NADF and Futurpreneur Setting up Youth for Success as Entrepreneurs

Thunder Bay – BUSINESS – Reaching your dream to be your own boss for youth takes some help. For youth today, the Nishnawbe Aski Development Fund and Futurpreneur Canada have partnered up to be the bridge forward toward success.

NADF achieved a new milestone – $50 Million in loans disbursed since 1987.  To commemorate this momentous occasion, NADF and Futurpreneur Canada have partnered to launch a new program – the Aboriginal Youth Entrepreneurship Program (AYEP) – to support the establishment and growth of youth owned businesses in NADF’s service area (Nishnawbe Aski Nation, Treaty 3, or Robinson-Superior 1850).

Program Overview

Program Status: Registration will open Monday, March 29, 2021

Available funding is limited. Register early!

The Aboriginal Youth Entrepreneurship Program offers promising young entrepreneurs access to coaching, financing, and mentoring to help them launch their own businesses.  With up to $20,000 in financing, up to 2 years of expert mentoring, and access to resources, NADF and Futurpreneur are here to help Aboriginal youth bring their business idea to reality.

Take the first step towards entrepreneurship!

Program Highlights

• 0% equity requirement
• 6.2% interest
• 60 month term
  • Interest only payments in Year 1
• Early repayment, no penalty
• Matched with an expert mentor who will provide business advice, support and encouragement during the first 2 years of operation.
• Includes up to $2,500 grant to assist the entrepreneur to establish a financial record keeping system (cloud based, software, or outsourcing).

Applicant Eligibility

Aboriginal Youth (18-39 years)

• First Nations
• Metis
• Inuit

Project Eligibility

1. New small business; or
2. New business established less than 12 months
3. Must be a wholly-owned or majority-owned Aboriginal business
4. Business must be based and operating in NADF’s service area (Nishnawbe Aski Nation, Treaty 3, or Robinson-Superior 1850), including First Nations, urban and rural communities
5. The business must fall within specified industry guidelines in order to be approved for financing.

Application Process

1. Interested youth must register to get connected with a Futurpreneur Business Development Expert

• Your Business Development Expert will reach out to you to confirm eligibility
• Eligible youth will receive coaching and guidance throughout the development of your business plan.
• Submit your application.  At minimum, your application must include the following:
  1. Proof of Aboriginal ancestry
  2. Resume highlighting experience, training and/or education related to your business idea
  3. Two (2) personal references
  4. A completed business plan demonstrating viability
  5. Project costs and financing breakdown
  6. 2-year projected cashflow
• Await decision on your financing request.