BDC enhances partnership with Canadian Youth Business Foundation

MONTREAL, March 17 /CNW Telbec/ - Business Development Bank of Canada (BDC) and the Canadian Youth Business Foundation (CYBF) are pleased to announce an enhanced partnership that will help young, newly arrived immigrants to Canada become successful entrepreneurs.

The CYBF Newcomer Entrepreneur Program recognizes that recent immigrants may require targeted support to start their own businesses. In addition to offering flexible financing, the program is designed to overcome the difficulty many young, newly arrived immigrants have in accessing credit because they do not have a Canadian credit history. The program also offers mentoring and business resources so newcomers can learn about operating a business in Canada and improve their chances of success. For details, please visit: http://www.cybf.ca/entrepreneurs/newcomer/.

"Recently arrived immigrants to Canada are among the country's most dynamic and entrepreneurial group of individuals," says Edmée Métivier, BDC Executive Vice President, Financing and Consulting, who also sits on the CYBF Board of Directors. "Newcomers have an acute desire to succeed and anything BDC and CYFB can do to help them start and, subsequently, operate a business is certainly worth encouraging. Entrepreneurs play a key role in ensuring Canada's long term prosperity."

"During the Year of the Entrepreneur, in a country deeply entrenched in the principles of multiculturalism, it's only fitting that we partner with BDC to offer this unique opportunity to young new Canadians," says Vivian Prokop, Chief Executive Officer, CYBF. "Our unique program directly addresses the challenges faced by newcomers and provides the critical financial, mentoring and educational support they need to succeed in the Canadian business landscape."

Under the BDC-CYBF partnership, permanent Canadian residents between the ages of 18 and 34 can apply for up to $15,000 in financing. The CYBF Newcomer Entrepreneur Program provides residents who have lived in Canada for less than 36 months and possess a solid working knowledge of English or French with the opportunity to build sound, sustainable and profitable businesses.

About BDC

Canada's business development bank, BDC puts entrepreneurs first. With almost 1,900 employees and more than 100 business centres across the country, BDC offers financing, venture capital and consulting services to 29,000 small and medium sized companies. Their success is vital to Canada's economic prosperity. www.bdc.ca

About Canadian Youth Business Foundation - Canada's Entrepreneur Gateway

The Canadian Youth Business Foundation (CYBF) is the 'go to' place for youth entrepreneurship. As a national charity, we are dedicated to growing our nation's economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business. www.cybf.ca

For further information:

Geoffrey King
Director, Public Relations
Business Development Bank of Canada
(514) 496-4351
geoffrey.king@bdc.ca

Rachel Azagury
Senior Manager, Media, Social Media and Events
Canadian Youth Business Federation
416-408-2923, ext. 2111
razagury@cybf.ca

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Canada launches reverse brain drain programme for expats

by RAY CLANCY on MARCH 17, 2011

A new pilot programme has been launched in Canada to encourage expat Canadians to return home and contribute to the country’s economy.

The initiative by the Canadian immigration has been called ‘a reverse brain drain’ and officials want to maker it easier for Canadians with much needed experience and skills to return.

The pilot has been launched in Ontario and if deemed successful will operate nationwide. ‘We are making it easier for Canadians abroad to bring their skills home and contribute to the Canada of tomorrow,’ said Citizenship, Immigration and Multiculturism Minister Jason Kenney.

For some Canadian workers living abroad, an obstacle to returning to Canada is that their non-Canadian spouse, partner or dependent children may be unable to work until they are processed as permanent residents, which usually takes between six months and one year.

Now family members of Canadian citizens and permanent residents returning to work in certain sectors, such as health care and academic research, are able to get temporary work permits immediately upon arriving in Canada.

Ontario’s health and academic sectors have faced significant skill and labour shortages in recent years and were identified as the most appropriate sectors for the pilot project.

‘By encouraging highly skilled workers to come back to Canada, we are laying the foundation for long term economic growth,’ added Kenney.

To be eligible to participate in the pilot, applicants must be a spouse, common-law partner, or dependent child of a Canadian citizen or permanent resident returning to work in Ontario, have an application underway to immigrate to Canada through sponsorship in the family class, be old enough to work in Ontario, and meet all admissibility criteria to come to Canada as a temporary resident.

The sponsoring spouse or partner must be a Canadian citizen or permanent resident, have left Canada and be returning to work permanently in Ontario, as a health professional or an academic for post-secondary public institutions, in one of a list of specified occupations, obtain a letter from the Province of Ontario confirming their employment, location and occupation and provide it as supporting documentation with the work permit application, and have submitted an application to CIC to sponsor their spouse or dependent child.

The list of occupations include specialist doctors, GPs, dentists, vets, pharmacists, registered nurses, opticians, physiotherapists, midwives, paramedics, university professors, teaching and research assistants, and college instructors.

The pilot programme is a partnership between Government of Canada and the Province of Ontario, and will operate until May 22, 2012. The Government will then evaluate the programme before making a decision about extending it.

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