Q: How can I register?

A: You can register online. Go back to the top of this page and click on “Apply.” Follow the steps, or email ymp@centralpei.ca with any questions.

 
Q: How much does it cost to register in the program?

A: There is no registration fee for the Young Millionaires Program. We just ask that each youth attends all workshops, and makes a genuine effort to create a successful business.

The more effort you put in, the higher your earnings will likely be.

 
 
Q: How much time do I need to commit to the program?

A: It all depends on how successful you want your business to be. It is mandatory that you complete the workshop materials, but after that, it will take as much time and effort as you want to put into your business.

Remember: the more time and effort you put in, the more successful your business will be.

 
 
Q: What if I don't have a business idea right now?

A:You don’t need a business idea to join, but it helps! 

You can still join the program. There are workshop materials and group activities to help you brainstorm as many business ideas as you can think of, and our facilitators are here to help you develop your idea into a business.

Hint: your interests or hobbies can be a great place to start when thinking about starting a business.

 
 
Q: Can we have three people in a partnership?

A: We generally like to limit a partnership to two people. We find it’s a lot easier when it comes to coordinating schedules, delegating responsibilities, working out disputes, and dividing profits/losses. But it is up to you.

Please keep in mind that no matter how many members to your partnership, your maximum allowable funding amount will not change.

Recommendation: if you form a partnership , please make sure you respect and like your partners.   With a partnership, all members have equal decision making rights.  By talking about your goals and your ideas, and how they will work together before you begin a partnership, you can save yourself a lot of frustration!

 
 
Q: How long does the program run for?

A: The Young Millionaires Program typically starts off the year with letting everyone know about the program in May, but pre-registration is open year-round.

The deadline for annual registration is usually around the first week of June.  Some regions fill up faster than others, and there is no obligation to continue with the program is you decide it is not for you PROVIDED you have not yet received your grant money.

  Workshops are held throughout June to help youth make connections and complete their business plans.  Interviews are then scheduled to go over each individual plan, and to discuss each business and participant goals.

Participants accepted into the program are presented their start-up grant money around July 1st. Throughout July and August, participants are operating their businesses and facilitators are checking in with participants.

 

New in 2021:  Group Vending Events!

Please contact the Provincial Coordinator at ymp@centralpei.ca, or add Provincial Coordinator on Facebook to keep up to date on all opportunities.

New in 2022: The Shooting Stars Program.

This follow-up program will invite only the most dedicated and enthusiastic youth back to access more funding and winter vending events so that they may expand their businesses or product lines.

Caution: Celebration Night is usually held in late August or September but current status is TBD (to be determined).

 
 
 
Q: Do I automatically get $150 for signing up for the program?
 

A: No. To receive the grant money (up to $150 for sole proprietorships, $200 for partnerships) you must attend the workshops and pass in a completed business plan (which we help you out with).

If you’ve worked hard at your business plan and can show that you’re enthusiastic and dedicated to making your business work, you will most likely be accepted into the program and receive a start-up grant.

However, if there is a large number of business plans submitted, we may be forced to turn down some applicants as there is only a limited amount of grant money available.

 
 
 
Q: What is the grant money for?

A: The non-repayable grant, received by successful applicants, is for the sole purpose of starting up your business.

It is for business expenses only.

Your profits, however, are yours to do what you wish with.

If you do not spend the grant money for your start-up costs, you may be asked to give it back.  Please keep accurate records to show expenses and profits.

 
 
 
 
 
Q: Do we have to pay back the grant money?

A: No, the money given to successful program applicants is non-repayable. You do not have to pay this back.

However, if you have not made a genuine effort to make your business work, or if you fail to meet all the program requirements, we may ask for some or all of the grant money to be returned.

Q: I participated last year. Can I participate again this year?

A:  If you have participated in a previous year, you can participate again.

However, you may not receive the start-up grant money. If you require financial assistance, let your regional coordinator/facilitator know and you will be placed on a financial assistance waiting list.

After the interviews are conducted, if there is left over grant money available, we will review the business plans of those requesting financial assistance and choose a successful candidate. 

If you have already established your YMP business, or are a young entrepreneur between the ages of 9 and 16,  you will still have access to all YMP events!  Please let the Provincial Coordinator know if you are interested in attending any YMP events and we will do what we can to include you!

Our goal is to provide an equal opportunity to all Island youth to join our community.  The purpose is creating a community is to provide ongoing opportunities to all youth regardless of whether they join our programs or choose to forge their own paths.

We want to thank you for your continued support and interest in the Young Millionaires Program!