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WeBC — Business Loans for Women
BC, Canada
Loans for British Columbia women entrepreneurs
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- WeBC
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get expert advice, as well as a loan of up to $150,000 for your market-ready start-up, expansion project, or business purchases, with flexible repayment options.
grant_single_labels|terms_and_conditions
WeBC offers business loans with modalities tailored to meet the unique needs of women entrepreneurs in British Columbia, focusing on providing accessible and flexible financing solutions.
- Business loans up to $150,000, with the option for women applying for $50,000 or less to access the Equal Access to Capital (EAC) program, which offers unsecured loans.
- Flexible repayment terms up to 5 years, accommodating various business models and cycles.
- Competitive interest rates with the provision for interest-only payments for the first six months.
- Lower security and equity requirements compared to many traditional lenders, thus enhancing access to capital for women-led businesses.
- Partnership possibilities with other lenders for funding needs exceeding $150,000 to meet full borrowing requirements.
- Wrap-around support services including complimentary business advisory, training, and mentoring for loan beneficiaries.
grant_single_labels|projects
The WeBC Business Loans for Women program is designed to support women entrepreneurs in British Columbia seeking to start, expand, or purchase a business. This program offers flexible financing solutions to help women overcome traditional lending barriers and foster business growth.
- Funding for market-ready startups initiated by women entrepreneurs.
- Business expansion projects for existing women-owned businesses.
- Business purchases for women entrepreneurs acquiring existing businesses.
- Acquisition of leaseholds and necessary business equipment.
- Provision of operating capital for strengthening business operations.
grant_single|admissibleProjectsExample
$ 150,000
Start a new organic farm venture
$ 150,000
Expansion of a community theater
$ 150,000
Startup of an eco-friendly clothing line
$ 150,000
Expand technological infrastructure for a fintech startup
$ 150,000
Acquisition of a local bookstore
grant_single_labels|admissibility
Eligibility for this loan program requires adherence to specific criteria related to the applicant's business ownership, location, and personal attributes.
- The applicant must be a woman who owns and controls at least 51% of a business registered and located in British Columbia, or 50% for wife-husband teams.
- The applicant must be a Canadian citizen or Permanent Resident.
- The applicant must reside in British Columbia.
- The applicant must be over 19 years old.
grant_eligibility_criteria|who_can_apply
WeBC provides loans specifically for women who are starting, buying, or expanding a business in British Columbia (BC), Canada. Applicants must meet the following criteria:- A woman who owns and controls at least 51% of a business registered and located in BC, or 50% for wife-husband teams.- A Canadian citizen or Permanent Resident.- Residing in BC.- Over 19 years old.Additional submission requirements include a business plan, market research, cash flow forecast, and demonstrating business skills. WeBC focuses on supporting women entrepreneurs by offering loans up to $150,000 with flexible terms and wrap-around supports like advisory services and training.
grant_eligibility_criteria|who_cannot_apply
Certain projects and business types are not eligible for financing through the WeBC Business Loans for Women program. This is to ensure that funding is allocated to sustainable, viable, and appropriate business ventures.
- Projects in the pre-start-up phase that require seed or early-stage capital.
- Projects in research and development, beta testing, or prototype building stages.
- Businesses where the owner lacks operational control over key business aspects, such as some franchises.
- Businesses where the majority of gross revenues do not come from direct sales of products or services (e.g., multi-tiered marketing).
- Businesses that operate on a non-profit basis.
- Speculative investments.
- Refinancing of existing debt from other lenders.
- Projects requiring loans greater than $150,000 without confirmed secondary financing.
grant_eligibility_criteria|eligible_expenses
The WeBC Business Loans for Women cover expenses necessary for starting, expanding, or purchasing a business.
- Leaseholds
- Equipment
- Operating capital
grant_eligibility_criteria|zone
This loan program is available to businesses located within a specific geographical area. It focuses exclusively on companies registered and operated within the province.
- Businesses registered and located in British Columbia (BC).
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The program assesses the viability, leadership, and skills of the applicant, matching funds, and the overall potential impact of the business on the economy.
- Viability of the business idea
- Leadership qualities and skills of the applicant
- Matching funds availability
- Potential impact of the business on the economy
grant_single_labels|register
Here are the steps to apply for a loan from WeBC:
- Step 1: Participate in a Business Loan Info Session
- Register for a free, phone-in Business Loan Info Session held weekly on Tuesdays at noon (PT).
- Attend the session to receive information on lending criteria and the application process as well as a resource package.
- Ask your questions during the session to clarify any aspect of the loan process.
- Step 2: Compile Required Documentation
- Prepare a comprehensive business plan including market research, and a cash flow forecast for the next two years.
- Gather credit history details to be assessed alongside the business plan.
- Identify assets that can be used as security for the loan, or discuss options for unsecured loans if applicable.
- Prepare documentation to demonstrate personal equity investment in the business.
- Step 3: Consult with a Business Advisor
- Contact a Business Advisor (e.g., Kelly Masson) to discuss loan programs suitable for your business needs.
- Work with the advisor to review your eligibility and strengthen your application where necessary.
- Seek additional resources or clarification needed for completing your application.
- Step 4: Submit Your Application
- Email your completed application to the designated contact (e.g., Kelly Masson) when ready.
- Ensure all required documents from the Loan Application Checklist are included.
- Step 5: Await Assessment and Decision
- Expect approximately four weeks for the assessment and final lending decision once all documents are submitted.
- Stay in touch with your Business Advisor for updates on your application status.
grant_single_labels|otherInfo
Here are additional relevant details for this program:
- WeBC provides complimentary wrap-around supports alongside its loans, including business advisory services, training, and mentoring.
- Applicants applying for loans of $50,000 or less may qualify for the Equal Access to Capital (EAC) program, which does not require specific security.
- The program offers flexible repayment options and terms of up to 5 years, with competitive interest rates and up to six months of interest-only payments.
- For funding needs beyond $150,000, WeBC can partner with other lenders to accommodate full borrowing requirements.
- Applicants are encouraged to check their credit rating before applying, as the credit history will be weighed against the strength of the business plan.
- WeBC offers resources for business plan development, such as guidelines, workbooks, and workshops to enhance business skills.
- Free phone-in Business Loan Info Sessions are available to provide information about lending criteria and the application process.
- The program allows for unsecured loans if sufficient security is unavailable, albeit with a higher interest rate.
- The loan assessment process takes approximately four weeks upon receiving all required information.
grant_single_labels|contact
1.800.643.7014
