Canada. This guide highlights all aspects of the entrepreneurial journey in Canada and offers interactive questionnaires and checklists as well as links to resources to empower them toward startup success.
Newcomer entrepreneur success profiles
My Canadian Startup will also involve showcasing the success stories of newcomer entrepreneurs supported by Futurpreneur.
ABOUT FUTURPRENEUR
Futurpreneur is a national, non-profit organization that provides loans with mentorship and resources to diverse entrepreneurs, ages 18-39, who are looking to start, buy or grow their businesses in Canada. We help diverse young founders reach their startup goals and provide bilingual (English and French) supports and resources to empower business owners on their entrepreneurial journeys.
Founded in 1996, the organization was established to promote entrepreneurship among Canadian youth as a critical pillar for diversifying the economy, generating employment opportunities and fostering a sustainable future. Since then, Futurpreneur has helped more than 18,700 young entrepreneurs start or buy small and growing businesses across Canada.
Futurpreneur is a founding member of the G20 Young Entrepreneurs’ Alliance, the Canadian member of Youth Business International and the Canadian host of Global Entrepreneurship Week (GEW).
Futurpreneur is partially supported by the Government of Canada.
