Business Grants for Young Entrepreneurs

Business grants are a great way for young entrepreneurs to get their business ideas off the ground without the idea of an expensive loan holding them back. This is why business grants for young entrepreneurs are becoming more and more common, and are also why young entrepreneurs should be taking the time to find the one appropriate for their project. Below are just a few types of business grants for young entrepreneurs to get you started on your hunt.

Summer Company Grant (Ontario)

This business grant is available to young entrepreneurs between the age of 15 and 29 who live in Ontario and are looking to start up a summer time company. Successful applicants will receive $3,000 to help start and run a summer business, half of which is received at the beginning of the summer and rest at the end. The perk of this business grant is that new entrepreneurs receive the added benefit of hands-on business coaching and mentoring from local community business leaders.

Northern Ontario Young Entrepreneur

This business grant is available to Ontario residents between the ages of 18 and 29. To qualify, these young entrepreneurs must have plans to start a for-profit business in Northern Ontario. This grant money is intended to encourage young entrepreneurs to stay local instead of moving their business idea southbound to the province’s larger cities. Successful applicants can receive a grant of up to $25,000 which can be used to purchase office furniture, fixtures and equipment. The only catch is that you must match 10% of this grant with your own funds.

Eastern Ontario Development Fund (EODF)

If you are planning to start or grow a business in Eastern Ontario that will help the local market you are likely eligible for an Eastern Ontario Business Grant. This is an $80 million dollar grant fund to encourage the growth and diversification of eastern Ontario communities. The program supports projects that create and retain jobs, encourages the introduction of new technologies, and pursues growth in new markets. Businesses must have at least 10 employees and a great project idea that will create new jobs in the next five years Successful applicants can be approved for business grants covering up to 15% of project expenses.

Canadian Youth Business Grant

If you are a young immigrant between the ages of 18 and 34 years old and live in either Ontario or British Columbia you could qualify for a Canadian Youth Business Grant. All you need is a business plan, a letter of reference from your bank confirming your account status, and reference letters. Successful applicants can receive start-up business grants of up to $15,000.