MORE MONEY ANNOUNCED FOR YOUTH ENTREPRENEURS

Young entrepreneurs in Saskatchewan now have access to even more funding to help them get their business going.

The Province took part in the signing of a memorandum of understanding between the Canadian Youth Business Foundation (CYBF) and the Business Mentorship Institute today. The memorandum commits CYBF to providing $200,000 to expand the Youth Opportunities Unleashed (YOU) program, administered by Saskatchewan Regional Economic and Co-operative Development. The funds come in addition to the Province's yearly commitment of $1.25 million. As a result of this new investment, business loans available to youth starting up a business will double from $15,000 to $30,000.

"We are dedicated to helping the young people of Saskatchewan succeed in our province," Premier Lorne Calvert said. "This money will help to provide the financing, mentoring and training necessary for our youth to achieve their business goals and build a strong future right here at home."

"Entrepreneurship is alive and well in Saskatchewan," newly appointed Regional Economic and Co-operative Development Minister Lon Borgerson said. "I am please to be part of an announcement that encourages the ambition of our youth."

The CYBF loans, administered by seven Small Business Loans Associations around the province, will provide the services needed by young entrepreneurs to start up and expand their businesses. Funding will be increased if the need arises.

"This is one of the smartest, most cost effective collaborations we have anywhere across Canada because it gives young people extra start-up funds backed by strong mentoring," Canadian Business Youth Foundation CEO Vivian Prokop said. "Young people who get both the money and advice will create sustainable businesses which will add jobs and keep those young people in the province."

The Business Mentorship Institute plays an important role in this announcement, as it helps assign mentors to entrepreneurs and ensures a better opportunity for success.

"Mentorship has proven effective in increasing the success of business," Business Mentorship Institute executive director Barb Cox-Lloyd said. "This partnership will provide all of us with the ability to create opportunities for Saskatchewan youth."

The YOU initiative provides young entrepreneurs under the age of 35 with the opportunity to create their own employment and remain in the province.

-30-

For more information, contact:

Jenna Robertson
Regional Economic and Co-operative Development
Regina
Phone: 306-787-2359
Email: jroberts@agr.gov.sk.ca Brian Thomson
Canada Youth Business Foundation
Phone: 403-265-3288