Futurpreneur Side Hustle Program
Source: Notion | Last edited: 2023-02-22 | ID: 792bd999-c50...
Company Requirements
Section titled “Company Requirements”General eligibility requirements and conditions:
- Demonstrate that you have a source of sustainable, full-time income outside of the business (either personal income or from a member of your household), with disposable income sufficient to service the loan re-payments and any outstanding household debt.
- Agree to work with a mentor for up to two years (4 to 5 hours a month).
- Complete and provide all required documentation by the end of the application process.
- Assure there is no intention of converting side business to full-time operations within the next 12 months. If you plan on turning your existing side business full-time, you might be eligible for our Start-up Program.
- Agree to provide authorization for Futurpreneur Canada to carry out a credit check.
- Assure that the business is NOT in the research and development stage.
- Assure that financing proceeds may not be used for refinancing existing debt.
- A side business must fall within specified industry guidelines in order to be approved for financing.
- Examples of businesses which do not meet Futurpreneur industry guidelines include: businesses that are sexually exploitive or that feature sexually explicit entertainment, products or services; businesses that are engaged in or associated with illegal activities; businesses trading in countries that are proscribed by the Canadian federal government; and any other commercial activities inappropriate for government funding.
- Demonstrate that you have been discharged from bankruptcy for at least five years or one year after receipt of a Certificate of Full Performance in the case of a Consumer Proposal.
- Any age eligible entrepreneur (18-39 years old) who owns 5% or less of the business does not need to be party to Futurpreneur Canada.