{"id":215,"date":"2024-02-05T15:15:12","date_gmt":"2024-02-05T20:15:12","guid":{"rendered":"https:\/\/futurpreneur.ca\/?page_id=215"},"modified":"2024-09-12T17:11:48","modified_gmt":"2024-09-12T21:11:48","slug":"faq","status":"publish","type":"page","link":"https:\/\/futurpreneur.ca\/en\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"\n\t
\n\t\t\n\t\t\t\t\t
\n\t\t\t\t
<\/div>\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\t\t\t

Frequently asked questions<\/h1>\n\t\t\t\t\t\t

Didn't find the answers you were looking for? Maybe our FAQ can help.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t

\n\t\t\t\t\t\t\n\n\n<\/g>\n\n\n\n<\/clipPath>\n<\/defs>\n<\/svg>\n\t\t\t\t\t\t\n\n\n<\/g>\n\n\n\n<\/clipPath>\n<\/defs>\n<\/svg>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
<\/div>\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/section>\n\n\n\n

General FAQ<\/h2>\n\n\n\n
At what stage of my business planning can I apply to Futurpreneur?<\/summary>\n

Futurpreneur offers free resources and tools to help entrepreneurs at every stage of business development. If you are in the idea or R&D phase of forming your company, our free tools and resources can help guide you through the process of developing your business plan<\/a>, mastering your cash flow<\/a>, and more. We\u2019re here to help move your business forward!<\/p>\n\n\n\n

In order to apply to Futurpreneur\u2019s Startup Program and secure financing, your company must be in the pre-startup or startup stage (i.e., beyond the Idea or R&D phase).<\/p>\n\n\n\n

\u2022 By pre-startup, <\/em>Futurpreneur means the company is in the process of launching and will make its first sales ideally within the next few months.<\/em><\/p>\n\n\n\n

\u2022 By\u00a0startup,\u00a0<\/em>we mean existing companies that have had less than two years of significant sales, i.e., sufficient revenues for the applicant(s) to pay themselves.<\/p>\n<\/details>\n\n\n\n

Can I access either Futurpreneur funding or mentoring separately?<\/summary>\n

Working with a mentor is one of the requirements of our program, and you must receive our loan in order to be matched with a mentor. We do not offer these options separately.<\/p>\n<\/details>\n\n\n\n

Can I use the loan to pay off the costs I have already incurred to start my business or as a down payment to make another loan?<\/summary>\n

No, the loan cannot be used to pay off a pre-existing debt. Nor can it be used as a down payment to secure other loans. However, the loan may be in addition to other sources of financing.<\/p>\n<\/details>\n\n\n\n

Does Futurpreneur provide grants?<\/summary>\n

No, we offer collateral-free loans supplemented by our mentorship program.<\/p>\n<\/details>\n\n\n\n

How do I apply?<\/summary>\n

Here\u2019s how to apply for a loan:<\/p>\n\n\n\n

\u2022 Go to https:\/\/www.futurpreneur.ca\/en\/<\/a> and register as a new entrepreneur by clicking > register\/login > application<\/em> portal > register as an entrepreneur<\/em><\/p>\n\n\n\n

\u2022 You\u2019ll receive an automatic email asking you to confirm your email address and continue your request (click on the link). If you don\u2019t receive the confirmation email, check your spam folder.<\/p>\n\n\n\n

\u2022 You will then be able to fill out the form and upload the required documents, which include:<\/p>\n\n\n\n

\u2013 a completed business plan<\/em><\/strong><\/p>\n\n\n\n

\u2013 financial forecasts for the next two years and a month-by-month breakdown<\/em><\/strong><\/p>\n\n\n\n

\u2013 Government ID (passport or driver\u2019s license)<\/em><\/strong><\/p>\n\n\n\n

Note: <\/strong>All of the required documents must be uploaded for your application to be reviewed. The analyst in charge of your file will then contact you to go over your application and advise you of the next steps.<\/p>\n<\/details>\n\n\n\n

I am over 39. Can I still qualify for Futurpreneur\u2019s Startup Program?<\/summary>\n

