WEOC National Loan Fund
$50,000.00
Loan
Description:
Women’s Enterprise Organizations of Canada is proud to deliver the WEOC National Loan Program, which supports women and non-binary entrepreneurs as they start, scale, grow and maintain their businesses.
The program offers an inclusive approach to lending, providing robust wrap-around services that set women entrepreneurs up for continued growth and success.
Comments on Funding:
Funding is a loan of up to $50,000.
Loan terms and fees:
1.Loan type/length: term loans of up to 5 years;
2. Maximum interest rate: up to prime + 4%;
3. Maximum loan management fee: 1% or up to $500 per loan.
Continuous Intake
Eligibility:
Applicants must:
1. be Canadian citizens or a legal entities owned and controlled by a Canadian citizen, including:
a) Canadian for-profit small businesses federally/provincially/territorially incorporated in Canada that are controlled directly or indirectly by one or more resident persons;
b) sole proprietorships;
c) for-profit co-operative corporations incorporated under a federal, provincial or territorial co-operative Act, or;
d) social enterprises that earn revenue from the regular supply of personal property/goods and services and meets the profitability and equity criteria above.
2. be over 50% women-owned;
3. be in any industry/sector;
4. have less than $2 million in gross annual revenues.
Application Steps:
Applicants must connect with the Loan Fund Partner in their region. They will be guided through the next steps and help them prepare any documentation that they will need to apply:
Documentation Needed:
1. All start-up businesses will need to provide a thorough business plan that includes two years of cash flow projections.
2. Existing businesses should be prepared to provide a business overview and a summary of their expansion/growth plans along with two years of cash flow projections.
Other Things to Note:
About the author
Maurice
