Women's Enterprise Centre of Manitoba — Loans
MN, Canada
Loans for Manitoba women entrepreneurs
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
- Retail trade
- Professional, scientific and technical services
- Administrative and support, waste management and remediation services
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- Women's Enterprise Centre of Manitoba
grant_single|status
grant_card_status|open
grant_single_labels|preview
Loans up to $150,000 for start-up, expansion and purchase of existing businesses.
grant_single_labels|terms_and_conditions
This loan program provides various financing options for women-owned businesses, focusing on both start-ups and expansions. The terms are designed to support viable business projects with flexible conditions.
- Loans available for any amount up to $150,000.
- Start-up loans have an interest rate of prime + 3%, while expansion loans are at prime + 2%.
- No monthly fees are associated with these loans.
- There are no costs or penalties for early repayment.
- Loan terms can be extended up to five years.
- Equity and collateral requirements are flexible to accommodate varying business needs.
- Partnerships where the woman owns at least 51% of the business are eligible.
- Loan uses include leasehold improvements, advertising, purchase of existing business, inventory, and equipment.
- Loans cannot be used for purchasing goodwill, owner’s draw or salary, speculative real estate investments, debt refinancing, or illegal/immoral activities.
grant_single_labels|projects
This financing program supports a variety of business-related expenses to foster entrepreneurial growth among women in Manitoba. Eligible activities focus on business initiation, expansion, and equipment acquisition.
- Leasehold improvements for business premises.
- Advertising and marketing costs to promote business services or products.
- Purchase of an existing business to continue or enhance its operations.
- Purchase of inventory to stock supplies necessary for business operations.
- Purchase of equipment to support business activity.
- Funding for one-time or part-time projects evaluated individually.
grant_single|admissibleProjectsExample
$ 150,000
Opening an organic café and bakery specializing in local products and organic pastries
$ 150,000
Purchasing an existing restaurant focused on sustainable, zero-waste dining
$ 150,000
Launching a tech startup offering AI-driven financial advisory services for small businesses
$ 150,000
Expanding a cooperative greenhouse to boost local food production and health
$ 100,000
Starting a mobile pet grooming service to cater to pet owners's urban areas
$ 150,000
Establishing a new cultural center to promote indigenous arts and crafts
grant_single_labels|admissibility
The eligibility for a loan from the Women’s Enterprise Centre of Manitoba is determined by specific criteria related to the applicant's business profile and ownership.
- The applicant must be a legal entity.
- The business must be 51% owned and controlled by a woman or women.
- The applicant must be a Canadian citizen or landed immigrant, or a legal entity owned and controlled by Canadian citizen(s) or landed immigrant(s).
- The business must be operating or about to operate in Manitoba.
- The applicant must be in good standing with the Women’s Enterprise Centre of Manitoba if there was pre-existing financing.
- The business plan must demonstrate potential for commercial viability and loan repayment capacity.
- The applicant must demonstrate a reasonable personal history of credit-worthiness and stability or provide an adequate explanation for exceptions.
- Cash or other equity contributions and security requirements are evaluated on a case-by-case basis.
grant_eligibility_criteria|who_can_apply
This loan program is specifically for women or businesses that are at least 51% owned and controlled by women who are actively involved in its operation and management. Eligible applicants must be Canadian citizens or landed immigrants and must be operating or about to operate in Manitoba. Applications from partnerships between females and males are encouraged, provided the woman meets the ownership and management criteria.
grant_eligibility_criteria|who_cannot_apply
This loan excludes certain uses for the borrowed funds and, by extension, companies or activities primarily revolving around those uses. Restrictions are in place to ensure that loans are utilized for sustainable business growth and development.
- Companies intending to use funds for the purchase of goodwill.
- Businesses aiming to utilize funds for owners' draw or salaries.
- Entities planning to invest in real estate for speculative purposes.
- Organizations seeking financial consolidations, debt refinancing, or bailouts.
- Businesses involved in illegal or immoral activities.
grant_eligibility_criteria|eligible_expenses
The Women’s Enterprise Centre of Manitoba offers loans for businesses with an emphasis on supporting female entrepreneurs. These loans can be used for a variety of business-related expenses, excluding certain financial activities.
- Leasehold improvements for business premises.
- Advertising and marketing costs to promote the business.
- Purchase of an existing business to expand or start operations.
- Purchase of inventory necessary for business activities.
- Acquisition of equipment required for the business's operations.
- Funding for one-time or part-time projects, evaluated on a case-by-case basis.
grant_eligibility_criteria|zone
This grant is open to businesses operating within Manitoba, Canada, based on the location eligibility criteria set by the Women’s Enterprise Centre of Manitoba.
- Businesses operating in Manitoba.
grant_single_labels|criteria
The loan applications for the Women’s Enterprise Centre of Manitoba are assessed on a variety of criteria to determine the potential for commercial viability and the repayment capacity of the business, among other factors.
