News Release
Nurturing the entrepreneurial spirit in our region
April 20, 2010
The Fredericton region is not known for being a mecca for entrepreneurs but maybe it should be.
Having the most businesses per capita of any city in Canada, with one business for every 14 residents, and a recent ranking by KPMG placing it in the top three for best cities in which to do business on the eastern seaboard, Fredericton is indeed a city of entrepreneurs. So what is Fredericton doing to create and support this culture of entrepreneurs?
Creating opportunities
On April 9, Enterprise Fredericton had the opportunity to host an important event: the Atlantic Canadian Entrepreneurship Expo. It made its first appearance in our region at the Delta Fredericton Hotel. With more than 250 tickets pre-purchased, this event was very well attended. It provided grade A speakers and a flurry of networking opportunities for local businesses and entrepreneurs alike. Such opportunities will abound again on May 1 when the New Brunswick Entrepreneurship Summit 2010 is held at the Kingswood Lodge. This event promises to be another first for the region focused on enhancing entrepreneurial skills.
Offering startup support
When speaking with entrepreneurs about the business startup process, they will tell you that the first step is to get a solid business plan and come to grips with your finances. Consequently, the next step is geared towards getting the right funding in place.
Currently, Enterprise Fredericton offers two programs to help entrepreneurs at this stage:
- SEED Capital Program: Maximum $20,000 loan (repayable), sponsored by Atlantic Canada Opportunities Agency (www.canadabusiness.ca)
- NB Growth Program: Maximum $100,000 grant (non-repayable), sponsored by Business New Brunswick (www.gnb.ca/0398/business/financial/index-e.asp)
In both cases there are terms of eligibility that need to be met and an application process is involved. These programs are in place to support entrepreneurs in the early stages of their business and to promote growth.
Planting the seed early
Creating an awareness of entrepreneurship at an early age is essential for continued growth in our business community. Enterprise Fredericton dedicates resources and time to the development of programs aiming to promote entrepreneurship among today's youth. With the guidance of Enterprise Fredericton's Youth Entrepreneurship Development Initiative (YEDI), students have the opportunity to learn all about running a business and how to make money doing it.
Youth entrepreneurship camps (ages 8 - 15)
During July and August, the YEDI offers five, week-long summer camps for youths. These camps focus on the processes involved in creating a business, marketing products and promoting innovation. The goal is to create a unique and positive learning experience.
Students engage in writing a business plan and applying for a $20 startup business loan. Then they create their product, develop a cost model and sell their product at the end of the week in order to pay back their loan. The best part is that they get to keep the profits. How many summer camps can we think of where participants actually make money?
SEED Student Entrepreneurship Program
This program is for full-time returning students, 16 years or older, looking to start up a summer business. With a maximum interest free loan of $3,000, it must fund at least one full-time summer job for six weeks at 30 hours per week. The application deadline is June 30 and if the loan is repaid before Oct. 15, the participant will get reimbursed one third of the loan.
With a strong undercurrent of budding entrepreneurs in our city coupled with programs to support them along the way and youth initiatives to spark interest for our next generation of entrepreneurs, Fredericton truly is a great place in which to start a business.
For more information on these programs or business counselling, please email info@ent-fredericton.ca or call 444-4686.
Lucas Roze is a communications officer for Enterprise Fredericton. He can be reached at lucas.roze@ent-fredericton.ca.