Futurpreneur Canada Newcomer Program ### 📋 Eligible Entities - Newcomer entrepreneurs (recent immigrants to Canada) - Age requirement: 18-39 years old - Business ownership: Must be starting or recently started a business - Credit history: Not required (one of the key benefits for newcomers) - Self-employed individuals and aspiring business owners - Canadian permanent residents or citizens who are newcomers to the country ### 💰 Funding Details - Total loan amount: Up to $25,000 - Funding split: - $12,500 financed by Futurpreneur Canada - $12,500 financed by BDC (Business Development Bank of Canada) - Repayment structure: Flexible business startup loan (terms to be confirmed with lenders) - Credit history requirement: None required - Interest rates and terms: Subject to lender approval and creditworthiness assessment - No collateral requirement: Designed for those without established credit ### 🛠️ Approved Expenses - Business startup costs (general operational needs) - Equipment and tools required for business operations - Inventory for retail or product-based businesses - Technology and software for business operations - Lease deposits and initial workspace setup - Professional services (accounting, legal consultations) - Marketing and branding for business launch - Working capital for initial operations ### ⚠️ Conditions & Milestones - Mentorship requirement: Participation in Futurpreneur's mentorship program (typically mandatory) - Business plan submission: Must develop and submit a viable business plan - Regular reporting: Progress updates to lenders throughout loan term - Loan repayment timeline: Must begin repaying according to agreed terms - Ongoing support: Access to business training and advisory services - Eligibility maintenance: Must remain actively engaged in the business - Use of funds: Money must be used for approved business expenses only - Application process: Requires completion of Futurpreneur application and BDC assessment