WEOC National Loan Program
FAQ FOR ENTREPRENEURS
Find out more about accessing a loan through the WEOC National Loan Program by reading the FAQs below.
How did the WEOC National Loan Program get started?
Access to capital remains a significant barrier for many women entrepreneurs seeking to start or grow their businesses. To help address this barrier, the Government of Canada allocated $55 million in Budget 2021 for the creation of a new national microloans fund, part of its Women Entrepreneurship Strategy (WES). As one of the selected administrators of the funding, WEOC provides loans of up to $50,000 to women entrepreneurs who meet its eligibility requirements.
What is the process to apply?
The first step is to connect with the Loan Fund Partner in your region. They will guide you through the next steps and help you prepare any documentation that you will need to apply:
All start-up businesses will need to provide a thorough business plan that includes two years of cash flow projections.
Existing businesses should be prepared to provide a business overview and a summary of your expansion/growth plans along with two years of cash flow projections.
Your local business advisor will provide you with the supports necessary to prepare these documents as well as guide you through our online application once you are ready.
Are there any application or administration fees?
There is an administration fee of 1% of the total loan amount, 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 for me to receive the funds if 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.
What kind of supports are available to me?
WEOC’s Loan Fund Partners are skilled professionals who work with diverse women entrepreneurs. They are able to provide a variety of resources, including seminars, webinars, mentorship programs, networking opportunities, one-on-one advising, and loan aftercare. Their goal is to answer your questions, provide you with relevant resources, and guide you in the development of a business plan that documents the feasibility and viability of your business idea. They have your best interests in mind so will often ask the tough questions to make sure that you are considering both the opportunities and challenges that could affect the success of your business.
If my loan request is declined, may I appeal the decision?
Yes. Within 15 business days of the decline, please provide, in writing to the CEO, sound business reasons why your application should be reconsidered, and include any relevant information not previously shared.
The initial loan application, assessment, and your appeal will be reviewed by the CEO, and if the CEO feels there are sufficient grounds for the appeal, the material will be forwarded to two WEOC staff members that are independent from the standard loans process to review. A final decision will be made within 2 weeks of receipt of the appeal request. The CEO will contact you directly to explain the decision, which is binding.