Program bolsters young entrepreneurs.

• Author: Ross, Ian
• Position: Sault Ste. Marie - Brief Article

You are fresh out of school with a great business idea and all the academic know-how and moxie to do it, but who do you approach for a loan? With no real world experience and no business track record to speak of, what financier will take a chance on you?

The Sault's Enterprise Centre and the Royal Bank have introduced a new program that builds on a multi-pronged approach to foster a greater entrepreneurial spirit in the community.

My Company is a free training workshop program launched in September that provides hands-on business training and offers competitive loans of up to $15,000 to help young people start their own businesses.

The program is open to fledgling entrepreneurs between the ages of 18 and 29 who are not attending school full-time. After completing 12 hours of business training available through the Enterprise Centre or online, which includes preparation of a comprehensive business plan, participants can submit an application with their plan and a certificate of course completion to the nearest Royal Bank branch.

A recent Angus Reid study commissioned by the Royal Bank found that one in three young people between the ages of 18 and 34 regard entrepreneurship as the most desirable profession ahead of traditional occupations such as lawyer, teacher or stockholder, says Terry Sheehan, general manager of the Enterprise Centre.

And in northern cities like the Sault, he says, small and medium-sized businesses are the "life blood" of the community. But without question, Sheehan adds, the greatest challenge for northern entrepreneurs is access to capital, particularly among young people without business experience.

As well, post-secondary graduates can be saddled with crippling student debts, which is why a $15,000 loan can be a helping hand, providing the program participants can present a 20 per cent equity contribution.

"This program trains them and gives them more of a chance for success through access to capital."

Thus far, four would-be entrepreneurs have signed on with My Company to undergo what Sheehan calls a "rigourous" instruction on writing the components of their business plan while learning the basics of how to run a small business, such as bookkeeping skills Lawyers...