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A new program from the Government of Saskatchewan will provide support for young entrepreneurs working to take their businesses to the next level.
The New Young Entrepreneur Bursary, which was unveiled on Wednesday, will provide $5,000 to up to 57 young entrepreneurs in Saskatchewan to help with business development.
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The Saskatchewan Chamber of Commerce will administer the program, along with local chambers, and the provincial government will fund the program to the tune of $285,000 annually for the next three years, along with administration costs.
The program is open to entrepreneurs ages 18-35, who have been in operation for 10 years or less. Applications are now open, and the application period runs until July 14, with the bursaries to be awarded in the fall.
Warren Kaeding, Saskatchewan’s minister of trade end export development, said the program will promote business development and innovation, creating new opportunities for small business owners and entrepreneurs across the province.
“Collaboration between government and organizations like Saskatchewan Chamber of Commerce is an important component of Saskatchewan’s Growth Plan and our commitment to ensure the province remains one of the best places in Canada to start and grow a business,” Kaeding said in a statement.
“Saskatchewan’s future depends on the bold ideas and determination of its next generation of entrepreneurs,” Prabha Ramaswamy, the chamber’s CEO, said in a statement.
“The Young Entrepreneur Bursary Program ensures that emerging business leaders have the support they need to pursue their vision and contribute to a thriving provincial economy.”
The provincial government said innovative businesses and government support “are vital to the province’s recent economic success.”
According to the provincial government, the latest data from Statistics Canada indicate that Saskatchewan’s real GDP reached an all-time high of $80.5 billion last year, increasing by 3.4 per cent. That ranks the province second in the nation for real GDP growth, and well above the national average of 1.6 per cent.
Private capital investment in Saskatchewan is projected to reach 16.2 billion this year, an increase of 10.1 per cent over 2024, the province noted.
More information on the bursary program and applications can be found on the Saskatchewan Chamber of Commerce’s website.
