BDC doubles support to aspiring young entrepreneurs

MONTREAL, May 18 /CNW Telbec/ - The Business Development Bank of Canada (BDC) is pleased to announce that it is once again teaming up with the Canadian Youth Business Foundation (CYBF) to increase support for young Canadian entrepreneurs.

Under its partnership with CYBF, BDC is doubling the dollars it provides to eligible recipients. BDC will now grant young entrepreneurs who receive financing from CYBF up to twice the amount of the CYBF financing. Under the original agreement, signed in 2008, BDC provided maximum loans that matched the amount from CYBF.

"This additional support from BDC will make a real difference to young entrepreneurs who need assistance in turning their great ideas into a sustainable business," says Terry Campbell, COO, CYBF. "With CYBF providing financing of up to $15,000, this means eligible young entrepreneurs can now receive as much as $45,000 to finance their business."

Entrepreneurs between the ages of 18 and 34 may apply to CYBF for business start-up, growth or succession financing. Those who have been approved by CYBF and meet BDC's criteria are eligible to receive a BDC loan as well, along with a designated mentor.

"Our partnership with CYBF provides an excellent means of increasing our support to Canada's young entrepreneurs" says Edmée Métivier, BDC's Executive Vice President, Financing and Consulting. "As we move into a period of economic recovery, young Canadian entrepreneurs are building the foundation for Canada's future prosperity. It is crucial that they have the necessary financial and mentoring support to see their innovative business plans take shape and grow."

CYBF is responsible for receiving financing requests under this program. For more details, contact CYBF at 1-800-464-2923 or visit www.cybf.ca.

About BDC

BDC is Canada's business development bank. From 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.

About the Canadian Youth Business Foundation (CYBF)

The Canadian Youth Business Foundation (CYBF) is a national charity providing pre-launch coaching, mentoring, financing and business resources for young Canadians, aged 18 to 34, to create their own successful business. Whether urban or rural, service or high-tech, leading edge or traditional, CYBF helps young Canadians make their dream of owning a business come true. For more information, visit www.cybf.ca.

For further information: Johanne Bissonnette, Media Relations Manager, BDC, [phone], [email protected]; Lori Paris, Sr, Manager, Media Relations & Communications, Canadian Youth Business Foundation, [phone] ext. 2120, [email protected]