Ontario Invests $2M to Fuel Entrepreneurship in Windsor-Essex

The Ontario government has announced a significant investment of $2 million to support emerging entrepreneurs in Windsor and Essex County. During a recent media event, Nina Tangri, the province’s associate minister of small business, highlighted the ongoing desire among residents to start their own businesses, despite the challenges posed by the current economic climate.

The funding will be directed to Futurpreneur Canada, a national non-profit organization dedicated to assisting young entrepreneurs in launching and growing their businesses. The initiative aims to provide essential resources such as loans and mentorship. “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,” Tangri stated.

Futurpreneur Canada will utilize the funds to enhance its loan program, which offers up to $75,000 to entrepreneurs aged 18 to 39 over a five-year period. Borrowers are required to pay only interest during the first year, with principal repayments beginning in the second year. Importantly, there are no penalties for early repayment within the five-year term.

According to Janis Nixon, chief growth officer at Futurpreneur, this funding will enable approximately 320 entrepreneurs in Ontario to kickstart and expand their businesses, contributing to job creation in communities like Windsor. “Futurpreneur’s approach goes beyond providing seed capital,” Nixon explained. “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. Tuckett’s journey as an entrepreneur began in 2018 when she received a $45,000 loan from Futurpreneur. “No bank would look twice at me because I was 25 and I had like, $10 in my savings account,” she recalled. Tuckett successfully repaid her loan within the five-year term, attributing her business’s launch to the financial support she received. “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,” she added.

Windsor Mayor Drew Dilkens expressed optimism about the impact of this funding on the local economy. “Ninety-eight per cent of all jobs in the community are small and medium-sized businesses,” he noted. “It’s essential that they have the support to help them prosper, to grow, to thrive, to be able to get some of them off the ground and put a good idea into action.”

Since 2021, the Ontario government has invested a total of $9 million into Futurpreneur, which has supported the launch and growth of nearly 1,200 businesses and the creation of close to 4,500 jobs. This latest investment aims to build on that success by providing crucial resources and support for the next generation of entrepreneurs.

For more information about the program, interested individuals can visit futurpreneur.ca.