WEOC National Loan Program
Supporting the big dreams of Canada’s women entrepreneurs with loans of up to $50,000.
An inclusive approach and robust wrap-around services ensure that you and your business are set up for continued growth and success.
Since WEOC approved its first loan in late 2022, we have worked with more than 230 women entrepreneurs and financed businesses in 15 industries ranging from accommodation to manufacturing, professional Services, retail and warehousing.
« Thank you for everything – the WEOC team absolutely rocks and makes the entrepreneur life a little less stressful/easier with such a clear and transparent process!! » – Lauralee Sheehan, Founder & Chief Creative Officer, Digital 55, Ontario *
Broad Eligibility
> Broad list of eligible uses of funds, including working capital, equipment purchases and operating expenses.
> No minimum credit score requirement to qualify for a loan
Customizable Terms
> Customize requested loan amount, up to $50,000
> Term length of 5 years allows for lower monthly payments to maximize monthly cash flow
Flexible Repayment
> Loan can be repaid early, in part or whole, at anytime without penalty or breakage fees
Connect with the Loans Team
Connect directly with the WEOC loans team to get started. We will review the application process and ensure you are connected with the loan fund partner in your region.
Individuals submitting loan applications must be:
• At least 19 years of age
• A Canadian citizen or Permanent Resident
• Residing in Canada
Eligible businesses:
- Are over 50% women-owned
- Have maximum business revenues of up to $2 million in gross annual revenues
FOIRE AUX QUESTIONS
What documents will I need to begin?
- Start-up businesses will need to provide a thorough business plan that includes two years of cash flow projections.
- Existing businesses will need to provide a business overview and a summary of your expansion/growth plans along, with two years of cash flow projections.
Do I need a business plan?
- A business plan, including cash flow forecasts for a minimum of two years is required.
- Once you connect with a loan fund partner in your region, they will help you with your business plan.
What are the application and administration fees?
There is an administration fee of 1% of the total loan amount (up to $500 per loan), which will be deducted from the initial disbursement after approval. No fees are collected if your loan is not approved.
How long will it take to receive funds once I am approved?
Once the loan is approved, documents are signed, and any pre-disbursement conditions are met, the funds will be sent to you by electronic funds transfer within 10 business days.
Loan Program Blog
How good debt can fuel your business growth
National Loan Program Stories
Bootstrapping your business is often seen as an entrepreneurial badge of honour, but there’s also something to be said for personal financial stability. While building from the ground up fosters resilience, there comes a point when strategic borrowing is needed for your next phase of growth. We know, it sounds intimidating, but hear us out!
The psychological barriers women entrepreneurs face around debt
National Loan Program Stories
One often overlooked hurdle for women entrepreneurs is the psychological burden of debt. While debt can be a powerful tool for growth, many grapple with unique anxieties around loans. In this post we’ll debunk common fears about debt and empower you to make informed, fearless financial decisions.
What the WEOC loans team looks for in a business plan
National Loan Program Stories
A solid business plan is the basis for any successful enterprise. Outlining the business’ goals and the plan to get there helps entrepreneurs get clear on their ideas, while allowing funders and lenders get on board by demonstrating the viability of the business.
Why it’s time to move beyond bootstrapping
National Loan Program Stories
Did you know that half of all women entrepreneurs use personal funds to kickstart their businesses? While this demonstrates a commendable level of commitment and belief in a business idea, it comes with significant drawbacks. Relying heavily on personal resources can severely limit your growth potential and increase your financial vulnerability. After all, your savings can only take you so far.