HAMILTON, Ontario–The YWCA Hamilton and FirstOntario Credit Union have joined together to offer assistance to local entrepreneurs facing barriers in launching their businesses.
The two organizations have partnered to create 1stbiz — a microlending program that will offer business planning, coaching and mentorship to startups, as well as opportunities to apply for a loan of up to $2,500 and a $500 grant once they complete their training, the credit union reported.
"This is about giving people a helping hand to start toward sustainability," said Mary De Sousa, executive vice-president of member experience and marketing at FirstOntario. "They may not have a good credit rating, they may have had difficulty with debt in the past or they're new to Canada and have no credit rating. They should still have a chance to make their life better."
According to FirstOntario, the program, which is open to men and women, is being launched with a one-year pay period. The first group of participants will begin on Nov. 7 and spend 10 weeks in peer-supported, in-class lessons where they will develop a detailed business plan and six weeks working with a mentor from FirstOntario after graduation.
Two additional groups are expected to be admitted into the program throughout the year.