WeBC — Business Loans for Youth
BC, Canada
Loans for young women entrepreneurs in British Columbia
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
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
If you are a woman between the ages of 19 and 39, you could access a loan of up to $70,000 with flexible repayment options, as well as free, ongoing business advice from your personal business advisor.
grant_single_labels|projects
This financing option is available to businesses registered and located within a specific geographical area as determined by the program's criteria. Eligibility is targeted towards supporting regional entrepreneurship among women.
- Businesses registered and located in British Columbia, Canada.
grant_single|admissibleProjectsExample
$70,000
Vancouver
Launch a coffee shop with unique local blends and sustainable practices
$70,000
Kelowna
Start a fitness studio focusing on holistic wellness and community engagement
$70,000
Victoria
Acquire a florist shop and integrate modern eco-friendly production methods
$70,000
Burnaby
Create a children's clothing line focusing on eco-friendly materials
$70,000
Richmond
Expand an organic skincare product line focusing on sustainable sourcing
$70,000
Surrey
Expand a digital marketing agency to focus on local small businesses
grant_single_labels|admissibility
To be eligible for financing through WeBC's Youth Loan program, applicants must meet the following criteria:
- Be between the ages of 19 and 39.
- Be a woman or a group of women owning and controlling at least 51% of a business.
- The business must be registered and located in British Columbia.
- Applicants must be Canadian citizens or permanent residents.
- Applicants must currently reside in British Columbia.
- The applicant must provide a business plan and market research confirming demand for the product or service.
- A monthly cash flow forecast for the next two years of operation is required.
- Credit history review will be conducted; applicants must not have an outstanding bankruptcy or judgment.
- A minimum equity contribution of 10% of the loan amount is required.
- The applicant must demonstrate the necessary business skills, which can be gained through various experiences.
grant_eligibility_criteria|who_can_apply
Young women entrepreneurs between the ages of 19 and 39 who own and control at least 51% of a business that is registered and located in British Columbia are eligible to apply for this youth business loan program. The applicants must be Canadian citizens or permanent residents residing in British Columbia. Additionally, they should have a business plan, market research, cash flow forecast, and meet other financial and credit requirements as specified by WeBC and Futurpreneur Canada. The business should not fall under ineligible projects such as speculative investments or multi-tiered marketing projects.
grant_eligibility_criteria|who_cannot_apply
While WeBC provides business loans to eligible applicants, certain types of projects and businesses are not eligible for this financing program. These restrictions ensure that funds are allocated to businesses with viable operational plans and financial stability.
- Projects in the pre-start-up phase requiring seed or early-stage capital.
- Businesses without operational control over significant operational aspects, such as certain franchises.
- Businesses deriving the majority of gross revenues from indirect sales, such as multi-tiered marketing projects.
- Speculative investment ventures.
- Refinancing of existing debt from another lender.
- Loans required for projects exceeding the $70,000 funding cap without secured additional funding.
grant_eligibility_criteria|eligible_expenses
This loan program assists young women entrepreneurs in British Columbia to start, purchase, or expand their businesses. Participants benefit from financial assistance and strategic guidance to develop their ventures effectively.
- Starting a new business venture.
- Purchasing an existing business.
- Expanding an existing business operation.
- Accessing ongoing business advice from a personal Business Advisor.
- Receiving mentoring support.
- Participating in free business skills training programs.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The criteria include:
- Strength, realism, and viability of the business idea
- Strategy to carry out the business plan
- Ownership and operation of the business by women at least 51%
- Possession of necessary skills and experience to execute the plan
grant_single_labels|register
Here are the steps to submit an application for the WeBC Business Loans for Youth:
- Step 1: Attend Business Loan Info Session
- Register for and participate in one of the weekly phone-in Business Loan Info Sessions held every Tuesday at noon (PST).
- During the session, review WeBC’s lending criteria and gain insights into how to prepare a successful application.
- Get answers to any questions you may have regarding the loan process and requirements.
- Receive a resource package that includes necessary application details.
- Step 2: Prepare Required Documentation
- Develop a comprehensive business plan highlighting the viability and potential of your business.
- Conduct market research to validate demand for your product or service.
