How much funding can be received?

<p>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.</p>

grant_single_labels|terms_and_conditions

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.

grant_single_labels|projects

This grant provides financial support to women entrepreneurs for various essential business needs. Eligible activities cover a wide range of operational expenses and growth initiatives crucial for business development and sustainability.

Office and equipment leasing.
Salaries and employee benefits, excluding owner’s salary.
Purchase of IT/software licenses.
Professional services.
Inventory and supplies.
Intellectual property expenses.
Working capital, including payroll, lease payments, account management, rent, and overhead costs.
Digital initiatives, including website and e-commerce development.
Business marketing, advertising, and promotion.
Employee training programs.
Accounts receivable financing for service contracts.
Startup costs including legal fees, incorporation 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 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.

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.