The CYBF is a national charity providing start-up financing for young Canadians ages 18-34 to create their own successful business. As a Community Partner to the CYBF, the Okanagan Valley Entrepreneurs Society helps guide candidates through the application and qualification process and offers assistance developing your ideas and aspirations.
CYBF delivers their program coast to coast through a collaborative network of like-minded organizations such as The Okanagan Valley Entrepreneurs Society. Along with more than 2,000 volunteers from CYBF, OVES champions youth entrepreneurship in our community and directly work with young people to guide them through the entire CYBF process to obtain funding and a mentor. Founded in 1996, CYBF has invested in more than 2,900 young people, whose businesses have generated millions in sales tax and export revenues, and created more than 15,500 new jobs.
CYBF offers stakeholders four fully integrated programs that are built around the ‘life cycle’ of a young entrepreneur, that help to ensure the success of every new start-up:
Pre-Launch Coaching: Everyone needs a coach. Most of Canada’s leading entrepreneurs attribute the majority of their accomplishments to having a professional business coach. To address this need, CYBF offers a free Pre-Launch Coaching program to fill this important need. Through the hands-on personal guidance of the program’s seasoned Entrepreneur-In-Residence (EIR), CYBF provides budding entrepreneurs with help on a wide variety of topics, including creating a solid business plan or developing financing strategies.
Online Business Resources: Both OVES and the CYBF recognize the importance of having the right tools and easy access to quality resources for all of our stakeholders. That is why CYBF offers a robust online Business Resource Center to service the needs of Entrepreneurs, Mentors, Community Partners and our Loan Review Committee Members.
Financing: CYBF provides start-up financing based on character and a great business idea, of up to $15,000, with flexible three to five year repayment schedules, and no principal payments in the first year. Furthermore, the Business Development Bank of Canada teamed up with CYBF to provide entrepreneurs with up to an additional $15,000 to get their businesses off the ground. Plus they offer expansion financing of up to $10,000 for existing CYBF entrepreneurs. Additionally, CYBF recognizes that newcomers to Canada sometime face additional barriers. That's why their financing application process and adjudication requirements have been adjusted to allow individuals who do not have an established credit history or long standing references to apply with different documentation.
World-Class Mentoring: CYBF's highly qualified and dedicated business mentors bring their years of experience to young entrepreneurs; encouraging them, sharing their knowledge so youth can learn, and celebrate their successes. Their advice helps new business owners stay focused and achieve great results. CYBF hand-matches every entrepreneur with a professional business mentor for a minimum of two years, to ensure they have support during the critical start-up phase.
For more information on the CYBF, visit their website at www.cybf.ca