In summary you are eligible to apply for a CYBF loan if:
You are over 18 and under 40 years old.
You are eligible to work in Canada.
You have some training/experience related to your business idea.
You agree to work with a mentor for the first two years of the loan term
You can produce a complete and viable business plan.
You open the business in Ottawa or Eastern Ontario (with exceptions).
The business will lead to full-time sustainable employment for yourself.
It has been at least 5 years since your discharge if you have been bankrupt.
In addition
Loans are approved for new businesses (less than one year) only.
Network or multi-level marketing businesses are not eligible.
For a partnership, the principal or general partner must meet the age criteria and all other owners under the age of 40 will also be subject to the CYBF application process.
If the business is incorporated, you must be a majority shareholder, having at least 51% of the voting shares, and be involved in the day-to-day management of the business.
If the business is incorporated with more than two shareholders and no one person holds a majority share, the shareholders meeting the age criteria must collectively hold the majority of the voting shares and be involved in the day-to-day management of the business.
