WEOC National Loan Program
Canada
OEFC offers microloans to empower women entrepreneurs in Canada
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Retail trade
- Transportation and warehousing
- Professional, scientific and technical services
- Accommodation and food services
grant_single|grantors
- Women's Enterprise Organizations of Canada (WEOC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
The OEFC Loan Program offers up to $50,000 to support women entrepreneurs in overcoming financial barriers, emphasizing the development and expansion of women-owned businesses in Canada. Eligible activities include expenses like office rent, professional services, inventory, digital development, and marketing.
grant_single_labels|projects
This grant is designed to support a variety of business-related expenses crucial for female-led enterprises. The eligible activities cover operational costs, digital enhancements, and other professional services necessary for business growth and sustainability.
- Rental expenses for office space and equipment.
- Salaries and benefits (excluding the owner's salary).
- Purchases related to IT and software licensing.
- Professional services.
- Inventory and supplies.
- Intellectual property expenses.
- Working capital needs like payroll, rent, and indirect costs.
- Digital initiatives, including website and e-commerce development.
- Marketing, advertising, and business promotion.
- Employee training programs.
- Accounts receivable financing.
- Business startup costs such as legal fees and business plan development.
grant_single_labels|admissibility
Eligibility for this grant requires businesses to meet specific criteria related to ownership and financial benchmarks.
- The business must have gross revenues not exceeding $2 million.
- The business must be at least 50% owned by women.
grant_eligibility_criteria|who_can_apply
Female entrepreneurs who are at least 19 years old, have Canadian citizenship or permanent residency, and reside in Canada are eligible to apply. Additionally, eligible businesses must be 50% owned by women and have gross revenues not exceeding $2 million.
grant_eligibility_criteria|eligible_expenses
The grant covers a variety of business-related expenses essential for the operation and growth of women-owned businesses.
- Office and equipment rental
- Salaries and benefits (excluding the owner's salary)
- Purchase of IT/software licenses
- Professional services
- Inventory/supplies
- Intellectual property
- Working capital (e.g., payroll, lease payments, account management, rent, overhead costs)
- Digital expenses (including website and e-commerce development)
- Business marketing/advertising/promotion
- Employee training
- Accounts receivable financing (i.e., financing for a service contract)
- Business start-up costs (legal fees, incorporation fees, business plan development, etc.)
grant_eligibility_criteria|zone
This loan program is available for women entrepreneurs residing in any region across Canada. The application process involves connecting with regional partners spread throughout the country.
- All provinces and territories of Canada.
grant_single_labels|register
- Step 1: Learn About the Program
- Review eligibility requirements, the FAQ, and articles on the benefits of the loan program.
- Step 2: Contact a Regional Partner
- Identify a loan fund partner in your region through OEFC's network.
- Schedule a meeting with a regional partner for expert advice and support in business planning and loan application preparation.
- Step 3: Prepare Application
- Work with your regional partner to finalize your business plan, including a two-year cash flow forecast.
- Gather additional required documentation, such as a business overview (for existing businesses) or a detailed startup business plan (for new businesses).
- Step 4: Submit Application
- Receive a direct link to the online application from your loan fund partner.
- Complete and submit the online application form.
- Step 5: Await Decision
- If needed, communicate with OEFC for any unclear matters or direct assistance.
- Step 6: Appeal (If Necessary)
- If your application is denied, you can file an appeal within 15 working days, providing strong business reasons and any previously unshared relevant information.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The advisory support from Loan Fund Partner advisors includes guidance through the process and business advice even after the loan is received.
- Administrative fees amount to 1% of the total loan amount, up to a maximum of $500.
- Once the loan is approved, a fixed interest rate, which is the prime rate plus up to 4%, is applicable for the entire loan term.
- Applicants can appeal a loan refusal with a written explanation and additional information within 15 days of the decision.
grant_single_labels|contact
204-819-7315
Apply to this program
Empowering Women Entrepreneurs Through the OEFC Loan Program
The OEFC Loan Program provides vital financial assistance to women entrepreneurs in Canada by offering loans up to $50,000, helping them overcome traditional barriers to business funding. This initiative is part of a broader strategy by the Government of Canada to support women in entrepreneurship under the Women's Entrepreneurship Strategy.
Unveiling the Benefits and Processes of the OEFC Loan Program
The OEFC Loan Program is a pioneering financial initiative designed specifically to support women entrepreneurs across Canada. Recognizing the unique challenges that women face in accessing business capital, this program extends its support through loans up to $50,000, thus fostering the growth and expansion of women-owned enterprises. The program is integral to the Women's Entrepreneurship Strategy led by the Government of Canada, which allocated $55 million toward creating a national microloan fund.
Applicants to the OEFC Loan Program benefit from an inclusive and supportive loan application process. Instead of relying solely on credit scores, the program evaluates an applicant's potential for business success, thus considering a broader spectrum of factors that indicate the viability and promise of a business idea. This approach underscores OEFC's commitment to investing in the real potential of women entrepreneurs, beyond traditional creditworthiness metrics.
This program is distinctive not only in its financial offerings but also in the robust support system it puts in place for applicants. Through partnerships with women's business associations across Canada, OEFC connects applicants with local loan fund partners who provide invaluable guidance in crafting business plans and preparing loan applications. These partners are seasoned professionals equipped with the skills to offer strategic advice and support tailored to the unique challenges and opportunities faced by women entrepreneurs.
The eligible expenses under this program are comprehensive, allowing for a wide array of business-related costs. This includes office and equipment rentals, employee salaries and benefits (excluding the owner's salary), technology purchase, marketing, professional services, working capital, and more. Such coverage ensures that the loan can be leveraged for essential funding needs that drive business innovation and growth.
Moreover, the OEFC Loan Program aims to empower women entrepreneurs through continuous support and development opportunities. Loan fund partners provide access to business resources such as networking events, mentoring programs, and individual counseling. They also offer post-loan support to ensure borrowers can adeptly navigate the complexities of growing their business, providing an enduring partnership beyond initial financial assistance.
Applicants are advised to first review the eligibility criteria and understand the terms of the loan to ensure they align with their business visions and capabilities. Once eligibility is confirmed, they should reach out to an OEFC regional partner, who will walk them through every step of the application process. With an administrative fee capped at a nominal percentage of the loan and a transparent interest rate structure tied to the prime rate, the program offers an accessible financial tool for women ready to take their business to new heights.
This initiative has already made significant strides in bettering the economic landscape for women entrepreneurs in Canada. With nearly 300 women entrepreneurs funded across 15 sectors since its inception, the OEFC Loan Program stands as a testament to the power of targeted financial interventions in bridging gender gaps in business. Its success highlights the immense potential that lies within women-led enterprises when provided with the right tools and support, and it reinforces the transformative impact of structured, well-thought-out entrepreneurial support programs.
