The Saskatchewan government is launching a new bursary to support young business owners across the province. Trade and Export Development Minister Warren Kaeding announced the Young Entrepreneur Bursary on Tuesday alongside Saskatchewan Chamber of Commerce CEO Prabha Ramaswamy.
The bursary will provide up to 57 entrepreneurs between the ages of 18 and 35 with $5,000 each to support business development. Applicants must have been in operation for 10 years or less. The province is committing $285,000 annually for three years, plus administrative costs, to fund the program.
Applications are open and will remain open until July 14. Recipients will be announced in the fall.
"The New Young Entrepreneur Bursary promotes business development and innovation, creating opportunities for small business owners and entrepreneurs across our province," Kaeding said. "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."
The Saskatchewan Chamber of Commerce will administer the program with help from local chambers.
"Saskatchewan's future depends on the bold ideas and determination of its next generation of entrepreneurs," Ramaswamy said. "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. We are proud to partner with the Government of Saskatchewan to reduce financial barriers and champion the growth of our province's entrepreneurial talent."
The province says the bursary aims to stimulate economic development and job creation while strengthening communities. It also points to ongoing efforts to support small businesses through low taxes, reduced red tape and streamlined regulations.