REGINA — A new bursary has been launched aimed at supporting young entrepreneurs in the province.
At an announcement in Regina Wednesday, the provincial government and the Saskatchewan Chamber of Commerce announced the Young Entrepreneur Bursary, which will support up to 57 young entrepreneurs in the province between ages 18 and 35.
They will be eligible to apply for bursaries of $5,000 to foster business development. As well, their businesses must have been in operation for ten years or less.
Applications are open now and will remain open to the closing date of July 14, with the bursaries awarded in the fall on Sept. 30.
This will be a three year program with the province providing the Saskatchewan Chamber of Commerce $285,000 each year, plus administration costs, to support the entrepreneurs. Minister of Trade and Export Development Warren Kaeding says this is support is much needed.
“So often we hear from small businesses that they just need that little injection of capital to get them over the hurdle of getting started or being able to buy inventory or getting to that next phase of their growth and development,” Kaeding said.
“And this is really, it’s a small amount but yet it also is significant enough to make a difference in their business. But I think the more important part of this is, you know, comes the guidance and the mentorship that they’re able to get from successful businesses that are going to be there to help support them on their entrepreneurial journey.”
The hope is for each of the Chambers of Commerce across the province get involved and have people apply, and fill a need in both rural and urban areas.
“We would hope in that three-year window that each one would certainly have a candidate come forward,” said Kaeding.
As for who should apply, Kaeding said there are “no limits on the sector that they’re involved in or what their business is just as long as they’ve got a good compelling business plan and they’ve got, you know, some great ideas how to grow their business and support the economy of the province — that’s all we’re looking for.”
He adds a program like this is designed to support both existing businesses and those that are new.
“It is certainly to support those that are existing, that have been in business for a little bit and maybe looking at expanding or changing the operations of their business a little bit but we also hope it’s there to encourage those young entrepreneurs that are just coming up through the ranks now and just need that little incentive to say, you know what, this is a great idea. I think it’s time that I went public with this idea.”
“We were extremely pleased to help bring this campaign promise to life,” said Prabha Ramaswamy, CEO of the Saskatchewan Chamber of Commerce.
“I think it’s a really important investment that the government of Saskatchewan has made in our province and in the young entrepreneurs in our province. This is an initiative that will certainly help promote entrepreneurship in our province as a whole.”
Ramaswamy said the Saskatchewan Chamber will be managing and driving the initiative, but “we’ll be working very closely with the local Chambers as it relates to promoting the initiative, promoting the program, making sure we have enough applicants from 57 communities across the province, and then making sure that the goal being to have at least one recipient from those 57 chamber regions.”
Ramaswamy also pointed to the access those recipients would have to mentorship in the business community.
“And so because we are connected the 57 chambers, we also have access to the business community in 57 communities across the province. So these recipients will actually be, will have the opportunity to experience mentorship through connecting with the business community. And so I think that they’ll benefit from that. We also know that access to capital has been a barrier for entrepreneurs generally and more so, likely, for young entrepreneurs. So I think this addresses that barrier as well.”
Those interested can find out more information and access the application form here.
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