What you should you know about Employment Insurance (EI)! Read our EI Blog!

How can Employment Insurance (EI) help me start my own small business? 

 

When on Employment Insurance (EI) there is an option to start your own business but the perks are limited. Employment Insurance (EI) will help with business planners and Financial Planning, also employment insurance have lots of info on government funding for small-business. Employment Insurance (EI) can also help you to see if there are any grants for your type of business. All you really need these days is an idea and Employment Insurance can help you. Contact your Employment Insurance (EI) office in your area. There will be a day workshop that you will have to attend but it will be worth every minute.

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The program with employment insurance (EI) is called the Self Employment Benefit (SEB). This is a long program but with a strong business idea it would be worth it. This program will extend your Employment Insurance (EI) claim 32 weeks or reach back to a previous Employment Insurance (EI) claim if you have been on Employment Insurance (EI) in the last three years. This will give you assistance with starting and carrying out a solid business plan.

To be Elgible for Self Employment Benefit (SEB) program you must:

  • You must be eligible for employment insurance (EI) or have been on employment insurance (EI) with in the lats three years.
  • Attend Goodwill's Career Centre Session and submit an Employment Action Plan indicating Self Employment.
  • Must be prepared to submit a single business idea.
  • You must attend the Business Concept Proposal Workshop and Submit a completed business proposal. (4 half-day sessions)
  • You must be able to prove viability of the business by means of a completed Business Concept Proposal and a successful panel interview.
  • You must also show proof that you have $500 cash and assets that can be used for the business at $3,3840.
  • You must have more then one supplier or customer.

 What the business can not be!

The Business you start with employment insurance must meet their strick guidelines. It can not be a multi-level marketing. It can not involve either sex or religion. It can not be a seasonal business, but there are ways around this one. It can not be an old business, that you have been in.

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What else you should know about Self Employment Benefit (SEB)?

You will also need to demonstrate a passion for the business and strong understanding of the type of business you are getting into to qualify for Self Employment Benefit. You must have the necessary requirement to start the business. The business must operate 35 hours of the week.