Loan Eligibility & 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 must be:
- 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 Entrepreneurship Strategy.