
Women Entrepreneurs Saskatchewan — Financing
- Open continuously
Overview
Get a loan of up to $150,000 to help finance up to 80% of your business project.
At a glance
Funding available
- Develop strategic partnerships
- Maximum amount : 150,000 $
- Up to 80% of project cost
- Open continuously
Eligible candidates
- All industries
- Saskatchewan
- Sole proprietorship
- For-profit business
- All revenue ranges
- All organization sizes
- Women
Next Steps
Official resources
Eligibility
Who is eligible?
The WESK Financing program is specifically designed for women entrepreneurs in Saskatchewan who meet certain criteria. To apply, you must:- Be a WESK member.- Be a woman, or an operation owned and controlled by a woman or women. This is typically defined as more than 50% ownership, although 50% ownership may be considered in certain circumstances.- Be a Canadian citizen or landed immigrant (permanent resident), or a legal entity owned and controlled by Canadian citizen(s) or landed immigrant(s).- Be a registered business in Saskatchewan (or have the name reserved).- Be operating or about to operate in Saskatchewan.- Be a Saskatchewan resident and at least 18 years old.- Have sufficient security for loans over $20,000.- Provide a 20% owner's contribution towards the total project/business costs.Who is not eligible
There are certain types of companies that are not eligible for the WESK Financing grant:
- Companies not owned or controlled by women
- Non-Canadian citizens or legal entities not owned or controlled by Canadian citizens
Eligible expenses
The financing program focuses on supporting women entrepreneurs in Saskatchewan by providing loans for various business activities. Specific eligible projects or activities are generally those involved in starting or expanding businesses within the region.
- Starting a new business in Saskatchewan.
- Expanding an existing business within Saskatchewan.
- Growth projects requiring financial investment.
Eligible geographic areas
This financing option is specifically available for women entrepreneurs operating in Saskatchewan. The program supports businesses aiming to establish or expand their operations within the province.
- Businesses operating in Saskatchewan.
- Companies headquartered in Saskatchewan looking to expand within or beyond the province.
Selection criteria
There are evaluation and selection criteria for the WESK Financing grant.
- Be a WESK member and meet eligibility requirements listed above.
- Provide a detailed loan application and necessary financial information.
- Demonstrate a viable business plan and ownership structure.
- Show evidence of security and owner's contribution.
- Business must be registered and operating in Saskatchewan.
How to apply
Membership Verification
Ensure you are a WESK member. If not, sign up for a Trailblazer membership for unlimited Business Advising.
Initial Eligibility Check
Book an appointment with your business advisor at WESK to discuss your loan eligibility and determine the necessary documents.
Document Preparation
- Gather the required documents based on your loan type (Startup Projects or Growth & Expansion Projects).
- Complete your WESK Loan Application Form.
- Draft your business plan (Micro or Full, depending on loan type) along with a Two-Year Cashflow Projection.
- If applicable, compile two years of financial statements (Balance Sheet & Profit Loss).
- Sole Proprietors need to include two years of tax returns.
Finalize Application
- Review all documentation for accuracy and completeness.
- Submit the completed documents to your WESK business advisor for official submission to Lending.
Await Application Status
Receive notification of your loan application status within 10 business days after submission.
Address Additional Information Requests
Provide any additional supporting information if requested during the loan processing stage.
Additional information
Here are additional relevant details for WESK financing:
- Interest-only payments are available at the start, allowing businesses to allocate resources effectively as they become operational.
- All interest collected on loans is reinvested to support future women entrepreneurs seeking loans.
- An appeal process is available if a loan application is denied, involving a review by the CEO and potentially two independent individuals.
- The CEO's decision on appeals is binding, providing a clear final resolution in the process.