New Ontario funding will increase job opportunities for youth

May 2, 2013

New Ontario funding will increase job opportunities for youth

CYBF applauds investment in entrepreneurship to tackle youth unemployment

Toronto, May 2, 2013 – The Canadian Youth Business Foundation (CYBF) congratulates the Honourable Charles Sousa, Minister of Finance, for announcing a two-year, $295 million Youth Jobs Strategy to create 30,000 new jobs as part of the Ontario government’s new budget.

As part of the Youth Entrepreneurship Strategy, the Province will invest:

  • $195M Youth Employment Fund
  • $45M Youth Entrepreneurship Fund
  • $30M Youth Innovation Fund
  • $25M Business-Labour Connectivity and Training Fund

“CYBF is delighted that the Ontario government is affirming and deepening its commitment to help young entrepreneurs create businesses and jobs in their communities,” said Julia Deans, CYBF’s Chief Executive Officer. “The new Youth Jobs Strategy also strengthens the connections between entrepreneurship, innovation and training, which will further benefit young entrepreneurs and Ontario’s economy.”

Youth unemployment is a significant issue for Ontario, where the rate sits at 16 per cent – twice the national average. Ontario also faces expected skills shortages and the imminent retirement of many small business owners. Youth entrepreneurship can help address these and other economic challenges by creating businesses, jobs and revenues.

CYBF is already working with Ontario and other partners to help emerging entrepreneurs pursue their dreams of entrepreneurship and create, build and sustain their own businesses. To date, CYBF has invested in 5,600 entrepreneurs across Canada, helping create more than 22,100 jobs and $157 million in tax revenue. Here in Ontario, the non-profit organization has invested in 1,107 entrepreneurs, resulting in 5,459 new jobs and close to $39 million in tax revenue.

“We look forward to working with the Ontario government, our partners and others to continue to promote youth entrepreneurship and to help more young entrepreneurs succeed with financing, mentoring and business coaching,” said Deans.

The Canadian Youth Business Foundation (CYBF) is a national non-profit organization dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character, not collateral, when providing youth aged 18-39 with pre-launch coaching, business resources, start-up financing and mentoring to help them launch and sustain successful businesses. CYBF has been recognized as a global leader in advancing youth entrepreneurship, is a founding member of the global G20 Young Entrepreneurs’ Alliance (G20 YEA), the Canadian member of the Prince’s Youth Business International, and the Canadian Host of Global Entrepreneurship Week (November 18-24, 2013). Visit www.cybf.ca.

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CYBF Media contact:
Lesley Wilmot
Director, Marketing and Communications
Email: lwilmot@cybf.ca
Phone: 866-646-2922 x2203
Cell: 647-680-8165