WEOC National Loan Program
LOAN ELIGIBILITY AND USES
Key information about loan eligibility and uses of loans access through the WEOC National Loan Program.
Overview of Eligibility
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
Eligible Expenses
- • Capital assets (including machinery/equipment, leasehold/property improvements)
- • Office and equipment rental
- • Salaries and benefits (excluding owner’s salary)
- • IT/software license purchase
- • Professional services
- • Inventory/supplies
- • Intellectual Property
- • Working capital (e.g. payroll, lease payments, accounts management, rent, overhead costs)
- • Digital (including website/E-commerce development)
- • Marketing/advertising/business promotion
- • Employee training
- • Short term receivable financing (i.e. financing to service a contract)
- • Business start-up costs (legal fees, business incorporation fees, business plan preparation, etc.)
Ineligible Expenses
- • Capital expenditures on real property (e.g. land/building purchases)
- • Goodwill
- • Amortization costs
- • Purchase of assets for more than fair market value
- • Owner’s salary
- • Payment of bonuses
- • Refinancing existing debt
- • Purchase of stocks/shares
- • Franchise fees
- • Research and development
- • Management fees
- • Dividend payout
- • Increase to shareholder or management committee compensation
WEOC National Loan Program is possible with funding provided by the Government of Canada through the Women’s Entrepreneurship Strategy.
