Completed
Way Forward Commitment:
By June 30, 2018, our Government will invest $200,000 in an enhanced revolving loan program with the Newfoundland and Labrador Association of Community Business Development Corporations (CBDCs) to provide micro loans to young entrepreneurs. To ensure access for entrepreneurs at various stages of business development, this will include short term businesses, such as a summer operation, as well as long term business proposals. The fund will provide youth with access to loans from very small amounts up to a new level in the range of $5,000 – $10,000. This increased level is intended to be a catalyst for advancing innovative business ideas, succession planning opportunities and developing entrepreneurial leaders. The fund will provide financing to youth who would otherwise not receive support because of age, risk or stage of business, and will be designed as a launching point for access to services from various sources. This includes business counselling and access to other seed capital opportunities. A strategic effort will be made to increase promotion of the fund to youth in all regions of the province.
What We’ve Accomplished:
- This program was launched with CBDCs in June 9, 2017.
- Since the announcement of the Drive program administered by the CBDCs, and as part of TCII’s overall commitment of $425,000 for this project, 36 loans have been issued to young entrepreneurs totalling $344,000 (including 31 start-ups and five expansions).
- A total of 49 full time positions and 12 part time positions have been maintained or created, as reported by the businesses.
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