Three awards with grants of $15,000 to $20,000 each will be presented to this year's winners

Montreal, Quebec, April 2, 2003 – The Business Development Bank of Canada (BDC) is looking for talented young business leaders from across Canada for its sixteenth Young Entrepreneur Awards (YEA), which will be presented next October during Small Business Week®. A total of thirteen awards will be presented, one for each province and territory, to celebrate the accomplishments of young entrepreneurs and their contribution to the growth of the Canadian economy. Candidates have until June 6 to send in their application form. The form is available at all BDC branches, by calling 1 888 INFO-BDC (1 888 463-6232) or online at bdc.ca.

New awards and new eligibility criteria

The YEA theme this year is "YOU'RE THE POWER behind the Canadian economy, let's share the energy!" The eligibility criteria have been expanded to allow for the nomination of young Canadian entrepreneurs between the ages of 19 and 35. Also, the number of years the company has been in business has been reduced from three to two, thereby allowing the greatest possible number of young entrepreneurs to measure themselves against the best in the country.

This year's YEA winners will also be eligible for two other awards. The Export Achievement Award will be presented to the winner with the most outstanding export results and the Creative Mind Award will go to the winner who has shown ingenuity and creativity in developing, marketing or promoting its company's products and services. Both awards come with a $15,000 grant. These grants are intended to help companies in their efforts to achieve growth objectives; therefore, they must be invested in the business.

This year, former Young Entrepreneur Award winners are invited to apply for the BDC Ongoing Achievement Award. This new award will be presented to an entrepreneur who won a YEA between 1988 and 2002, and whose company has shown sustained growth since that time. This award is presented by the BDC Consulting Group and comes with a $20,000 grant. The winner will also get a free Growth Potential Assessment from the BDC Consulting Group. This consulting service, valued at $5,000, includes a detailed profile of the company's strengths and the aspects it needs to improve, plus a written report on its ability to meet the challenges growth generates. As in the case of the two previous awards, the grant is intended to help companies achieve their growth objectives, so it must be reinvested in the business.

YEA: much more than an award

In addition to receiving nationwide recognition, the winners of the 2003 YEA will receive a trophy and an all-expenses paid trip to the awards ceremony in Halifax, Nova Scotia. The following day, they will be invited to attend the BDC Forum, a special day of training during which they will meet business leaders who have made their mark in a particular sector of the business world along with respected academics. BDC Consulting Group professionals will also put on consulting sessions for the winners.

SELECTION CRITERIA
All applicants are judged on the following criteria:

Operating success over a two-year period - including sales, profitability, growth prospects, job creation and market acceptance;
New economy - involvement in new economy activities;
Innovation – as regards the company's products, services, production process, marketing strategy, or any other aspect of the business;
Exports - importance of exporting in the company, growth in exports, diversity of export markets, quality of export strategy;
Community involvement - the participation of the entrepreneur in charitable work, service clubs and activities for raising awareness of entrepreneurship.

Consideration will also be given to the entrepreneur's age at start-up, unique problems or challenges the company faced and overcame, and the longevity of the business.

The winners are chosen by a panel of judges made up of local business people, members of boards of trade and chambers of commerce, business professionals and representatives from BDC and the sponsors.

How To Apply

Young entrepreneurs can nominate themselves. Application forms can be picked up at any BDC branch, or obtained by calling, toll-free, 1 888 INFO-BDC (1 888 463-6232). Entrepreneurs may also apply by logging on to BDC's Web site at bdc.ca. The application deadline is June 6, 2003.

The Business Development Bank of Canada is a financial institution wholly owned by the Government of Canada. BDC plays a leadership role in delivering financial, investment and consulting services to Canadian small business, with a particular focus on the technology and export sectors of the economy. BDC’s Web site address is bdc.ca.

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For more information:

Nathalie Charland
Manager, Media Relations
(514) 283-7929

® Small Business Week is a registered trademark of the Business Development Bank of Canada.