Ottawa has unveiled a new program called the Women’s Enterprise Organizations of Canada (WEOC) that will provide loans of up to $50,000 to women entrepreneurs and business owners this fall.
Mary Ng, the Minister of International Trade, Export Promotion, Small Business and Economic Development, said the Women Entrepreneurship Loan Fund is already supporting women across the country in starting up and growing their businesses, with a majority of the recipients being under-represented women. WEOC is expected to distribute nearly $30 million in loans for women to access capital to start or grow their businesses.
“By removing systemic barriers in accessing financing, we are again moving the dial in empowering women entrepreneurs to reach their full potential, create local jobs and drive economic growth,” said Ng.
WEOC will work with women entrepreneurs to provide wraparound business support, including helping applicants with the development of viable business plans and providing advisory services, training and loan aftercare.