AWE — Loan Programs AB Canada

AWE — Loan Programs

AB, Canada
Loans for Alberta women entrepreneurs
grant_single_labels|summary
grant_single_labels|preview
grant_single_labels|projects
grant_single_labels|admissibility
grant_single_labels|criteria
grant_single_labels|register
grant_single_labels|otherInfo

grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|maxCount
grant_single|deadlines
  • grant_single|openingDateJuly 09, 2024
  • grant_single|closingDateJuly 09, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
  • grant_single|allIndustries
grant_single|grantors
  • Alberta Women Entrepreneurs (AWE)
grant_single|status
grant_card_status|closed

grant_single_labels|preview

Get a loan of up to $150,000 for your market-ready startup, business expansion or business purchases.

grant_single_labels|projects

This support is specifically for businesses that are registered and operate in Alberta, Canada. It is aimed at women-led companies to help them grow and expand within the region.
  • Businesses registered and operating in Alberta.
  • Organizations with shareholders residing in the province of Alberta.
grant_single|admissibleProjectsExample

$90,000

Expand a digital marketing agency with new software and an expanded team

$120,000

Purchase a second-hand bookstore and refurnish it to attract local readers

$100,000

Purchase new medical equipment for a healthcare cooperative to improve patient care

grant_single_labels|admissibility

Eligibility for an AWE loan is determined by specific criteria related to business ownership and financial details.
  • Your business must be 50.1% women-owned by a Canadian citizen or permanent resident.
  • Your business must be registered and operating in Alberta, with all shareholders residing in the province.
  • A minimum credit score of 650 is required.
  • You must contribute a minimum of 25% owner equity on total project costs.
  • A minimum of 30% security on the loan must be pledged, varying based on the loan's size, risk, and purpose.
  • The capital must be needed for eligible uses such as leasehold improvements, equipment purchases, advertising and marketing costs, inventory purchase, operating costs, technology upgrades, and contractor and professional services fees.
  • The capital cannot be used for ineligible purposes such as owner’s salary, existing debt, franchise fees, speculative ventures, intangible goodwill, research and development, or purchase of stocks, shares, or other non-productive investments.

grant_eligibility_criteria|who_can_apply

The given context primarily discusses loans offered by AWE rather than grants. However, it mentions that AWE does not offer in-house grant programs but provides a list of external funding sources for businesses seeking grants. Therefore, organizations looking for grants need to rely on external programs as listed by AWE. Specific eligibility criteria for these external grants are not provided in the context. Overall, it is implied that businesses seeking capital, whether through loans or external grants, should evaluate available options based on their growth needs, and AWE provides resources and guidance for navigating these options.

grant_eligibility_criteria|who_cannot_apply

grant_eligibility_criteria|eligible_expenses

This grant aims to support various business activities aimed at fostering growth, modernization, and competitiveness. Although the grant doesn't offer direct support, it compiles a list of funding sources available for these activities.
  • Leasehold improvements.
  • Equipment purchases.
  • Advertising and marketing costs.
  • Purchase of inventory.
  • Operating costs including employee wages, utilities, and rent.
  • Technology upgrades.
  • Contractor and professional services fees.

grant_eligibility_criteria|zone

The grant covers specific expenses directly related to the implementation and success of the business project.
  • Leasehold improvements.
  • Equipment purchases.
  • Advertising and marketing costs.
  • Purchase of inventory.
  • Operating costs including employee wages, utilities, and rent.
  • Technology upgrades.
  • Contractor and professional services fees.

grant_single_labels|criteria

There are evaluation and selection criteria for the AWE Growth Loan. The evaluation and selection criteria include:
  • Clarity of business goals and financial projections
  • Demonstrated need for capital to grow and expand the business
  • Viability of the business model
  • Fit of the business with AWE's mission and goals
  • Ability to repay the loan within the specified terms

grant_single_labels|register

Here are the steps to apply for an AWE Loan:
  • Step 1: Confirm Eligibility
    • Your business must be 50.1% women-owned by a Canadian citizen or permanent resident.
    • Your business must be registered and operating in Alberta, with all shareholders residing in the province.
    • You need a minimum credit score of 650.
    • You should contribute a minimum of 25% owner equity on total project costs.
    • You must be able to pledge a minimum of 30% security on the loan.
    • The capital must be for an eligible use.
  • Step 2: Prepare Required Documents
    • Prepare a business plan and a detailed marketing strategy.
    • If your business is established, prepare income statements and balance sheets:
    • Accountant-prepared documents from the last year-end.
    • In-house prepared documents from the beginning of the new year to the current date.
    • Ensure you have two years of forecasted financials including cash flow, income statement, and balance sheet.
    • Provide incorporation statements, by-laws, CRA notice of assessment, proof of insurance, and the most recent annual return.
    • If purchasing a business, have a business appraisal.
    • If operating a partnership, provide a partnership agreement.
    • Supply professional estimates for leaseholds or equipment, if applicable.
    • Provide a copy of the commercial lease agreement.
  • Step 3: Pre-Application Submission
    • Contact AWE to request the link to the Pre-Application Loan Portal.
    • Submit your Pre-Application through the portal.
    • Receive a confirmation email from AWE.
    • Await contact from a member of AWE within two weeks to work on your formal application.
  • Step 4: Loan Application Review
    • A member of AWE will contact you within two weeks to discuss your Loan Application results.
    • You will receive a request for a one-time administration fee of $100-$700, depending on the loan size and type.

grant_single_labels|otherInfo

AWE provides additional resources and a supportive community for women entrepreneurs seeking loans or exploring grant options.
  • AWE does not offer in-house grants but offers a list of programs and funding sources to assist with finding resources.
  • Loans are up to $150,000 with a focus on women-owned businesses in Alberta.
  • There are community supports and networks available for business owners throughout the loan process.
  • AWE emphasizes a flexible approach to capital management to match unique business needs.
  • Entrepreneurs are encouraged to join the AWE Network for access to learning resources and webinars.
  • AWE practices cycle-back funding to reinvest in women-owned businesses through funds from loan interest and fees.
  • The process involves pre-application and formal application steps with follow-up for loan adjudication.

Apply to this program