WeBC National Loan Fund
$50,000.00
Loan
Description:
WEOC National Loan Fund supports women and non-binary entrepreneurs as they start, scale, grow and maintain their business.
Comments on Funding:
Funding is a loan of up to $50,000.
Loan terms and fees:
1. Loan period: up to 5 years;
2. Maximum interest rate: Prime + 4%;
3. Maximum loan administration fee: 1% or up to $500 per loan, if approved;
4. Loan can be repaid at anytime without penalty.
5. No minimum equity requirement but equity strengthens the viability of the business
6. Security is not required but can be offered and may strengthen the application
Continuous Intake
Eligibility:
Applicants must:
1. be over 50% woman-owned;
2. be businesses in any industry/sector;
3. have less than $2 million in gross annual revenues;
4. be owned by a Canadian citizen or be a legal entity owned and controlled by a Canadian citizen;
5. have a business plan, including cash flow forecasts for a minimum of two years.
6. Individuals submitting loan applications must be:
a) at least 19 years of age,
b) a Canadian citizen or Permanent Resident,
c) residing in Canada.
Application Steps:
1. Applicants in BC will work with a WeBC Business Advisor to prepare application documents, including a business plan and 24 months of financial projections.
2. Once the documents are ready, the Business Advisor will connect the client with the WEOC loan application portal.
3. Applicants must register for WEOC’s free business loan info session
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
WEOC National Loan Program is possible with funding provided by the Government of Canada through the Women’s Entrepreneurship Strategy. WeBC is proud to be the BC Loan Fund Partner for this national program!
WEOC handles all loan administration including loan application funding decision, loan documentation, payment and collections
About the author
Maurice