Our startup program is aimed at entrepreneurs between the ages of 18 and 39 exclusively. If you are about to turn 40, you may be eligible for the program provided your full application is completed before your 40th birthday.<\/p>\n\n\n\n

If you are 40 years of age or older, unfortunately, you are not eligible for our program.<\/p>\n<\/details>\n\n\n\n

I can’t register or continue my application. What should I do?<\/summary>\n

Please access the application portal using a computer. The platform is not compatible with mobile devices such as cell phones or tablets.<\/p>\n\n\n\n

The portal functions best using the Chrome browser.<\/p>\n\n\n\n

If the problem persists, please contact the portal platform\u2019s technical support service: portalbugs@futurpreneur.ca<\/strong>.<\/p>\n\n\n\n

Provide your name, the nature of your problem and, if necessary, attach a screen capture of the error message you received.<\/p>\n<\/details>\n\n\n\n

I don’t know how to write a business plan, can you help me?<\/summary>\n

Futurpreneur does not offer a business plan writing service, but we do have several free tools available to guide you on our website:<\/p>\n\n\n\n

\u2022 The business plan writer<\/a>, a free tool that walks you through the basic steps of creating a business plan, including a step-by-step cash flow template for you to complete. It includes tips & tricks and detailed examples to guide you as you write.<\/p>\n\n\n\n

\u2022 We also provide examples of business plans and financial documents. In our Business Resource Centre<\/a>, you can find financial templates and business plan examples. We also offer best-in-class business plans, crash courses in everything from financials to operations, and practical guides on everything from exports to managing your cash flow.<\/p>\n\n\n\n

Note:<\/strong> As part of your funding application, you can request help finalizing your business plan. When applying for funding, please indicate on the application form that you would like this support.<\/p>\n<\/details>\n\n\n\n

I want to start my own business on the side while still working as an employee. Can you help me?<\/summary>\n

Yes, Futurpreneur offers a \u201cside-hustle\u201d program dedicated to part-time entrepreneurs who want to start a business while retaining their full-time jobs.<\/p>\n\n\n\n

This offer consists of a five-year repayable loan of up to $25,000, supplemented by two years of mentoring. Learn more about our Side Hustle Program<\/a>.<\/p>\n<\/details>\n\n\n\n

I’m looking for a coach, do you offer this service?<\/summary>\n

No, we do not offer a coaching service. Financing from Futurpreneur is accompanied by our industry-leading mentorship program. Once a loan is disbursed, entrepreneurs are matched with an experienced volunteer entrepreneurship mentor who guides them for about 3 \u2013 5 hours per month for up to 2 years. Mentors provide business advice, support, active listening and encouragement to help entrepreneurs stay focused on what really matters for their business success.<\/p>\n\n\n\n

<\/p>\n\n\n\n

You can learn more about our Entrepreneurs in residence here<\/a>.<\/p>\n<\/details>\n\n\n\n

My application for permanent residence is pending, can I still apply to the Futurpreneur program?<\/summary>\n

No, you must have obtained permanent resident status in order to apply for financing and mentoring at Futurpreneur.<\/p>\n<\/details>\n\n\n\n

My partner does not meet Futurpreneur’s eligibility criteria (they are over 40 years of age and\/or not a permanent resident or Canadian citizen), can I still apply?<\/summary>\n

Yes, you are still eligible to apply provided you own a majority of the company \u2013 that is, you own more than 50% of the voting shares. However, please note that your partner will not appear on the application for your loan. You will, therefore, be solely responsible for the loan and its repayment.<\/p>\n<\/details>\n\n\n\n

Should my partner(s) appear on the application?<\/summary>\n

Partners who are eligible for the program (under the age of 40 and a permanent resident or Canadian citizen) who own more than 5% of the company\u2019s shares must appear on the application for a loan.<\/p>\n\n\n\n

Please note: You only need to apply once per project. When you register, you will be asked if you have any associates. If this is the case, you will need to answer \u201cyes\u201d and provide your or your associates\u2019 contact information. They will then receive an automatic email inviting them to join the application. They can then complete the form and provide the appropriate documentation.<\/p>\n<\/details>\n\n\n\n

