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Frequently Asked Questions - The Institute of Entrepreneurship and Community Innovation
Program Comparison (0) About Program Comparison

Program Comparison Help

Decision-making made easy! This tool gives you a breakdown of individual programs offered at George Brown College and how they differ from other programs you’re interested in. Use this tool to select up to 10 programs to compare, helping you make the right choice for the career you want.
Instructions:

1. Under Program Comparison, click Add a New Program

2. Search for one of the programs you’re interested in (either alphabetically, by interest or by job)

3. Click on the title of the program in the menu

4. Click Add to Comparison

5. Continue searching for programs using steps 2-4

6. When you’re done, clicking Program Comparison will give you a preview of the programs and the option to delete, add or clear all

7. Open Program Compare for more details and an easy-to-read comparison of the programs you’ve selected

Frequently Asked Questions

  1. What services does the Institute of Entrepreneurship and Community Innovation offer? 
  2. Can I participate in the entrepreneur program if I am not a George Brown College student? 
  3. Is there a cost for service? 
  4. What is CYBF? 
  5. Are there eligibility criteria I must meet in order to apply for CYBF funding? 
  6. Will past bankruptcy affect my chances of approval? 
  7. Can youth younger than 18 apply for the CYBF Start-Up loan with a cosigner? 
  8. How do I get started and what are the steps? 
  9. I have an idea for a business but I don't have a business plan, what do I do?  
  10. What factors are taken in consideration when considering my application 
  11. What is the Ontario Government Summer Company program? 

 

1.  What services does the Institute of Entrepreneurship and Community Innovation offer? 

  • Funding
    • Up to $15,000 Start-Up Loan from Canadian Youth Business Foundation and matching funds from Business Development Canada
    • Up to $3,000 from the Ontario Government Summer Company program
     
  • Resources
    • Access to facilities and a network of fellow entrepreneurs
    • Coaching
     
  • Education
    • Seminars
    • Workshops
     

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2.  Can I participate in the entrepreneur program if I am not a George Brown College student?  

Yes you can. The Institute offers its services to local entrepreneurs, students and alumni.

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3.  Is there a cost for service? 

At this time, there is not.

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4.  What is CYBF? 

The Canadian Youth Business Foundation (CYBF) is a national charitable organization that provides start-up mentoring, financing and business resources to enable Canadians age 18-34 to create new business enterprises.

For more information visit www.cybf.ca Open New Browser Window 

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5.  Are there eligibility criteria I must meet in order to apply for CYBF funding? 

Yes. Please review the criteria below to determine if you are eligible for a CYBF Start-Up Loan:

  • Between 18-34 years old
  • Eligible to work in Canada (work permit holders not eligible)
  • Already in business? Business must be fully operating and under a year old
  • Live in, or operate the business in the community which offers the CYBF program
  • Possess some training / experience related to the business idea
  • Agree to work with mentor for a period of two years
  • Produce a complete and viable business plan
  • Have a business idea that creates full-time sustainable employment for the applicant
  • Hold at least 51% voting share in the business (if a partnership)
  • Not a full-time student
  • Loan proceeds may NOT be used for refinancing of existing debt

For more information visit http://www.cybf.ca/entrepreneurs/cybfstartuploan.php Open New Browser Window 

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6.  Will past bankruptcy affect my chances of approval? 

Yes. CYBF will NOT consider applicants with a bankruptcy in the past 5 years.

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7. Can youth younger than 18 apply for the CYBF Start-Up loan with a cosigner? 

No. Applicants must meet the eligibility criteria in order to obtain financing.

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8.  How do I get started and what are the steps? 

The following is the CYBF Start-Up Loan process:

  • You might want to start with an Entrepreneurial Self-Assessment Quiz Open New Browser Window that will give you a sense of what entrepreneurship is all about and if it's the right decision for you. (Optional) 
  • You must meet ALL CYBF Start-Up Loan eligibility criteria.  
  • Once you feel you are ready to apply, simply download and fill out an entrepreneur information formword icon 
  • Submit your complete business plan which includes: 
  • A start-up budget 
  • A 2-year cash flow projection month-by-month 
  • Your business plan will be reviewed and you will be contacted within 5 business days by the Institute coordinator to either answer any questions or with instructions on how you can improve your application. 
  • Once you have this discussion and the Institute’s coordinator approves your application, additional resources will be assigned to you to fill the gaps (if any) identified in your business plan.  
  • Next we will provide you with the Community Partner Code to access the electronic application on CYBF website.
  • You have to complete and submit your application online (including demographic information, a description of your business, a personal budget and the contact information for 3 references) and fax in the signed Consent Form-Authorization of Credit Check to the CYBF National Office.
  • Once your plan and Credit Report are evaluated we will move on to the next step and submit it for review by the Loan Review Committee and a face-to-face interview will be conducted with you.  
  • If your application and business plan are recommended for approval, we will send them to CYBF for final approval.

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9.  I have an idea for a business but I don't have a business plan, what do I do?  

CYBF has created an interactive business planner, a tool designed to guide both new and experienced entrepreneurs through the process of writing a comprehensive business plan. CYBF interactive business planner is an important part of your application process, as it has been created and customized to meet the criteria required by CYBF and can be done at your own pace.

For more information visit: http://www.cybf.ca/entrepreneurs/interactivebusinessplanner.php Open New Browser Window 

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10. What factors are taken in consideration when considering my application?

The Canadian Youth Business Foundation takes into consideration two main factors when considering whether to approve an application:

  • The Individual
    • What skills, experience or training does the applicant have relating to the proposed business?
    • What is the applicant’s history with other creditors? Is the applicant likely to repay the loan?
     
  • The Business Plan
    • The business plan should show the proposed business is a viable sustainable business that will potentially employ others.
     

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Summer Company Logo11. What is the Ontario Government Summer Company program? 

Summer Company is now in its 10th year of helping students create summer jobs they love.

With Summer Company, you can start your own business and receive up to $3000 to run it. Students also receive mentoring and gain valuable business and leadership skills. Applicants must be 15 to 29 years old and returning to school in the fall.

Many college students pursue Summer Company as a viable summer job option. The Institute of Entrepreneurship and Community Innovation can help with researching and creating a great summer business concept – before you apply.

The deadline for submitting a completed business plan is May 6, 2010. Since applications are processed on a first-come, first-served basis, in some areas, the program might fill earlier, so apply as soon as possible.

Steps involved include:

  • Check the eligibility criteria at www.ontario.ca/summercompany Open New Browser Window.
  • Think up a good idea for an independent business in your community.
  • Research and write a business plan. Help is available from the local program provider you select online.
  • Complete your application, include a business plan, and submit it online to www.ontario.ca/summercompany Open New Browser Window.

You could be your own boss this summer. But don’t delay, spaces are limited.

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