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Being Under the Age of 30 Can Be Beneficial for Ontario Entrepreneurs

Ontario Entrepreneurs

As an individual under the age of 30 you may have a golden opportunity waiting for you in the world of business.   The Ontario government sees this age group as a viable one for investing in when it comes to their starting their own businesses.

There are several different funding programs available for Ontario Entrepreneurs under the age of thirty.

Ages 18 to 29:

If you have a great idea for a new business that requires a small amount of capital to get it going then the Ontario government may be willing to help.   You may be able to get up to $5,000 from this program by way of a grant.   You have to be able to contribute at least 25% in funding yourself in order to qualify.    The other stipulation is that you are not allowed to be attending school full time.

Ages 15 to 29

This program is designed for those who are within this age group but cannot qualify for other self-employment programs.   This program is called the Strategic Community Entrepreneurship Projects program. You may be able to get up to $3,000 to help with the start up costs.

Youth Entrepreneurship Fund (Youth Investment Accelerator Fund)

This one is quite a bit more substantial and is for business expansion. It is only applicable for companies that are under the $500,000 revenues so therefore is applicable to businesses that are up and running and are progressing.

Summer business:

Many students want and need summer employment but there are just not enough jobs to go around.   There is a program that applicants under the age of thirty can participate in.   Once they meet the program requirements they may receive up to $1,500. to help with the start up of a business.

There are a few other programs as well that may be available to this age group to help get them started.   Included in many of the programs aside from the initial funding is many other valuable resources, like seminars, and mentoring and being able consult with business owners.

Every entrepreneur once they decide to go into business for themselves, should consult with an accountant.   This type of resource is important not only for when starting up a business but also for when it is ongoing.   Keeping control of the finances of the business with the right help can go a long way in making sure the business is successful.

 

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Sam Seidman, CPA, CA, LPA
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