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The federal government is promising to help fund hundreds of aspiring entrepreneurs in Windsor-Essex with its $60-million budget allocation supporting emerging business owners across Canada.
Touting the renewed investment announced in the Liberals’ 2024 budget unveiled last week, government House leader Steven MacKinnon (L — Gatineau) made a brief stop in Windsor on Monday to share Ottawa’s funding top-up for Futurpreneur Canada — a non-profit organization that provides loan financing and mentorship to entrepreneurs ages 18 to 39.
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The funding aims to help launch approximately 6,250 new businesses across the country over the next five years.
MacKinnon was joined by local MP Irek Kusmierczyk (L — Windsor-Tecumseh), as well as representatives from Futurpreneur Canada and Invest Windsor-Essex at Timber + Plumb Kitchens and Cabinetry design studio in Windsor.
“We know that the backbone of our economy, the people who employ by far the most Canadians — but the people who are also emblematic of the spirit of a community — are those entrepreneurs and small businesses that sprout up,” said MacKinnon.
“People put all their chips in the middle of the table when they choose to go into business for themselves, but need that support, need that little bit of financial assistance, and the vote of confidence that comes with an organization like Futurpreneur Canada.”
For more than two decades, the non-profit organization has helped over 17,700 young entrepreneurs launch over 13,900 businesses nationwide — including 3,800 in Ontario — backed by $161.5 million in federal funding.
The renewed investment will roll out over the next five years, matched by contributions from Futurpreneur Canada’s corporate sponsors and partnerships with five provincial governments.
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“What’s been driving prosperity in our community has always been entrepreneurship, has always been business owners,” said Kusmierczyk.
“We’re seeing this young generation’s dynamism that wants to take the baton, that wants to be the next job creators, that wants to be the next drivers of prosperity in our community.
“It just fits perfectly with who we are as a community. We are a community of entrepreneurs here in Windsor-Essex.”
According to Janis Nixon, Futurpreneur Canada’s vice-president of programs and partnerships, 76 per cent of small businesses owners in Canada are expected to retire over the next decade, presenting a prime opportunity for young entrepreneurs.
“At the same time, millennials and Gen Z’s are becoming more and more interested in owning a business as a way to build economic stability and long-term wealth,” Nixon said.
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Calling it an “important step in ensuring that the next generation of entrepreneurs don’t get left behind,” Nixon said this renewed commitment from the federal government guarantees that “young people across Canada can pursue their entrepreneurial dreams and launch successful businesses.
“With an aging population of business owners,” said Nixon, “now’s the moment for young people to seize the opportunity to sustain local economies and foster economic prosperity at Futurpreneur.”
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