Ontario Invests $2M to Empower Young Entrepreneurs in Windsor

The Ontario government is committing $2 million to support aspiring entrepreneurs in Windsor and Essex County. During a visit to Windsor, Nina Tangri, the Associate Minister of Small Business, announced the funding will benefit Futurpreneur Canada, a national non-profit organization dedicated to helping young business owners launch and grow their enterprises through loans and mentorship.

Tangri emphasized the determination of individuals to start their own businesses despite the current economic challenges. “Even with the challenges that we are facing south of the border, there’s a lot of people … of all ages that really do want to become an entrepreneur,” she stated. The funding aims to assist those who may be considering entrepreneurship during tough times, allowing them to take the necessary steps toward starting their businesses.

The investment will bolster Futurpreneur’s loan program, which provides financing of up to $75,000 for entrepreneurs aged 18 to 39. This loan can be repaid over a five-year period, with borrowers required to pay only interest in the first year. From year two onwards, they will start repaying the principal along with interest, and there are no penalties for early repayment.

According to Janis Nixon, Chief Growth Officer at Futurpreneur, the new funding will assist approximately 320 entrepreneurs in Ontario, helping them launch and expand their businesses, which in turn will create jobs in communities like Windsor. The program also pairs entrepreneurs with mentors who provide guidance during the critical early years of ownership. “Futurpreneur’s approach goes beyond providing seed capital,” Nixon noted. “Their approach pairs young entrepreneurs with a mentor who sticks with them through their journey.”

The announcement took place at Plum + Timber, a kitchen and cabinetry design studio in east Windsor, owned by Markie Tuckett. She successfully launched her business with the help of a Futurpreneur loan in 2018. Tuckett shared her experience, stating, “No bank would look twice at me because I was 25 and I had like, $10 in my savings account.” She discovered Futurpreneur online and quickly connected with them to secure funding. She qualified for a $45,000 loan, which she repaid within the five-year term. “That loan gave me the ability to open the business that we’re standing in,” she said. “If I didn’t have that loan, I probably wouldn’t even be in business, because it costs a lot of money to start a business.”

The enthusiasm for the program is evident, with Tangri noting that it is consistently oversubscribed with hopeful young entrepreneurs seeking financing and mentorship. Drew Dilkens, the Mayor of Windsor, expressed optimism about the announcement, highlighting the importance of supporting small and medium-sized enterprises. “Ninety-eight percent of all jobs in the community are small and medium-sized businesses,” he stated. “It’s essential that they have the support to help them prosper, to grow, to thrive.”

Since 2021, the Ontario government has invested a total of $9 million into Futurpreneur, which has helped establish and grow nearly 1,200 businesses and create close to 4,500 jobs. For more information on the program, interested individuals can visit futurpreneur.ca.