Small Business Loans for Women in Canada: For Women Only

To encourage women entrepreneurs in Canada, various finance programs are available for woman-owned small businesses. A business with 50% or more owned y or controlled by a woman is considered a woman-owned business.

If you are a woman looking for finance to start or expand an established small business, some special loan is offered. Following given are some details about it.

Small business loans for women in Eastern Canada

Atlantic Canada Opportunities Agency (ACOA) Women in Business Initiative

The Atlantic Canada Opportunities Agency (ACOA) recognizes the importance of women’s contribution to the economics of Canada and provides them with the necessary tools and support to become successful women entrepreneurs.

The ACOA Women in Business Initiative has joined hands with more than 40 Community Business Development Corporations (CDC) and urban lenders in Atlantic Canada and aims at providing business financing to them.

The CBDC runs loan programs for first-time entrepreneurs and Self-Employment benefits general business loans for start-ups and innovation loans to develop established loans. You can also get advice on business financial planning. For more information, you can visit www.cdc.ca.

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Newfoundland and Labrador Organization of Women Entrepreneurs

NLOWE focuses on business owners and provides finance to them to start a business, develop a business, or improve it. You can also ask for financial advice online. For further information, you can refer to www.nlowe.org.

Small Business Loans for Women in Central Canada

Paro Centre for Women’s Enterprise

Paro Centre for Women’s Enterprise develops and researches to help women get a sustainable livelihood. It provides small business loans to women-owned businesses to start develop or advance a business.

It operates in Thunder Bay and Ontario with over 30 peer lending circles where groups of four to seven women help interested women approve a small business loan. They also monitor payments.

Paro operates a Self-Employment program too which helps women to start a small business or get a job in Thunder Bay and in an area where women are unemployed. They are offered self-employment benefits.

Microlending for Women in Ontario Program

This is a government-run program in Ontario. It aims at helping women with low-income and facing challenges to start and build a successful small business. Local providers provide financial literacy training, entrepreneurial mentoring, skills development, etc.

Women who complete this training can apply for microlending. The start-up loan can be from $5,000 to $15,000.

Thorncliffe Neighbourhood Office of Toronto is extending its micro-lending program to newcomer women in Toronto’s Thorncliffe Park and surrounding areas; whereas the Welland Heritage Council includes immigrant and Francophone women in the Niagara Region.

Femmessor — Réussir en affaires

If you are a woman living in Quebec and own at least 25% of the shares of a business, you can seek assistance through this project for a start-up, advancement, growth, or consolidation for a small business. It also provides training, mentoring and individual coaching, workshops, and seminars to learn business skills.

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If your project is viable, you can get a conventional loan from $20,000 up to $150,000.

Entrepreneuriat au féminin – CLD de Portneuf (Website available in French only.)

Portneuf CLD offers small business loans through the local investment fund to women entrepreneurs in for start or develops a business.

Small Business Loans for Women in Western Canada

Women’s Enterprise Initiative Loan Program (Western Economic Diversification Canada (WEDC))

Women’s Enterprise Initiative (WEI) established by Western Economic Diversification Canada tries to help those who are facing some barriers. WEI has its offices in all four western provinces. It provides information and services necessary to run a business and also provides training.

A business owned and controlled by 50% or more in any of the four western provinces can submit a business plan and apply for a loan for a start-up business, expand of an established business, or purchase of an existing business. The loan approved can be up to $150,000.

WEI can also help you get traditional bank financing from several financial institutions.

The following Centres administer the program and provide services needed to women entrepreneurs:

Women’s Enterprise Centre of BC

Women’s Enterprise Centre of BC is a place where business owners can approach for starting up a business, get training, apply for business loans, and seek advice on resources for business.

WEC helps you start up, develop and grow a small business. The loan available can be up to $150,000. To get the loan, you have to prepare a viable business plan and submit it along with a loan application.

Alberta Women Entrepreneurs (AWE)

AWE provides a small business loan of up to $100,000 to women entrepreneurs in Alberta. Women living in Alberta and interested in starting up a business can contact an AWE business advisor who will help prepare a business plan and apply for the loan.

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Women Entrepreneurs of Saskatchewan Inc.

Women who are interested in starting up a business or developing an established business in Saskatchewan can apply to Women Entrepreneurs of Saskatchewan Inc for a small business loan. They need to contact a business advisor. The loan amount can be up to $100,000.

Women’s Enterprise Centre of Manitoba

The Manitoba Centre provides small business loans to women in the area. The loan can be up to $100,000 for the start-up or development of a small business. They provide you with a business analyst to help you prepare a business plan and apply for the loan.

Other Sources of Financing

There are various other financing programs specifically designed to help women to start a business or develop it and be financially independent.

If you are a confident woman living in Canada, who wants to be financially on her own and have the ability to run a small business, you have a plethora of options to get a small business loan. Prepare a viable business plan and apply for the finance. Read more articles on wink24news.

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