WEOC National Loan Program

LOAN ELIGIBILITY AND USES

Key information about loan eligibility and uses of loans access through the WEOC National Loan Program.

“WEOC gave us a loan to fund the build of our state-of-the-art facility in Victoria. Getting loans from traditional lenders such as banks for a business of our size is virtually impossible. The additional funds from WeBC and WEOC allowed us to invest in equipment to help increase our production capacity, thereby reducing our labour cost and that will allow us to achieve profitability by the end of 2024.”

– Aki Kaltenbach, Founder, Save Da Sea, British Columbia

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