WINNIPEG, MB – Young people with solid business ideas will be able to access micro loans up to $15,000 each and receive invaluable, on-going advice as a result of a unique partnership announced today between The University of Winnipeg and the Canadian Youth Business Foundation (CYBF).
UWinnipeg is dedicating a $50,000 gift from Investors Group to the micro-financing program, and CYBF has pledged to provide a matching $50,000 to the program. Youth aged 18 to 34 can begin applying for the micro-loans effective May 8, 2008, and The University of Winnipeg will work with CYBF as a community partner to review and process these applications.
Young entrepreneurs, once approved for funding under this partnership, will be matched with a business mentor who will provide guidance and support for the first two years of the loan.The Opportunity Fund is a new initiative created by The University of Winnipeg to help make it possible for children, youth, and adults to dream big. The goal of the university is to build a $10 million fund that will help ensure that everyone, regardless of background and socio-economic status, has access to higher education and opportunities. The fund includes tuition credits and bursaries for students and micro financing for young entrepreneurs.
“The Opportunity Fund is about action, it’s about investing in real dreams so that as a community we see real results,” said University of Winnipeg President & Vice-Chancellor Dr. Lloyd Axworthy. “Thanks to the commitment we are seeing here today from our business community, the Canadian Youth Business Foundation and from our Business and Economics Faculty, we will have a new bistro, a new landscaping service, a new web design company – all owned by young people in our neighbourhood. That is community economic development in practice.”
“CYBF is honoured to work in partnership with The University of Winnipeg in providing funding and mentorship to Manitoba’s innovative young entrepreneurs. Both organizations share the passion for the entrepreneurial spirit and the mandate of helping youth to succeed,” said Vivian Prokop, CEO, Canadian Youth Business Foundation.
CYBF has a proven track record, having invested in more than 2,400 young entrepreneurs, whose businesses have created more than 13,000 new jobs.
“We are pleased to join with The University of Winnipeg in helping people of all ages, and many different circumstances, find a path to a better future,” said Richard Irish, Investors Group Assistant Vice-President of Community Affairs and Area Marketing. “The project is very much in keeping with Investors Group’s support of community building in the inner city as well as our belief in the power of education for both young and mature students.”
“Winnipeg is a great place to be if you have a new idea,” said Dave Angus, President, Winnipeg Chamber of Commerce and Micro Loan Review Committee member. “This program will assist those in bringing that idea to reality. Start-up capital is a key component to entrepreneurial success, and I look forward to the creation of many new business ventures.”
The Opportunity Fund Micro Financing contact email is: businessandeconomics@uwinnipeg.ca.
Click here for Micro Financing backgrounder.
FOR MORE INFORMATION
Diane Poulin, Communications Officer, The University of Winnipeg
P: 204.988.7135 E: d.poulin@uwinnipeg.ca
