The Manitoba government is providing $1.2 million over four years to Futurpreneur to support the Startup Program, delivering mentorship programming and financing for young entrepreneurs across the province, Economic Development Industry and Trade Minister Jeff Wharton announced this week.
“Young entrepreneurs drive innovation and help to keep our province competitive in today’s global market,” said Wharton. “The support our government is announcing today is an investment in Manitoba’s future.”
Futurpreneur is a non-profit organization that provides inclusive financing, mentoring, and support tools to help aspiring business owners aged 18 to 39 start and succeed. Its mentoring program matches diverse young entrepreneurs with business experts from a network of more than 2,400 volunteer mentors. The organization’s Startup Program provides financing, mentorship and resources to help young entrepreneurs plan, launch and grow their businesses.
Karen Greve Young, CEO, Futurpreneur said, “This partnership will provide the necessary support for these young entrepreneurs to turn their ideas into reality, build thriving businesses, and contribute to the economic growth and prosperity of their communities throughout the province.”
Futurpreneur expects to support the creation of up to 50 businesses each year, the minister noted.
The Manitoba government entered into a three-year funding agreement with Futurpreneur in 2020 to provide $250,000 per year to fund operating expenses and support the Startup Program for Manitoba small businesses.
“Creating something from nothing requires money, advice, direction, and a slew of resources. Futurpreneur provides it all,” said Luc Bohunicky, founder and CEO, Avid Golf. “As a Manitoban, Métis entrepreneur, two-time Futurpreneur programming recipient and a former member of Canada’s G20 Young Entrepreneurs’ Alliance, I’m grateful for the opportunities Futurpreneur has provided me and my colleagues. I’m thrilled to see the Manitoba government’s continued support and am driven to be one of many examples to aspiring entrepreneurs of what’s possible.”
The minister noted the agreement has resulted in the distribution of more than $1.6 million of collateral-free loan capital to 91 businesses and $2 million in financing from the Business Development Bank of Canada in the first two years. In addition, Futurpreneur provided over $550,000 in cash-flow relief to Manitoba clients through its COVID-19 response measures, ensuring young entrepreneurs were supported through business challenges brought on by the pandemic.
A total of $4.1 million has been invested provincially to date through current partnerships.
Additionally, Futurpreneur has spent more than $1.2 million on programs, operations and administration support in Manitoba, for a combined investment of $5.4 million that resulted in a nearly 10-to-1 return on investment on the initial $500,000 investment over the first two fiscal years, the minister said.
