Youth Strategy Fuels Quebec Entrepreneurs
MONTREAL, Quebec. Friday, March 27, 2009
Today, Premier Jean Charest announced a $2.5 million grant to the Canadian Youth Business Foundation (CYBF). This investment will enable the charity to help more aspiring young Quebec entrepreneurs start new businesses.
The grant will provide much-needed stimulus in both rural and urban communities across Quebec, enabling the launch of 153 new businesses which in turn will create an estimated 770 new jobs, $23 million in sales revenue, $5.5 million in tax revenue, and will enable more than 153 volunteer business mentors to share over 14,000 hours of knowledge with their young protégés.
“At CYBF we believe that entrepreneurship equals economic recovery and our track record proves that our program is part of the solution. The Quebec government’s generous commitment, coupled with private sector support, recognizes that young entrepreneurs have great potential to generate ideas and expand innovation to keep Quebec strong,” says Vivian Prokop, CEO, CYBF.
“I would like to thank Premier Charest and the Youth Secretariat for their enthusiasm in nurturing a culture of entrepreneurship at a time when Quebec needs it most,” says Prokop.
There has never been a more important time to invest in Quebec’s young entrepreneurs. Research shows that up to 5,000 young Quebec adults (18-34) annually have an unrealized business idea; 70% of small business owners plan to retire within 5-10 years; and, unemployment is on the rise. Access to business credit is tighter then ever before and the demand for CYBF’s financing and mentoring services continues to grow.
“Quebec has no shortage of young people ready and willing to defy the current doom and gloom. This grant from the Quebec government will let us increase the number of business start-ups that we can finance and support through our community partners across Quebec,” says Josee Cusson, Director, CYBF, Quebec.
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ABOUT THE CANADIAN YOUTH BUSINESS FOUNDATION (CYBF) www.cybf.ca
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, CYBF has invested to date in more than 2,900 young entrepreneurs, whose businesses have generated more than $300 million in sales revenue, $72 million in tax revenue, $36 million in export revenue, and created more than 15,500 new jobs. Through CYBF’s national network of community partners, we are able to deliver our program coast to coast with more than 2,600 volunteers across Canada.
Media Inquiries contact: Josee Cusson,
, (450) 688-2923
The Canadian Youth Business Foundation (CYBF) is the ‘go to’ place for youth entrepreneurship. As a national charity, we are 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.
Driving Canada's Business Success By Helping Youth Help Themselves