Canadian Youth Business Foundation budget reaction – Yesterday’s federal budget confirmed the Government of Canada’s commitment to job creation and economic growth, both through the extension of EI Hiring Credit for Small Business and the commitment to boost jobs through increased funding for research and innovation programs and skills training. Of the five major areas identified in the budget, two are dedicated to promoting entrepreneurship. Setting these priorities sends a clear message that this government has a specific plan for job creation and economic growth in Canada.
With today’s budget, the Federal government has delivered on their promise to focus on prosperity and has developed small business policies that will encourage employment across the country. In addition, by identifying entrepreneurship in Canada as a key government priority, Finance Minister Jim Flaherty demonstrates the government’s dedication to entrepreneurs, workers, small businesses and ordinary hard-working Canadians.
“CYBF respects the continued commitment of the Government of Canada in making difficult fiscal decisions while continuing to recognize the importance of entrepreneurship to the economic growth of Canada” explains Vivian Prokop, chief executive officer of CYBF, widely considered the go-to organization driving youth entrepreneurship in Canada. “The dedication to build an entrepreneurial culture in this country benefits us in seizing opportunities to place Canada at the forefront of the global entrepreneurial community, while creating jobs for Canadians and strengthening our economy in the long term.”
The budget priorities announced today build upon an ongoing public-private partnership between CYBF and the Government of Canada. In Budget 2011 the Federal Government renewed its commitment to CYBF with a two-year $20 million dollar contribution. Through this partnership CYBF directly invested in the creation of 607 new businesses. In the upcoming 2012-2013 fiscal year, CYBF will launch 708 new entrepreneurial start-ups across the country. These 1,315 new ventures benefit from two years of direct mentorship and character-based seed financing and will in turn produce over 6,500 new jobs in Canada.