CU, City Of Toronto Partner on Micro-Loans For Youth
TORONTO, Canada – Alterna Savings has partnered with the City of Toronto to pilot a new “Youth Micro-Loan” program at the CU’s Bay Street Community Banking Centre.
With the city’s mayor on hand for the introduction, the program is part of Toronto’s Agenda for Prosperity, and is designed to help “foster social enterprise and business enterprise for marginalized youth in the west-end priority neighborhoods of Toronto.” According to the two sponsors, young applicants will be given access to life skills and business planning training to improve their chances of securing a loan, with support continuing after they have received the loan to improve the chances of long-term business success.
The City of Toronto is providing guarantees on all of the pilot program’s loans. Alterna is administrating the loans and providing support services to the successful applicants through one-on-one coaching; access to its networking and mentorship sessions; personal and business banking services; and business development opportunities such as the ability to display their products and services at Alterna’s Bay Street Community Banking Centre.