CYBF FAQ’s

  • Who can take advantage of the CYBF program? If you are a Canadian citizen between the ages of 18-34 and are not a full-time student, then you may qualify for the CYBF Start Up program. For complete eligibility criteria, please visit
    http://www.cybf.ca/cybf_programs/start-up/eligibility/.  Additional programs, such as the Newcomer program, offer flexible eligibility criteria that may be of interest. For additional information on the full suite of CYBF programs, please visit http://www.cybf.ca/programs/
  • How does someone benefit from this partnership, when one can apply directly to CYBF anyway? This benefit is intrinsic to the Ismaili community and CYBF as it supports economic sustenance and job creation. The purpose of the partnership is to build strong entrepreneurial and business leaders within the Ismaili community who will lead all Ontario communities to prosperous futures.  In working with EPB, we can ensure that CYBF applications are completed quickly and efficiently allowing for immediate attention by CYBF.
  • Does this partnership increase my chances in being admitted to the program? No. CYBF has an established adjudication process and eligibility criteria that is equally applicable to all applicants. The CYBF/Ismaili partnership will provide you with an added resource to ensure the strength of your application BEFORE it is considered by CYBF, allowing your completed application to be quickly and efficiently processed by CYBF.
  • What “makes” a CYBF application successful? Please refer to the complete eligibility criteria found here: http://www.cybf.ca/cybf_programs/start-up/eligibility/. Success in the CYBF program is largely based on the strength of your business plan. And because CYBF focuses on your character instead of collateral when assessing eligibility for financial support, your references, history and experience all play a valuable role in the assessment for funding.
  • Am I guaranteed financing? No. Last year, CYBF received thousands of applications and funded 630 new businesses. Our tip: focus on submitting a strong and complete application and CYBF will take it from there.
  • I need money now! How long is the application process and how long until I receive my funds? Typically, the CYBF application process takes six to eight weeks. Often, delays are due to incomplete or inaccurate business plans, incomplete applications and missing documentation. By working with EPB, we can work with you to ensure that your application and business plan are thorough and complete, improving your odds of success as well as the lead time to financing approval.
  • I have never written a business plan before.  Where can I get help?  There are many resources available from EPB and CYBF. The EPB would be supporting your business plan development, while CYBF has many tools and resources, including a business planning guide, at http://www.cybf.ca/resources.  In addition, resources at ELN (http://elncanada.com/) and experienced professionals within the community may be able to assist you.
  • The application asks me for an access code. Where do I find this? Please contact Rahim Daya at dayars@mcmaster.ca for assistance with your application.
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: