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Friday July 1991 the HERALD Pge Business The search is underway for Young Entrepreneur J For the fourth consecutive year the Federal Business Development Bank FBDBJ is seeking nominees for its annual Young Entrepreneur Awards Established in the awards to be presented during Small Business Week October 2026 recognize the achievements of entrepreneurs aged years or younger Nominees are judged on the following criteria innovation be it the companys product ser vice production process marketing strategy etc 2 operating success which in cludes sales growth prospects for the future employment crea tion quick acceptance in the marketplace and 3 community involvement the participation of the entrepreneur in charitable work service clubs and develop ment work to raise awareness of the importance of business Con sideration will also be given to the entrepreneurs age at start up unique problems or challenges the company was able to face and overcome longevity of the business etc A total of 12 awards will be presented one for each province and territory In addition in On tario there will be four district winners one for Northern On tario Southwestern Ontario Eastern Ontario and Greater Metropolitan Toronto These win ners will be submitted as finalists in the provincewide competition Last years Ontario winner was 30yearold Robert A Jackson owneroperator of Elliot Lake- based The Glass Place a com pany that manufactures and markets glass pulpits and a variety of other glass objects throughout North America Launched in from the pur chase of an existing glass business sales over the past four years have risen from to Last year Jackson received inquiries from churches as far away as Japan New Zealand and Africa for his unique Provincial and Territorial win ners will be presented awards at the National Launch of Small Business Week Entrepreneurs can enter themselves in the con test or can be nominated by others All candidates will be reviewed by a committee that comprises FBDB represen tatives entrepreneurs business leaders and business associa tions Applications and guidelines for nominations are available at any local branch or by calling Deadline for en tries is August The Federal Business Develop ment Bank is a Crown Corporation that promotes the creation and development of businesses in Canada It pays particular attention to small and mediumsized businesses The Bank provides term loans and guarantees venture capital and a broad range of management training counselling and plann ing services clients employed 181000 workers and created some new jobs over the past year Reverse mortgage plan available for Halton Hills seniors Security Life Insurance Com- iny part of The Cooperators roup has announced the launch of a reverse mortgage plan in the Orangeville Georgetown areas allowing seniors age and over to receive cash income from the equity in their home while conti nuing to live there Tne Security Life Home Equity Plan HEP lets homeowners use their home as collateral to provide them with an initial Jump sum payment if desired and regular income for life Owner ship is maintained by the homeowner who avoids having to sell and move For seniors looking for sup plemental income Security Lifes HEP puts money in their pockets and keeps them com fortably in their homes sayB Bruce Hammond President of Security Life which specializes in retirement income products Peter Chaperlin Security Lifes local representative for the HEP says The seniors we work with have expressed a keen interest in using their homes equity to produce additional in come Its a logical solution for many seniors living on a relative ly fixed income adds Chaperlin Approximately one million homes in Canada are owned outright by seniors and more than per cent of these seniors have annual incomes of less than The amount of the Home Equi ty Plan is based on the homes location and appraised value and prevailing interest rates The HEP converts the equity in the home into cash providing the homeowner with a cash flow for the rest of his or her life The cash flow is financed with a mor- tgatge that does not require repayment as long as the homeowner remains in the home or until death The home remains the property of the owner and as such the equity in the home continues to grow All equity remaining after the repayment of the HEP balance mortgage goes to the homeowner or the estate The Home Equity Plan has an option that guarantees that no less than 20 per cent of the original appraised value of the home will be available to the homeowners as equity for the first 20 years of their plan or until the customer reaches age 90 whichever comes first The plan features a twomonth cooling off period in which customers can change their minds It also offers some prepayment options Last year the Home Equity Plan received a favourable response from Revenue Canada indicating that payments under such a plan will in effect be tax free Revenue Canadas response stated that where the homeowner acquires an annuity contract the amounts of the an nuity payments received would be included In the homeowners income however the Act pro vides a deduction for interest paid or payable on money bor rowed to acquire an annuity con tract The Act limits the amount of interest otherwise deductible in any year to the amount of income on the Mr Hammond says Since the interest on the mortgage used to acquire the annuity is greater than the annuity income the homeowner in effect receives the income tax free However the amount of interest greater than the annunity income is not deductible from other income sources The Home Equity Plan is designed to help the growing numbers of seniors who find the inflation that caused their homes value to skyrocket has also decreased the buying power of heir retirement savings Mr says We expect that Me number of seniors taking vantage of this plan will tremendously over the decade BICYCLE CLEARANCE during out AIL our bikes to nuke room lot out heres a simple Slew Bluer Ricer 19 SALE GEORGETOWN HELM BABY THIS IS THE BIG BOBBER WITH SAVINGS TO SWING FOR MEAT THAT DOES MORE THAN COMPETE BBQ Beef Special TBone Steaks LB 1100 Kg SIRLOIN STEAK FULL CUT t LB Kg PR0D0CT OF USA CANADA NO Fresh Red Tomatoes DELI SLICED OR SHAVED WW LB MAPLE LEAF WAX BOLOGNA LB 100 Gill WW PASTA SPAGHETTI SPAGHETTINI OR ELBOW MACARONI 900 Gram Q 5lf GEORGETOWN FOOD MARKET MOORE PARK PLAZA Pleasure To Serve You STORE Monday to Friday pm urn Saturday am600 pm CLOSED SUNDAY COUPON WITH THIS COUPON SAVE M OFF The Purchase of ONE POUND OF KNECHTEL BUTTER Ml REGULAR PRICE WITHOUT COUPON 259 WITH THIS COUPON WITH THIS COUPON SAVE M OFF The Purchase of ONE POUND OF KNECHTEL BUTTER REGULAR PRICE WITHOUT specialprice COUPON 259 WITH THIS CoupMVilMOnIBXnKrrtiaorgtMin COUPON Sit through July Values effective Saturday July 6 through Saturday July