AWE — Loan Programs
AB, Canada
Loans for Alberta women entrepreneurs
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|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Alberta Women Entrepreneurs (AWE)
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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|terms_and_conditions
This grant focuses on offering loan solutions specifically for women-owned businesses in Alberta, emphasizing flexibility and support to ensure business growth and sustainability. These financing modalities provide competitive rates and personalized options to cater to the diverse needs of entrepreneurs.
- Loans of up to $150,000 are available for women-owned businesses.
- Interest rates are competitive, ranging from Prime +2% to Prime +4%.
- Loan terms offer flexibility of repayment options up to five years.
- There are no penalties for early repayment of the loan and no hidden fees.
- Loan funds can be used for a variety of business-related expenses, including leasehold improvements, equipment purchases, advertising and marketing costs, purchase of inventory, operating costs, technology upgrades, and professional services fees.
- Loan funds cannot be used for certain purposes such as owner's salary, existing debt, speculative ventures, intangible assets, research and development, or purchase of stocks and shares.
grant_single_labels|projects
Loans under the AWE Loan Programs are designed to support the growth and expansion of women-owned businesses in Alberta. Eligible uses of the loan program include to improve operational capacity and enhance market presence.
- Leasehold improvements to enhance business premises.
- Purchases of necessary equipment to support operations.
- Advertising and marketing expenditures to increase brand visibility.
- Acquisition of inventory to meet customer demand.
- Management of operating costs, including employee wages, utilities, and rent.
- Technology upgrades to improve business efficiency.
- Payment for contractor and professional services fees.
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
This grant opportunity is exclusively available to women-owned businesses registered and operating in a specific region. The businesses must meet the location criteria to qualify for the AWE Loan Programs.
- Women-owned businesses registered and operating in Alberta, Canada.
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
Your Journey to Business Growth and Success
Explore a structured approach to securing the loans and financial aid your business needs for expansion and innovation. We provide detailed insight into the processes and requirements involved in applying for financial resources to ensure your entrepreneurial progress.
Navigating Your Way to Secure Business Loans and Support
Obtaining the necessary capital to grow your business is a fundamental step in the journey of entrepreneurship. At Alberta Women Entrepreneurs (AWE), we recognize that securing a business loan can serve as a critical foundation for expanding your reach and innovation capabilities. Our structured lending programs are designed to offer substantial support for women-owned businesses, helping you access the requisite funding with up to $150,000 available to eligible applicants.
One of the core principles of AWE's loan offerings is the emphasis on reinvestment within the community. We prioritize a cycle-back funding model, whereby the interest and fees collected from loans are used to support other women-owned businesses in Alberta. This approach not only enhances sustainability but also fosters a supportive entrepreneurial ecosystem.
Applicants are assessed based on specific eligibility criteria, ensuring the loan program supports businesses with a substantial scope for growth and impact. This includes the ownership structure of the business, residency requirements of the stakeholders, and a minimum credit score benchmark, which ensures the applicant's ability to manage financial responsibilities effectively.
Applying for an AWE loan entails a clear preparatory process, requiring businesses to submit detailed financial documents and business plans. This preparatory step ensures that applicants are well-placed to utilize the funding effectively and transparently. Applicants are expected to provide essential documents such as income statements, projected financials, and other key records that validate the business’s financial health.
AWE's loan program is characterized by its flexibility in repayment options, offering terms of up to five years with no early repayment penalties. This flexibility empowers businesses to align loan repayments with cash flow realities, allowing for smoother financial operations. The competitive interest rates offered further enhance the viability of this funding option for many startups and established businesses alike.
Beyond funding, AWE extends its support through resources aimed at equipping entrepreneurs with the knowledge and networks necessary for sustained business growth. From webinars and business plan guides to personalized consultations, AWE is dedicated to supporting the success of women in business. The broad range of support services ensures that entrepreneurs not only secure necessary funding but also thrive in their business aspirations.
Engaging with AWE's financial aid services promises a partnership where the potential for growth is nurtured and amplified through both financial and educational resources. This comprehensive support mechanism provides a robust framework for women entrepreneurs, facilitating their journey towards achieving significant milestones in their business ventures.
