WEOC National Loan Program

The WEOC National Loan Program provides accessible financing options aimed at facilitating women entrepreneurs in overcoming traditional financial barriers. These modalities ensure the flexibility and support needed for business growth and sustainability.

• Loan amounts of up to $50,000 are available for eligible businesses.
• Interest rates are fixed for the duration of the loan, set at the prime rate plus 4% or less.
• Administration fees amount to 1% of the total loan value, capped at $500, deducted from the initial disbursement.
• Loan terms are available for up to 5 years.
• Electronic fund transfer of loaned amounts within 10 business days post-approval and fulfillment of all conditions.
• Opportunity to appeal a declined application with a structured process involving a review by independent WEOC staff and a final decision from the CEO.

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.

Who is eligible?

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.

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.)

Eligible geographic areas

This grant seems to be applicable to companies located throughout Canada. This is inferred due to the involvement of associations of women in business across the country as part of the program.

• Associations and women entrepreneurs across Canada.

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.