Ignite Capital Adds Indigenous Category to Entrepreneurial Pitch-Off Competition for Opportunity to Win $20,000 in Funding

Ignite Capital Adds Indigenous Category to Entrepreneurial Pitch-Off Competition for Opportunity to Win $20,000 in Funding

Toronto – Ignite Capital Community Fund has almost tripled the amount of funding in 2016 and added an Indigenous category to their entrepreneurial fund. This year, the organization will help 12 Ontario entrepreneurs elevate their business by providing over $140,000 in financial support.

For their fourth year, Ignite Capital will be hosting a pitch competition for emerging entrepreneurs in four distinct categories; Women, Youth (18 to 29 years old), Immigrant (10 years or less in Canada) and new this year, Indigenous. The top prize is $20,000, comprised of a $10,000 grant and $10,000 loan. Second and third place will be awarded with a $10,000 and $5,000 loan, respectively.

In 2014, the Canadian Council for Aboriginal Business requested action for simplified access to financing. Like many communities across Canada, Indigenous entrepreneurs face their own unique barriers when searching for capital. With over 9,000 First Nation, Metis and Inuit business owners in Ontario, only 11% accessed business loans in 2014.

“There has been a lot of focus on the tech start-ups in Canada and not enough on the day-to-day businesses that are the engine of our economy,” said Pat McNamara, founder of Ignite Capital. “Our goal is to provide funding to underserved communities that have a solid business idea, helping them to realize their entrepreneurial dreams.”
Applications are open at www.ignitecapital.ca until September 19th, 2016 and consist of two rounds with the second requiring a business plan submission, complete with entrepreneurial story and financial projections. Successful applicants will be shortlisted to one of four categories and participate in the pitch event taking place November 2016 in front of a panel of entrepreneurs and business experts.

“The Ignite Capital experience opened doors to Auto Key Pro that would not have been there in the short term. These opportunities are what is fueling our business growth and taking it to the next level,” said Yaser Jafer, founder and winner in last year’s immigrant category.

Ignite Capital was founded in 2013 by Pat McNamara, owner of APEX Public Relations. As a non-profit organization, Ignite Capital helps aspiring Canadian entrepreneurs, with limited access to traditional financing, the opportunity to compete for start-up capital in order to launch or grow their business. Loan funding is provided by Alterna Savings and sponsors include TD Bank and All Canadian Self-Storage.

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For more information, please visit the Ignite Capital website at www.ignitecapital.ca, or contact the Program Manager, Kyle Monczak at 416-934-1545.