Royal Bank of Canada is committing more than $70 million over five years to support young and Indigenous entrepreneurs through an expanded partnership with Futurpreneur, with a goal of helping more than 25,000 people develop the skills and resources needed to launch businesses.
The commitment will combine philanthropic funding, business loans and operating capital to support entrepreneurs, particularly those under 30 and young Indigenous founders. The initiative aims to help establish or expand more than 2,350 businesses over the next five years.
The funding renews and expands a collaboration between RBC and Futurpreneur that dates back to 1996. Futurpreneur is a national non-profit organization that provides entrepreneurs aged 18 to 39 with financing, mentorship and resources to start, buy and grow businesses across Canada.
Three programs to receive support
The expanded commitment will support three programs focused on startup financing, business education and mentorship, including initiatives tailored to entrepreneurs under 30 and Indigenous founders.
The Under 30 Startup Program will provide support for founders looking to turn business ideas into operating ventures, including access to loans that do not require collateral. The initiative will complement Futurpreneur's broader national startup programs for entrepreneurs aged 18 to 39.
The Indigenous Entrepreneur Startup Program will offer culturally grounded workshops led by a dedicated all-Indigenous team, mentorship from experienced business leaders and access to collateral-free loans of up to $75,000. The program is intended to reduce financing barriers and provide tailored advice to Indigenous entrepreneurs aged 18 to 39.
The third initiative, RBC Rock My Business Workshops, will focus on financial literacy, business ideation and planning, as well as peer mentorship. It will also include 10 annual startup awards worth $5,000 each.
The programs are designed to provide young founders with business knowledge, mentorship and access to capital as they establish and grow their ventures. RBC said the expanded partnership also supports its objectives of helping Canadians prepare for changes in the world of work and advancing reconciliation through inclusive economic growth, in collaboration with RBC Origins.
"Canada's future depends on a new generation of young entrepreneurs building and growing their businesses right here at home. Through this collaboration with Futurpreneur, we're providing the financing, mentorship, and practical support they need to succeed -- because the founders we back today will be the leaders who carry Canada forward for years to come," said Sean Amato-Gauci, Group Head, RBC Commercial Banking.
Succession creates opportunities for new founders
RBC said the commitment comes as more young Canadians consider entrepreneurship amid persistent youth unemployment and fewer entry-level job opportunities. The bank also pointed to the anticipated retirement of existing business owners as an opportunity for a new generation to enter the market.
According to figures cited in the announcement, 76 per cent of Canadian business owners plan to retire over the next decade, while the country has approximately 100,000 fewer entrepreneurs than it did in 2000, despite population growth.
The release also said Indigenous entrepreneurs are starting businesses at five times the Canadian rate but continue to face structural barriers, including disparities in education, income, health, access to capital and housing.
Futurpreneur, founded in 1996 with early leadership and support from partners including RBC, has helped more than 21,000 young entrepreneurs start, buy and grow businesses in every province and territory. The organization said its supported businesses have included Canadian brands such as Knix, Mejuri, SmartSweets, Chickapea, Property Guys and SkiptheDishes.
"For three decades, RBC has been an unwavering champion of the young entrepreneurs we've supported across Canada, helping them turn ambition into action and ideas into businesses that create jobs and strengthen communities. Today, when Canada needs more made-in-Canada businesses, we are deeply grateful for RBC's enduring commitment to the next generation of founders, particularly entrepreneurs under 30 and young Indigenous entrepreneurs, who are poised to be our country's most active business creators as long as they have the resources they need to succeed. RBC's $70 million commitment sends an important signal that Canada's largest company is committed to supporting our smallest businesses and the young founders who are helping drive our economy forward," said Karen Greve Young, CEO of Futurpreneur.
Longstanding partnership expands
Futurpreneur provides financing alongside mentorship and other resources to help entrepreneurs build Canadian businesses. The organization said it has helped entrepreneurs establish more than 16,600 businesses, which generate $9.3 billion in annual gross domestic product and have an 80 per cent five-year survival rate, 27 per cent above Canada's small-business average.
The expanded commitment builds on the organizations' three-decade relationship, with the new funding directed toward programs intended to help more young entrepreneurs access the financing, training and guidance required to establish businesses and contribute to Canada's economy.