A new City of Toronto pilot program with give enterprising young people in some of the west end's poorest neighbourhoods access to business capital and support.
The Youth Micro Loan pilot, announced earlier this month, will provide life skills coaching, business mentorship and loans of up to $5,000 to unemployed, out-of-school entrepreneurs aged 18 to 24 who live in the neighbourhoods of Jane and Finch, Weston-Mt. Dennis, Jamestown-Rexdale, Lawrence Heights and Westminster Branson. In addition to the capital, the youth will also qualify for support in the form of things like childcare and TTC tickets.
City of Toronto spokesperson Claudia Coore says that 15 young entrepreneurs are expected to participate in the pilot project.
"Together, we have created a culturally relevant, real-world form of
business development support that will help these young entrepreneurs
generate prosperity,"
Mayor David Miller said in
a release announcing the program. "We are committed -- through the Youth Micro
Loan Pilot
project -- to helping our youth develop the skills, capital, access and
networks needed to successfully launch their own businesses."
The program will be run in conjunction with the Toronto Community Foundation, Toronto Community Housing, Alterna Savings, UrbanArts Community Arts Council, Knowledge Equals
Youth Success, Dixon Hall, Urban Financial Services Coalition
and Money Minds & Common Cents.
Writer: Edward Keenan
Source: Cher Jones, Senior Coordinator, Promotions and Communications, City of Toronto
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