SO YOU'RE THINKING ABOUT BEING AN ENTREPENEUR.

IT'S A LOT OF HARD WORK

KEYS TO SUCCESSFUL START-UPS

• Great idea
• Good mentor
• Support system
• Solid business plan
• Stable financial foundation

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About the Northumberland CFDC

• Non-profit governed by volunteer Board of Governors
• Strategy and financing for entrepreneurs and social enterprises
• Coordinate Ontario Self Employment Benefit program
• Delivered OSEB program for over a decade
• Launched over 1000 business in Peterborough and Northumberland

Ontario Self Employment Benefit (OSEB)

• Phase I - Business Planning Training - 4 weeks
• Phase II - Implementation Mentoring- 38 weeks
• Basic Living Allowance $423/week for 42 weeks

PHASE I - BUSINESS PLANNING TRAINING

• Requires Ministry approval
• Classroom based 9am-noon
• 35hrs/week (instruction & assignments)
• Free unlimited online course supplements

PHASE II - BUSINESS IMPLEMENTATION

• Launch Business
• Devote 35 hours per week on business
• Part-time (under 20hrs) work allowed
• Regular Mentoring sessions

PHASE II - MENTORING & MONITORING

• Business Counsellors answer questions and concerns
• Ensure participant is on track
• Submit monthly progress reports and income statements
• Monitor performance

E.I. and the Provincial Basic Living Allowance

• Active E.I. claimants will continue to receive their current benefits
• If claim is exhausted before program is complete flat BLA will apply
• If E.I. benefits are lower than flat rate, they may be topped up to the BLA

Incremental Costs during Phase 1

• Dependant care costs
• Disability needs
• Mileage (if located more than 24km from training)

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Assessment

• Applicant Eligibility
• Applicant Suitability
• Business Eligibility

Business Feasibility

• Addressable market
• Competitive advantage
• Backed by market research
• Access to capital if needed

Business Eligibility

• New business without prior ownership
• Suitable in the opinion of Ministry
• Structured as Sole Proprietorship, Corp., or Partnership

Ineligible Businesses

• Part-time businesses
• Partially or entirely based on commission
• Home-based daycares
• Franchises
• Non-profits or cooperatives

BUSINESS FEASIBILIITY

• Evidence of access to capital for startup
• Evidence of personal investment ($4442)

BUSINESSES THAT ARE NOT ELIGIBLE

• Business without access to capital for startup
• Business operating in a saturated market without differientiation
• Business with a market too small to generate sufficient sales

Applicant Eligibility

• Legally entitled to work in Canada
• Meet definition of insured individual
• For whom an E.I. benefit period has been established
• Whose E.I. benefit period has ended within the last 36 months
• Who is re-entering the labour force after a parental leave

Applicant Suitability

• Require business support
• Possess adequate service knowledge and experiece
• Provide evidence of a minimum of 25% personal investment

Assessment of Application

• OSEB is a non-entitlement program
• Financial need is NOT a consideration
• Applicants much show they have completed an intensive job search

Northumerland CFDC may:

• Request additional information
• Seek advice of an independent 3rd party
• Conduct an internal peer review
• Request an interview

APPLICATIONS MUST INCLUDE:

• Up-to-date Employment Service Plan
• Northumberland CFDC assessment form
• Resume and evidence of personal investment
• MTCU application
• Evidence in support of incremental costs (if applicable)

Next Steps for the Applicant

• Complete and submit full OSEB application
• If requested, attend an interview
• Submit additional information as requested

Things to keep in mind

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