WINNIPEG, MB, August 15, 2022 /CNW Telbec/ – Innovation, Science and Economic Development Canada

The government of Canada advances gender equality and women’s economic empowerment.

Today, the Honorable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced that Women’s business organizations from Canada (WEOC) will provide loans of up to $50,000 to women entrepreneurs and business owners this fall Loan Fund for Women Entrepreneurs. The Minister was accompanied by Terry Duguid, MP for Winnipeg South and Parliamentary Secretary to the Minister of Environment and Climate Change; the Honorable Jim Carr, MP for Winnipeg South Centre; Alison Kirkland, CEO of WEOC; and Marcela MandevilleChairman of the Board of WEOC.

Minister Ng pointed out that the Women Entrepreneurship Loan Fund is already helping women across the country to start and grow their businesses, with the majority of beneficiaries being underrepresented women. With WEOC ready to distribute nearly $30 million in the form of loans, the government of Canada ensures that even more women can access capital to start or grow their business.

WEOC will provide the Women’s Entrepreneurship Loan Fund through its regional loan fund partners. They will work with female entrepreneurs at every stage of the application process and provide top-notch overall business support, including helping applicants develop viable business plans and providing business advisory, training and follow-up services. loans.

Currently, the loan fund partners are WeBC, Alberta Women Entrepreneurs, Women Entrepreneurs of SaskatchewanWomen’s Enterprise Center ManitobaPARO Center for Women’s Enterprise, and Newfoundland and Labrador Organization of Women Entrepreneurs. Applicants can engage with these loan fund partners to begin preparing their business plan for the application process.

For more information on WEOC’s loan fund program, visit https://weoc.ca/loan-program/.

The Women Entrepreneurship Loan Fund, a key element of the $6 billion Strategy for women in entrepreneurship— allocates funds to non-profit organizations with existing loan programs to provide affordable supplemental financing to women entrepreneurs, particularly for start-ups, underrepresented groups, or sole proprietorships who find it more difficult to access to financing.

Among the selected trustees of the Women Entrepreneurship Loan Fund currently running the program are the Northumberland Community Futures Development Corporation and Coralus (formerly SheEO).

This step builds on the historic investments the government has made to support women since 2015, from integrating gender-based analysis into policy decisions and program development, gender equity legislation salary and improving the Canada Child Benefit to providing special funding to support women entrepreneurs during the pandemic. and establish agreements with the provinces and territories to $10-day care.

Quotation

“Women are smart, creative and driven, and they already know how to succeed. What they need are opportunities, open doors and a helping hand. This is exactly what our government is providing through the Women’s Entrepreneur Loan Fund. By breaking down systemic barriers in accessing finance, we’re getting things done again by empowering women entrepreneurs to reach their full potential, create local jobs and drive economic growth. »
– The Honorable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development

“It’s great to see that a local Winnipeg the organization will help women through Canada achieve their business goals. The ripple effect of empowering women with better access to finance will have a measurable economic impact that benefits everyone and goes a long way towards from Canada competitiveness and prosperity”.
– Terry DuguidMP for Winnipeg South and Parliamentary Secretary to the Minister of Environment and Climate Change

“The Women’s Entrepreneur Loan Fund supports women entrepreneurs by giving them access to much-needed capital, as well as comprehensive business supports that we know guarantee long-term success. Small and medium-sized businesses are the backbone of the Canadian economy, and now is a great time to provide resources that facilitate the growth of women-owned businesses. »
– Alison KirklandCEO, Women’s Enterprise Organizations of Canada

Fast facts

• The Strategy for women in entrepreneurship (WES), over $6 billion investment, includes:
• the Loan Fund for Women Entrepreneursthat enables existing women-focused lending programs to provide additional affordable microcredit to women entrepreneurs;
• the Women’s Inclusive Venture Capital Initiativewhich aims to strengthen access to financing and create a more inclusive venture capital environment for Canadian women;
• the WES Ecosystem Fund, which helps break down barriers to support networks and provide the resources women entrepreneurs need to start, grow and access new markets; and
• the Women’s Entrepreneurship Knowledge Centerwhich brought together 10 regional hubs, more than 300 organizations and thousands of women entrepreneurs to create a more inclusive and favorable environment for the development of women’s entrepreneurship in Canada.
• The government is also investing in removing systemic barriers faced by various entrepreneurs through programs like the Black Entrepreneurship Program.
• Ensure that women have equal access to benefits and opportunities arising from international investments, Canada take one inclusive approach to trade integrating gender-related provisions into all its free trade agreements. The government also co-signed the Global arrangement on trade and gender equality—an autonomous initiative open to other economies.

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SOURCE Innovation, Science and Economic Development Canada

For further information: Alice Hansen, Press Secretary, Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development, 613-612-0482, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]