Government Funding for Small Businesses – Youth Employment Program (YEP)

New funding mechanism to support small business, withamaximum contribution of $30,000, for the financial support of hiring a graduate. The funding must be applied to hire a recent graduate in their area expertise for business development, marketing plans or technical development for a period of six months or greater.

Through Employment and Social Development Canada, the Youth Employment Program is intended to help young graduates find employment in their chosen field, by providing a financial contribution to Canadian SME’s to help offset the cost of the graduate’s salary and training.

The maximum contribution is $30,000 per graduate per company (maximum of 2 employees at $15K each) and must support an internship period of at least six months minimum up to 12 months.

Requirements of the interested incorporated business:

• Must be for profit
• The business must have one employee on the payroll (T4 slip) but fewer than 500 employees
• Able to use the expertise of the grad through a technical, business or marketing development
• No displacement of current employees
• Graduate must be currently unemployed
• The company, not IRAP, must find the graduate before applying
• It is recommended that the company register the position on the National Graduate Register.
• NGR coordinates
• A current balance sheet confirming that the operating line is sufficient for the first 2-3 months of start-up
• A copy of the graduates CV and diploma must accompany the application

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The Youth Employment Program is delivered by IRAP.