AWE — Loan Programs
AB, Canada
Loans for Alberta women entrepreneurs
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Loans and Capital investments
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- Alberta Women Entrepreneurs (AWE)
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Get a loan of up to $150,000 for your market-ready startup, business expansion or business purchases.
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Eligible projects or activities for this grant include business expansion projects and business purchases. These can have various eligible expenses associated with them.
- Leasehold improvements
- Equipment purchases
- Operating capital
- Advertising and marketing costs
- Purchase of inventory
grant_single|admissibleProjectsExample
$100,000
Montreal
Purchase new medical equipment for a healthcare cooperative to improve patient care.
$90,000
Vancouver
Expand a digital marketing agency with new software and an expanded team.
$120,000
Victoria
Purchase a second-hand bookstore and refurnish it to attract local readers.
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To be eligible for this grant, applicants must meet specific criteria related to business ownership, location, credit score, equity contribution, security on the loan, and residency status.
- Be a 50.1% women-owned and led business
- Business is registered and located in the province of Alberta
- Have a minimum credit score of 650
- Contribute a minimum or have contributed a minimum of 25% owner equity on total project costs
- Contribute a minimum of 30% security on the loan. This amount differs depending on the size, risk, and purpose of the loan.
- Be a Permanent Resident living in Alberta
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AWE offers loans specifically tailored for women-owned businesses in Alberta. Eligible companies for this grant must be women-owned businesses looking to expand and grow their operations.
- Women-owned businesses in Alberta
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Loans can be used for business expansion projects and business purchases, including a variety of expenses.
- Leasehold improvements
- Equipment purchases
- Operating capital
- Advertising and marketing costs
- Purchase of inventory
grant_eligibility_criteria|zone
The eligible geographic zone for this grant is Alberta, Canada. Businesses must be registered and located in the province of Alberta.
- Businesses must be registered and located in the province of Alberta
- Permanent Residents living in Alberta
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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
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- Step 1: Submit our Ready for Financing Quiz below.
- Step 2: If the quiz or Business Advisor determines that you are not ready for financing, we will send you some links to prepare. We offer specific programming for helping with Business Plans and Financial Projections.
- Step 3: If you are ready, you will be sent the Loan Assessment link. If you have not met the requirements after submitting, you will receive an email that the assessment is incomplete. You will also receive resources to help you complete it. If your assessment is both eligible for funding and complete, you will receive an email with next steps.
- Step 4: Complete and submit the online Loan Assessment. A government issued photo identification and proof of Canadian Citizenship or Permanent Residency will have to be provided. Instructions will be sent via email on how to pay the loan application fee.
- Step 5: We will review your submission, complete our loan evaluation and present it to the Loan Committee. In the meantime, you will receive an email stating that your application is complete. If you are approved and you accept our loan offer, a loan administration fee will apply. You will be notified of the final decision.
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Additional information regarding the grant includes specific financing conditions and types of eligible uses for the loans.
- Loans can range from $10,000 to $150,000
- Interest rate ranging from Prime +2% to Prime +4%
- Flexible repayment options and terms of five years
- No penalty for early repayment and no hidden fees
- Loan administration fees are different for various loan programs
Apply to this program
AWE Growth Loan for Women-Owned Businesses in Alberta
The AWE Growth Loan provides up to $150,000 in financing to women-owned and led businesses in Alberta, aiming to support business expansion. The loan offers competitive interest rates, flexible repayment options, and access to a community of women entrepreneurs and business advisors.
Detailed Guide on AWE Growth Loan for Women-Owned Businesses in Alberta
The Alberta Women Entrepreneurs (AWE) Growth Loan is a catalyst for women-owned enterprises aiming to scale their operations and enhance their market presence. Designed specifically for businesses run by women, this loan program understands the unique challenges and opportunities faced by women in the entrepreneurial ecosystem of Alberta. Below is a comprehensive breakdown of everything you need to know about the AWE Growth Loan, from eligibility requirements to the application process and benefits.
Eligibility Criteria
Before diving into the application process, it's essential to ensure your business meets specific eligibility criteria:
- Women Ownership: Your business must be at least 50.1% owned and led by women.
- Location: The business must be registered and situated in the province of Alberta.
- Credit Score: A minimum credit score of 650 is required.
- Owner Equity: You must contribute or have already contributed a minimum of 25% of the total project costs.
- Security: A minimum of 30% security on the loan is required, adjustable based on the loan's size, risk, and purpose.
- Residency: Applicants must be Permanent Residents living in Alberta.
