Royal Bank of Canada is providing Futurpreneur, a Toronto-based non-profit, $70 million to help launch more than 2,350 businesses and train over 25,000 young and Indigenous entrepreneurs. It includes support for founders under 30 and collateral-free loans of up to $75,000 through Futurpreneur’s Indigenous Entrepreneur Startup Program. (The Logic)

Talking point: RBC’s research found that a declining share of young Canadians own businesses with employees. While self-employment among Canadians aged 20 to 39 reached a two-decade high of more than 800,000 last year, four in five operated without employees—a category that includes gig workers and independent professionals. Founders interviewed for the report said they had access to support to help launch their businesses, but described difficulties financing expansion. RBC recommends judging business support programs on first hires, survival and revenue growth, rather than the number of startups launched. The bank previously committed $40 million over five years for Futurpreneur’s Black Entrepreneur Startup Program in 2021, and has also funded the group’s business planning workshops and startup awards.

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