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COVID-19 Support: Futurpreneur Canada

Source: Unknown | Category: Startup

To help its small business clients manage through the global pandemic, Futurpreneur, with funding from the Government of Canada, will cover payments for six months on loans disbursed prior to April 1, 2020 and will also offer eligible existing clients top-up loans of up to $10,000. Toronto, ON, April 28, 2020 - Following the recent announcement of $20.1 million in critical funding from the Government of Canada, Futurpreneur today announced details of a new support package that will cover loan payments for six months for each of its more than 3,200 Start-up Program clients whose Futurpreneur loan was disbursed prior to April 1, 2020. In addition to the six-month loan payment coverage, for existing eligible Futurpreneur clients who require extra working capital to help cover operating costs during this challenging period and do not qualify for the Canada Emergency Business Account, Futurpreneur will offer a top-up loan of up to $10,000, interest-free, with one year of deferred repayment. Within the first two weeks of the COVID-19-related disruptions, Futurpreneur's client support team saw a dramatic increase in calls, with more than 1,400 young business owners-nearly half of its entire portfolio of active clients-requesting support for their businesses as a result of the pandemic. "The thousands of main street businesses we support across Canada are pillars of their communities, contributing to local economic growth and prosperity through employment and independent products and services, while also fostering the vitality of their communities by drawing residents to connect and engage with each other," says Karen Greve Young, CEO, Futurpreneur Canada. "To help young, innovative entrepreneurs through the COVID-19 pandemic, our government is providing $20.1 million in financial support to Futurpreneur Canada. Our investment, along with the wide range of supports we've introduced for small business owners, will give thousands of young entrepreneurs much-needed support so they can weather this storm and start to rebuild once we are on the other side." Weekly peer-to-peer support webinars where entrepreneurs learn from Futurpreneur business coaches, mentors and from each other;.

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