March 4, 2010 – TORONTO, ON – In this year's federal budget, Prime Minister Stephen Harper strengthened the government's partnership with the Canadian Youth Business Foundation (CYBF) with the announcement of $10 million in funding. The funds will ensure that CYBF continues to help aspiring young entrepreneurs open businesses in communities across Canada, creating jobs while strengthening Canada's economic recovery.
“At CYBF we know that youth entrepreneurship is fundamental to Canada's economic recovery and long-term competitiveness," explained Vivian Prokop, chief executive officer of CYBF. “The government's continued investment in CYBF is recognition of our role as an important partner in job creation, economic development and building a culture of entrepreneurship in Canada. This federal funding, coupled with effective public and private partnerships, demonstrates an understanding that young entrepreneurs have great potential to generate ideas and drive innovation in Canada’s communities from coast to coast.”
With the $10 million, CYBF will continue to provide economic stimulus by enabling the launch of an estimated 500 new businesses over the next year. These businesses will generate an estimated 2,500 new jobs, $63 million in revenues within three years. Beyond the financial benefits of new businesses, CYBF entrepreneurs will also be valuable to Canadians on a social level, providing role models for young people and inspiring them to consider entrepreneurship as a career option.
There has never been a more important time to invest in young entrepreneurs. Not only has the recent recession negatively impacted small business in Canada, but more than 70% of small business owners are set to retire by 2020. Today’s federal funding acknowledged the need for Canada to cultivate an entrepreneurial spirit and encourage entrepreneurship as a viable career option.
About The Canadian Youth Business Foundation (CYBF)
The Canadian Youth Business Foundation (CYBF) is a national charity dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business.
Founded in 1996, to date, CYBF has invested in more than 3,500 young entrepreneurs in communities across Canada. These businesses have generated over $92 million in tax and export revenues, and have created more than 16,900 new jobs. Through CYBF’s national network of community partners, we are able to deliver our program coast to coast with more than 3,100 volunteers across Canada.
For more information on CYBF, please visit www.cybf.ca.