Approved Uses for the Loan
The AWE Growth Loan is designed to cater to various business needs targeted towards expansion and growth. The funds can be used for:
- Leasehold Improvements: Enhancements or renovations to your existing business location.
- Equipment Purchases: Buying new machinery or upgrading existing equipment essential for business operations.
- Operating Capital: Funds to cover day-to-day operational expenses.
- Advertising and Marketing Costs: Funds allocated for promotional activities to boost your business visibility.
- Purchase of Inventory: Procuring inventory to meet business demands.
Non-approved Uses for the Loan
To ensure the loan serves its primary purpose of business growth, certain expenses are not eligible:
- Owner’s salary
- Existing debt repayment
- Franchise fees
- Speculative ventures
- Intangible goodwill
- Research and development
- Purchase of stocks, shares, or other non-productive investments
AWE Loan Process
Understanding the loan assessment process is crucial for a successful application. Follow these steps meticulously:
- Ready for Financing Quiz: Start with the Ready for Financing Quiz to assess your readiness for funding. If you're not ready, AWE provides resources to help you prepare, including programs for crafting business plans and financial projections.
- Loan Assessment Link: If you pass the quiz, you'll receive the link to the Loan Assessment. Complete it and submit the required documents, including government-issued photo identification and proof of Canadian Citizenship or Permanent Residency.
- Loan Application Fees: Pay the applicable loan application fee. For example, the Growth Loan carries a $600 loan administration fee, which includes the application fee.
- Submission Review: AWE reviews your submission, conducts a loan evaluation, and presents it to the Loan Committee. This step can take 7 - 10 business days.
- Final Decision: If approved, you will be notified and upon accepting the loan offer, a one-time loan administration fee will apply.
Benefits of the AWE Growth Loan
Applying for and securing an AWE Growth Loan comes with a host of benefits tailored to foster business growth:
- Capital for Growth: Up to $150,000 in financing to support your business expansion.
- Competitive Interest Rates: Rates range from Prime +2% to Prime +4%, making it an affordable financing option.
- Flexible Repayment Options: Terms of up to five years with no penalties for early repayment.
- Access to Advice and Resources: Personalized business advice and resources from the AWE team.
- Connected Community: Discounts to AWE events and opportunities to network with other women entrepreneurs.
What Sets AWE Loans Apart?
Several unique features distinguish AWE loans from other financing options:
- No Hidden Fees: Transparency in fee structures ensures you know the costs upfront.
- Supportive Ecosystem: Ongoing support and advice beyond just financial assistance.
- Early Repayment: No penalties if you choose to repay the loan ahead of schedule.
- Collaborative Financing: For needs exceeding $150,000, AWE seeks to partner with other lenders to meet full borrowing requirements.
Case Study: Success with AWE Growth Loan
AWE loans have been instrumental in the growth of numerous women-owned businesses. For instance, Evelyn Ackah of Ackah Business Immigration Law leveraged the AWE loan to build an innovative online immigration platform. Her testimonial underscores the transformative impact of the AWE loan:
"The loan from AWE provided an exciting opportunity to expand our business reach. With our funds plus the loan received from AWE, we are building an exciting new online immigration platform for people who may not need the full services of an immigration law firm but who understand the perils of trying to DIY your immigration application and risk wasting time and money - and possibly being denied an opportunity to move to Canada. AWE has helped Ackah Law as we continue to open doors to new business opportunities locally and internationally."
- Evelyn Ackah, Ackah Business Immigration Law
How to Apply?
Ready to kickstart your application? Here’s how you can begin your loan assessment journey: Start your Loan Assessment The process aims to clarify your business goals, model, and financial projections, ensuring a solid business foundation and determining if an AWE loan matches your needs.
Step-by-Step Application Guide
- Complete the Ready for Financing Quiz.
- If eligible, proceed to the Loan Assessment Link.
- Submit all necessary documents alongside the applicable loan administration fee.
- Wait for the review process and final decision notification.
- Upon approval and acceptance, pay the loan administration fee and start leveraging the funds for your business growth.
Conclusion
Securing an AWE Growth Loan can be a game-changer for women entrepreneurs in Alberta looking to scale their businesses. The combination of financial support, competitive interest rates, flexible repayment options, and a robust support network makes it an attractive option for women-led enterprises aiming for growth and sustainability. Whether you need funding for leasehold improvements, equipment purchases, or operating capital, the AWE Growth Loan offers a tailored financing solution to help achieve your business goals. Apply today and join a community of empowered women entrepreneurs driving economic growth in Alberta.