What are the benefits of your startup program?<\/summary>\n

Futurpreneur offers collateral-free Startup loans at a better interest rate than most banks. We are able to finance up to $25,000 per business (the minimum amount is $5,000). If you need additional funding, BDC, our partner for this program, may provide up to an additional $50,000.<\/p>\n\n\n\n

Applicants only need to apply once for both financing options on the Futurpreneur website<\/a>.<\/p>\n\n\n\n

Our startup offer includes funding along with two years of expert mentoring support so you can start your business with your best foot forward.<\/p>\n\n\n\n

The loan is repayable over 5 years with interest-only payments required in the first year.<\/p>\n\n\n\n

You can repay the Futurpreneur portion of the loan early, at no additional cost.<\/p>\n<\/details>\n\n\n\n

Why do Futurpreneur\u2019s financing and mentoring programs support entrepreneurs age 18-39?<\/summary>\n

Futurpreneur is addressing a demonstrated gap in business ownership among young adults. According to Statistics Canada<\/a>, whereas 45% of Canadian adults age 18-64 are under 40 years of age, only 16% of small and medium enterprises have primary decision makers who are under 40 years old (compared to 20% of the population and 25% of business decision makers age 40-49 and 32% of the population and 47% of the business decision makers age 50 to 64) \u2013 indicating much lower small business ownership among those less than 40 years old than among older Canadians.<\/p>\n\n\n\n

One of the main factors behind this gap is access to financing\u2014one of Futurpreneur\u2019s key offerings. Typically, the younger you are, the lower your credit score is, and the less likely you are to secure financing from traditional lenders. As you grow older, your length of credit history increases, and you start to build a credit profile\u2014both of which help you build a credit score. It makes sense, therefore, that the average credit score increases with age<\/a>.<\/p>\n\n\n\n

Futurpreneur isn\u2019t alone in striving to increase small business ownership among young entrepreneurs. We represent Canada in two global networks:<\/p>\n\n\n\n

\u2013 Youth Business International member organizations typically focus on entrepreneurs age 18-35. Several of these member organizations, including Futurpreneur as Canada\u2019s official member, extend this range to age 39, and
\u2013 The G20 Young Entrepreneurs\u2019 Alliance (G20 YEA) is an established G20 affiliated network of which Futurpreneur is Canada\u2019s official member.<\/p>\n\n\n\n

Canada also has many organizations supporting entrepreneurs age 40 and older. In particular, the 260+ Community Futures non-profit organizations across Canada, many of which are Futurpreneur partners in supporting our young entrepreneur clients.<\/p>\n<\/details>\n\n\n\n

Will Futurpreneur check my personal credit score?<\/summary>\n

Yes, Futurpreneur verifies each applicant\u2019s personal credit score and, if applicable, that of their associates, i.e., those under the age of 40 and permanent residents or Canadian citizens and who own more than 5% of the company\u2019s shares.<\/p>\n\n\n\n

Credit checks are conducted with the permission of the interested parties.<\/p>\n<\/details>\n\n\n\n

\n\n\n\n

BESP FAQ<\/h2>\n\n\n\n
Does Futurpreneur provide grants to Black entrepreneurs?<\/summary>\n

No, at this time, we offer collateral-free loans supplemented by our mentorship program.<\/p>\n<\/details>\n\n\n\n

How can I become a mentor for the Black Entrepreneur Startup Program?<\/summary>\n

We always welcome new mentors to our mentorship program. If you would like to volunteer as a mentor, please read about our program and sign up to learn more on this page<\/a>. You can also contact us to learn more: mentoring@futurpreneur.ca.<\/p>\n<\/details>\n\n\n\n

How is the Black Entrepreneur Startup Program different from your other programs?<\/summary>\n

At Futurpreneur we welcome aspiring, young entrepreneurs age 18-39 <\/strong>from all backgrounds to apply for support through our core Startup Program<\/strong>. Successful applicants receive up to $75,000 in loan financing (up to $25,000 from Futurpreneur and up to $50,000 from BDC) and up to two years of mentorship. They also gain access to a range of events, programs and resources.<\/p>\n\n\n\n

Building on this program, we also offer the following initiatives:<\/p>\n\n\n\n