- Prepare a monthly cash flow forecast for the next two years.
- Compile historic financial statements if purchasing an existing business.
- Ensure your credit history is reviewed, noting any current standings or obligations.
- Demonstrate a minimum equity contribution of 10% of the loan amount in the form of cash or business assets.
- Step 3: Submit Application
- After attending the info session, work with a Business Advisor to assess your eligibility for the loan.
- Email Kelly Masson, Business Advisor, to request an application form if you meet eligibility criteria.
- Complete the application form following the guidelines and ensure all required documents are included.
- Step 4: Application Review and Decision
- WeBC will review your complete application package and conduct an assessment.
- Expect to receive a lending decision approximately four weeks after submission of all required documentation.
grant_single_labels|otherInfo
Here are additional relevant details for the WeBC Youth Loan program:
- Free, ongoing business advice is available from a personal Business Advisor throughout the loan term.
- The loan is unsecured, meaning no collateral is needed to secure the funds.
- There are flexible repayment options, including up to six months with interest-only payments.
- A one-time loan administration fee of 1% is charged before disbursement.
- There is no penalty for early repayment of the loan.
- Free business skills training and mentoring are part of the support provided.
- Participation in a Business Loan Info Session is necessary to obtain an application form and insights into the process.
- The process entails about four weeks for assessment once all necessary information is submitted.
- If lacking in experience, other skills relevant to business operations are considered, and there are opportunities for skill-building workshops.
- A minimum personal equity of 10% of the loan amount is required instead of the usual 25%.
grant_single_labels|contact
1-800-643-7014
Apply to this program
Empowering Young Women Entrepreneurs in British Columbia
The Youth Business Loan Program offers financial support of up to $70,000 for young female entrepreneurs in British Columbia looking to start, purchase, or expand their businesses. This initiative focuses on fostering women-led businesses by providing not just funding, but also a comprehensive suite of support services including business advisory, mentoring, and skills training.
A Detailed Overview of the Youth Business Loan Program
The Youth Business Loan Program is a collaborative effort between WeBC and Futurpreneur Canada aimed specifically at empowering young women entrepreneurs aged 19 to 39 in British Columbia. This strategic partnership provides unsecured financing up to $70,000 to facilitate the launch, acquisition, or expansion of women-owned businesses. With WeBC matching Futurpreneur’s interest rates, the financial ease afforded by this program is augmented by its innovative approach to inclusivity and support.
One of the defining features of this program is that it does not require the traditional financial security typically demanded by lenders, thereby significantly lowering the barriers to entry for women ready to embark on their entrepreneurial journey. The loan terms are designed for flexibility, including the option of interest-only payments for the first six months and no penalties for early repayment, thereby enabling beneficiaries to manage cash flows more efficiently during the critical early phase of business establishment.
Moreover, the initiative goes beyond financial assistance, offering robust support systems to nurture and sustain entrepreneurial success. Each loan recipient is paired with a dedicated Business Advisor who provides tailored guidance throughout the loan term, ensuring that entrepreneurs have access to expertise in navigating business challenges. Additionally, free ongoing mentorship and business skills training are integral components of the program, providing young women with the knowledge and capability to thrive not just in their current venture but in any future entrepreneurial endeavor.
Applicants must demonstrate essential business acumen, which can be gained through prior work experience, educational accomplishments, or other personal endeavors. The program also encourages women to make a personal equity contribution, promoting a vested interest in their entrepreneurial success. The equity requirement is set at a modest 10% of the loan value, manifestly lower than what conventional loans mandate, thus enabling greater accessibility for more women entrepreneurs.
While participation in a Business Loan Information session is mandatory as part of the application process, these sessions serve to educate potential applicants not only on the program details but also on how to craft a strong business plan. WeBC provides a wealth of resources, including workshops, guides, and a comprehensive Business Plan Review Service, to equip applicants with the tools needed to construct a compelling and viable business proposal.
This initiative is part of a broader commitment by WeBC to foster economic development in British Columbia by supporting women entrepreneurs. As the landscape continues to evolve, WeBC is poised to play a vital role in ensuring that women entrepreneurs are well-represented and supported, contributing significantly to the province's economic growth and diversity.
