Business Grants for Women in Canada
As of 2009, Canada offers one grant program specific to women who are looking to start up, expand or buy an existing business. Although several agencies provide grants available to all of Canada (which female business owners can also apply for), the Women's Enterprise Initiative (WEI) remains the only offering exclusive to women.
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Women's Enterprise Initiative Loan Program
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The Women's Enterprise Initiative (WEI) was established in Canada to benefit female entrepreneurs interested in starting up, expanding or purchasing a business. This nonprofit loan program is designed to eliminate some of the barriers women face in business and provide them with resources and financial help in achieving their goals. The WEI operates in four Canadian provinces: British Columbia, Alberta, Saskachewan and Manitoba.
Qualifications for WEI
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The enterprise must be a legal entity and have at least 50 percent of the control and ownership in the hands of a woman or group of women. The business must operate in one of the four provinces in Canada where the WEI operates. In addition to these basic requirements, the business must meet specific criteria (that vary by province) within each province's WEI office.
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Benefits of WEI
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The WEI provides advisory services, business information services, skills development and training options specific to women owners, and business loans. Advisors at the WEI can help owners establish business plans and provide information on how to get started for first-time owners. The program also provides debt financing up to $100,000 CAD for established businesses or money to start or expand a business or purchase an existing one. The WEI also provides opportunities for networking events and mentoring.
How to Apply for WEI
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To apply, a company must visit the WEI office operating within its province. Each province has different program requirements on lending. For specific contact information, visit the WEI's website at www.wd.gc.ca.
Other Programs
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As of 2009, Canada offers several different grant programs available to women to meet business goals; however, besides the WEI, these programs are not exclusive to women. Some of these grants include Business Development Bank of Canada (BDC) loans, Industry Canada's Small Business Financing Program, The Canadian International Development Agency's Industrial Cooperation Program. Information about these grants and others can be found at the Canadian Business website at www.canadabusiness.ca.
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