WeBC — Business Loans for Youth

• Loan Application Checklist
• Business plan
• Market research confirming demand
• Monthly cash flow forecast
• Historic financial statements and purchase agreement, if buying a business

Who is eligible?

• Women entrepreneurs in British Columbia.
• Business owners aged 19 to 39.
• Businesses starting, purchasing or expanding in British Columbia.

Who is not eligible

• Pre-start-up projects requiring seed or early-stage capital.
• Businesses without operational control over key activities.
• Multi-tiered marketing businesses.
• Speculative investment projects.
• Projects requiring more than $70,000 without secured additional funding.

Eligible expenses

• Loan financing to start, buy, or expand a business.
• Business advisory support.
• Mentoring and business skills training.

Ineligible Costs and Activities

• Pre-start-up projects requiring seed or early-stage capital.
• Refinancing existing debt from another lender.
• Speculative investments.
• Projects requiring more than $70,000 without secured additional funding.

Eligible geographic areas

• British Columbia

• Strength, realism and workability of the business idea.
• Viability of the strategy to carry out the plan.
• Business ownership and control by women.
• Skills, talents and experience to implement the plan.

• Step 1: Attend the info session
  • Register for a free Business Loan Info Session.
  • Review lending criteria, ask questions, and receive an application resource package.
• Step 2: Prepare the documents
  • Gather the items on the Loan Application Checklist.
  • Prepare the business plan and supporting financial information.
• Step 3: Request and complete the application
  • After attending a session, request more information or an application from the Business Advisor team.
  • Complete the application with the required supporting documents.
• Step 4: Assessment and decision
  • WeBC reviews the application and determines eligibility.
  • A final lending decision is issued after assessment.

• Attend a mandatory Business Loan Info Session.
• WeBC reviews its lending criteria and your questions during the session.
• WeBC assesses the complete application after all required information is received.
• A final lending decision is provided in about four weeks.

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%.