Futurpreneur Canada Newcomer Program
Launch your business with up to $25,000 in financing and expert mentorship. This is a repayable loan for newcomers aged 18 to 39, split between Futurpreneur and BDC, with interest-only payments for the first year.
“A flexible startup business loan of up to $25,000, of that, $12,500 is financed by Futurpreneur and $12,500 is financed by BDC”
From the official program page
Before you spend any money
Intake is ongoing, so you can apply anytime. The deadline that matters is your age: your full application must be in before your 40th birthday. You also need approval before you spend, because funds are paid out after the loan agreement is in place.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You are a newcomer to Canada who has lived here for less than 60 months and are between 18 and 39 years old.
- You have little or no Canadian credit history, which this program is built to accommodate.
- You are starting a new business or have been running it full-time for 24 months or less, and you own more than half of it.
Probably not the right fit if
- You are looking for a grant or free money, because this is a loan you must repay over five years.
- You want to use the funds to refinance existing debt, which is not permitted.
- Your business operates in excluded sectors like cannabis, vaping, gambling, or adult content.
How much you'd realistically get
Up to $25,000 in total borrowing, split evenly: $12,500 from Futurpreneur and $12,500 from BDC. Budget for a 1% loan management fee when it is paid out. The interest rate can change, so confirm the current rate on the official page.
What may be supported
- Startup costs for a new business (funds cannot be used to refinance existing debt)
What's excluded or restricted
- Refinancing existing debt.
- Businesses placing owners or customers in vulnerable situations (e.g., services involving intimate activities).
- Gambling (gaming) and contests (pay for a chance to win), including casinos, bingo halls, and racetracks.
- Businesses in which violence is encouraged or depicted.
- Racial, discriminatory, and exclusionary types of content or activities.
- Dating apps and websites that are 'hookup' sites.
- Editorial (opinion/news based) publications or content, including streaming apps, radio, television, or social media blogs deemed socially unacceptable or posing reputational risk.
- Establishments where alcohol consumption on site exceeds 49% of total revenues.
- Night clubs, bars, lounges, cabarets, pool halls, video arcades, festivals, or events posing reputational risk.
- Businesses involved with nudity, sex products, services, or adult content (including singles events and mixers).
- Businesses involved with recreational tobacco and/or marijuana, including cultivation, vapes, e-cigarettes, shisha/hookah lounges, and whole body cryotherapy.
- Businesses involved with or causing unregulated health risks (products/services must be compliant with all applicable regulations).
- Businesses where the applicant acts merely as an agent or employee rather than having majority control.
How applying works
Effort: moderateThe main work is the business plan, cash flow forecast, and getting your two references. A dedicated team member helps you, which makes the process more manageable.
- 01Sign up through the online form to get connected with a dedicated team member.
- 02Prepare a complete, viable business plan and a 24-month cash flow forecast.
- 03Get two character references, including one from a Canadian citizen.
- 04Get your taxes up to date and confirm you are not named in any lawsuit.
- 05Submit your full application through the portal before your 40th birthday.
- 06If approved, sign the loan agreement and begin interest-only payments in year one.
Who to ask: https://futurpreneur.ca/en/contact/
Documents commonly required
- A complete and viable business plan
- A 24-month cash flow forecast
- A Social Insurance Number that does not begin with a 9
- Two character references, one from a Canadian citizen
- Proof you have lived in Canada for less than 60 months
What to know before you count on it
- It is a loan. You repay every dollar with interest. It is not free money and it is not taxable income.
- You need two character references, and one must be from a Canadian citizen.
- You must have a Social Insurance Number that does not start with a 9.
- Your federal, provincial, and municipal taxes must be paid up to date, and you cannot be named in a lawsuit.
What are your odds?
This program is made for people without a long Canadian credit history, so a viable business plan and your references are very important. Meeting every eligibility rule matters more than your credit score here.
Frequently asked questions
Do I have to pay this back?
Yes. This is a loan. You pay interest only for the first year, then repay the principal plus interest in equal monthly payments over the next four years. It is not a grant and it is not taxable income.
I just moved to Canada and have no credit. Can I still apply?
Yes. This program is designed for newcomers with limited or no Canadian credit history. You do need a SIN that does not begin with a 9 and two character references.
How much can I borrow?
Up to $25,000 total: $12,500 from Futurpreneur and $12,500 from BDC.
Can I repay early?
Yes, there is no penalty for early repayment.
What you can combine it with
The official page does not say whether this can be combined with other funding. Ask Futurpreneur before you count on it.
Get alerted when this changes
Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.
Page last updated ; status and deadline checked . Source: official program page.