Funding through Futurpreneur expected to support nearly 1,000 entrepreneurs and create more than 3,800 future jobs
TORONTO — The Ontario government is expanding its support for young entrepreneurs with a new $6 million investment in Futurpreneur, a national non-profit organization that provides financing, mentorship and business development resources to aspiring business owners.
The funding, announced by the Ministry of Economic Development, Job Creation and Trade, is expected to help nearly 1,000 entrepreneurs between the ages of 18 and 39 start, acquire or expand businesses across the province. The government says the initiative will support the creation of more than 3,800 future jobs while strengthening Ontario’s long-term economic competitiveness.
The investment forms part of the province’s broader economic strategy aimed at supporting small businesses, encouraging innovation and fostering job creation amid an increasingly competitive global business environment.
Associate Minister of Small Business Nina Tangri said supporting young entrepreneurs is critical to Ontario’s economic future.
“Investing in Ontario’s young talent and the next generation of business leaders is key to securing a more competitive and resilient economy today and for the years to come,” said Nina Tangri, Associate Minister of Small Business. “Through our continued partnership with Futurpreneur, our government is reducing the barrier to capital for young entrepreneurs. This investment will better equip young people to turn their ideas into reality, bring Ontario-made products to the market, create local jobs and protect Ontario’s economy.”
Futurpreneur marks 30 years of supporting entrepreneurs
Futurpreneur has spent three decades helping young Canadians build businesses through access to financing and mentorship. Its flagship Core Startup Program provides entrepreneurs aged 18 to 39 with collateral-free loans of up to $75,000, along with two years of mentorship and business support services.
The organization offers loans of up to $25,000 directly, which can be matched with up to $50,000 in financing from the Business Development Bank of Canada, giving eligible entrepreneurs access to a combined total of $75,000 in startup capital.
Since 2021, Ontario has provided a total of $15 million in support to Futurpreneur, including the newly announced funding. The organization has helped launch and grow more than 1,700 businesses across Ontario, contributing to the creation of over 7,300 jobs.
Karen Greve Young, CEO of Futurpreneur, said the latest investment will allow the organization to expand its impact across communities throughout the province.
“This investment will ensure that hundreds of young entrepreneurs can access the financing, mentorship and resources they need to launch or buy successful businesses that will create jobs and strengthen local communities across the province,” said Karen Greve Young, CEO of Futurpreneur. “We are grateful to the Government of Ontario for increasing its commitment to Futurpreneur and our province’s next generation of business leaders.”
Part of a broader small business growth strategy
The new funding announcement comes as Ontario continues to expand support programs for small businesses and entrepreneurs.
The province notes that small businesses account for nearly 500,000 employer businesses in Ontario, representing approximately 98 per cent of all employer businesses and providing jobs for roughly 2.5 million people.
To support the sector, Ontario has previously reduced the small business tax rate, a measure the government says delivers more than $1.1 billion in tax relief and saves approximately 375,000 small businesses up to $5,000 annually.
In addition, the province is investing $9.4 million over three years in entrepreneurship programs delivered through Ontario’s Small Business Enterprise Centres (SBECs), including Summer Company and Starter Company Plus. The SBEC network also provides advisory services, training and referrals to programs such as Futurpreneur and Succession Ontario.
Ontario is also investing an additional $5 million to expand the Digital Competence Centre, building on the $20 million already committed to the initiative. The program helps small and medium-sized businesses adopt new technologies, access digital tools and improve competitiveness.
Entrepreneurs highlight impact of support programs
Business owners who have benefited from Futurpreneur’s programs say access to financing and mentorship can be transformative during the early stages of growth.
Jannine Rane, co-founder and CEO of Toronto-based food brand Zing Pantry Shortcuts, credited the organization with helping the company expand from a small venture launched during the pandemic into a nationally distributed business.
“Futurpreneur funding and mentorship were game-changing for our small business, giving us the resources we needed to fuel our growth from a pandemic side-hustle to a nationally distributed, Toronto-based brand that manufactures globally inspired condiments and seasonings in partnership with Canadian chefs and creators. Ontario’s continued support of organizations like Futurpreneur means more young entrepreneurs like me will have the tools, funding and expertise to build the next generation of Canadian brands,” said Rane.
Finance Minister and President of the Treasury Board Peter Bethlenfalvy said the investment reflects the province’s commitment to removing barriers for young business owners and building economic resilience.
“Our government is investing $6 million in Ontario’s next generation of entrepreneurs through Futurpreneur to break down barriers and make it easier for young people to access the capital, mentorship and tools they need to scale their businesses and succeed. By investing in their success, we are building a more dynamic, resilient economy that can adapt and thrive in an increasingly competitive global marketplace.”
With demand for entrepreneurship support continuing to grow, the province is positioning the investment as a way to help foster the next generation of Ontario business leaders while strengthening local economies across urban, rural and northern communities.