- Commercial viability of the business plan and ability to repay the loan.
- Contribution of cash or other equity and evaluation of security requirements (on a case-by-case basis).
- Personal history of credit-worthiness and stability.
- Clear ownership and active management participation by a woman (at least 51% ownership).
- Compliance with legal and citizenship or residency requirements (Canadian citizen or landed immigrant).
grant_single_labels|register
Here are the steps to submit an application for this loan:
- Step 1: Submit Business Plan
- Prepare and submit your comprehensive business plan electronically, by mail, or in person at the Women’s Enterprise Centre of Manitoba.
- If not already working with a Business Advisor, one will be assigned to you after submission.
- Wait for the Business Advisor to review and contact you within five business days to arrange a meeting for further discussion.
- Step 2: Complete Loan Application
- Fill out the Loan Application Form provided by the Business Advisor.
- Complete the Personal Statement of Affairs document to authorize a credit check.
- Step 3: Loan Committee Review
- Provide any additional requested information for the Business Advisor to fully prepare your application.
- The Business Advisor submits your application to the Loan Committee for evaluation.
- Step 4: Decision Notification
- Await a decision, which depends on the completeness and complexity of your business plan and application.
- If declined, consider submitting an appeal with new business-related information within 15 business days.
Apply to this program
Women’s Enterprise Centre of Manitoba Loan Program
The Women’s Enterprise Centre of Manitoba offers tailored financial solutions to empower women entrepreneurs, providing loans up to $150,000 for start-ups and business expansions. This program supports female-led businesses through flexible collateral requirements and personalized business advisory services, fostering growth in Manitoba’s dynamic business landscape.
Detailed Insights into the Manitoba Loan Support for Women Entrepreneurs
The Women’s Enterprise Centre of Manitoba Loan Program is a distinctive financial opportunity tailored specifically for businesses primarily owned by women. This initiative acts as a pivotal support mechanism aiming to empower female entrepreneurs in Manitoba, aiding them to establish, expand, or even acquire existing businesses with loan amounts up to $150,000. This unique financing solution is engineered not purely from a fiscal perspective but also seeks to provide a holistic support system including business advisory and developmental seminars for further skill enhancement and business acumen refinement.
Significant focus is placed on applicants who demonstrate not just innovative or viable business ideas, but also possess a commitment to actively manage and grow their enterprise. Importantly, for those businesses with a partnership model, it mandates a majority female ownership and active involvement, which must be no less than 51%. The financial products offered by the Women's Enterprise Centre are particularly accommodating; they offer flexibility in equity and collateral requirements, ensuring more entrepreneurs have access to capital without the stringent barriers typically associated with traditional lending.
A broad range of business-related expenses qualify for funding through this program, such as leasehold improvements, advertising, and marketing costs, purchase of inventory, and acquisition of equipment. However, limitations exist to prevent misuse of funds, with loans expressly barred from being utilized for activities like purchasing goodwill, covering owner’s draw or salary, investing in speculative real estate, or for financial consolidations and bailouts. Thus, the Center ensures funds are actively contributing to the tangible growth and benefit of the business.
Application to this program necessitates a well-constructed business plan, ensuring the business's potential for commercial viability is clearly articulated. The Centre supplements this requirement by offering guidance and seminars to assist in the development of these plans, a crucial resource particularly beneficial for fledgling businesses seeking direction. Additionally, a comprehensive loan application process, requiring personal and financial documentation, allows the Centre to thoroughly evaluate the potential and readiness of the applicant, with criteria extending beyond just the numerical values in a financial statement to include personal credit and character assessments.
The potential benefits of participating in the Manitoba Loan Program extend beyond the immediate financial advantages. Through active engagement with the Women’s Enterprise Centre, businesses potentially gain access to a network of support including industry connections, mentorship opportunities, and sustained advisory support which can be instrumental in navigating the challenges of entrepreneurial growth and sustainability. Further, lower initial interest rates compared to traditional banks ensure that businesses have the financial breathing space to develop at a manageable pace.
Despite the inherent opportunities provided by the loan program, the process is sometimes met with challenges, which the centre addresses through a transparent appeals process. Decisions made in regard to loan declinations can be reconsidered upon appeal, should additional information or a compelling business case be put forward. This ensures the decision-making process remains fair, robust, and supportive of real potential within the Manitoba business ecosystem.
In sum, the Women’s Enterprise Centre of Manitoba Loan Program not only injects vital capital into promising female-led businesses, but it also serves as a keystone in fostering a more inclusive, diverse, and dynamic economic landscape in Manitoba. By empowering women entrepreneurs, the program significantly contributes to bridging the gender gap in business, encouraging a wave of innovation, job creation, and socio-economic development across the region.
