Women Entrepreneurs Saskatchewan — Financing
SK, Canada
Loans for Saskatchewan women entrepreneurs
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
Expert Advice
Partnering and Collaboration
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Women Entrepreneurs Saskatchewan (WESK)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a loan of up to $150,000 to help finance up to 80% of your business project.
grant_single_labels|projects
This financing option is exclusive to businesses that are either operating in Saskatchewan or headquartered there. It is tailored to support the economic growth of women entrepreneurs within the region.
- Businesses that are operating in Saskatchewan.
- Companies headquartered in Saskatchewan, even if expanding outside the province.
grant_single|admissibleProjectsExample
$120,000
Starting a non-profit bakery that employs marginalized communities
$120,000
Launching a social enterprise to support local artisans
$120,000
Opening a new fitness studio offering innovative wellness programs
$72,000
Expanding inventory for a growing local bookstore
$144,000
Purchase and renovation of a heritage café
$120,000
Acquiring advanced software tools for a tech start-up
grant_single_labels|admissibility
Eligibility for the WESK loan program in Saskatchewan is based on specific criteria related to the applicant and the business.
- The applicant must be a WESK member.
- Applicants must be women, or operations owned and controlled by women, or women.
- Applicants must be Canadian citizens or landed immigrants, or legal entities owned and controlled by Canadian citizens or landed immigrants.
- The business must be registered in Saskatchewan or have the name reserved.
- The business must be operating or about to operate in Saskatchewan.
- The applicant must be a Saskatchewan resident and 18 years of age or older.
- Sufficient security must be provided for loans over $20,000.
- An owner’s contribution of at least 20% must be provided.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
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
grant_eligibility_criteria|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.
grant_single_labels|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.
grant_single_labels|register
Here are the steps to apply for WESK Financing:
- Step 1: Membership Verification
- Ensure you are a WESK member. If not, sign up for a Trailblazer membership for unlimited Business Advising.
- Step 2: Initial Eligibility Check
- Book an appointment with your business advisor at WESK to discuss your loan eligibility and determine the necessary documents.
- Step 3: 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.
- Step 4: Finalize Application
- Review all documentation for accuracy and completeness.
- Submit the completed documents to your WESK business advisor for official submission to Lending.
- Step 5: Await Application Status
- Receive notification of your loan application status within 10 business days after submission.
- Step 6: Address Additional Information Requests
- Provide any additional supporting information if requested during the loan processing stage.
grant_single_labels|otherInfo
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.
grant_single_labels|contact
info@wesk.ca
Apply to this program
Empowering Women Entrepreneurs in Saskatchewan with Financial Support
The Women Entrepreneurs of Saskatchewan (WESK) provides financial assistance to women-owned businesses through dedicated loan programs designed to facilitate business establishment and growth. These loans offer flexible terms, competitive interest rates, and personalized business advising services to support women in achieving entrepreneurial success.
Dive Deeper into the WESK Financing Program for Women Entrepreneurs
The Women Entrepreneurs of Saskatchewan (WESK) has pioneered a financing initiative expressly designed to propel the successes of women entrepreneurs within the province. The program facilitates access to crucial funds, offering loans up to $150,000 to establish, expand, or sustain operations across various stages of business development. Emphasizing inclusivity, empowerment, and resource accessibility, WESK assists its members by alleviating financial barriers and advising on strategic business planning.
WESK stands as a Loan Fund Partner with the Women’s Enterprise Organizations of Canada (WEOC), further widening the financial support network through loans that bridge any gaps, providing an additional potential $50,000. This collaboration underscores a community-driven approach where every dollar borrowed contributes to creating new, equitable opportunities for women across Saskatchewan. Upon repayment of loans, the interest collected is recirculated to support future women entrepreneurs, thus fostering a self-sustaining financial system that prioritizes collective empowerment.
Recognizing the hurdles women entrepreneurs often face, WESK’s loan program offers competitive interest rates, starting at the fixed rate of Prime + 3%, with potential reductions based on credit history and business plan strength. Moreover, initial interest-only payment options provide much-needed financial breathing room, enabling entrepreneurs to focus on building their businesses before regular payments commence. Importantly, WESK does not impose penalties for early loan repayment, encouraging financial flexibility and peace of mind.
In addition to financial aid, WESK integrates advisory support through its GOALS Program. This feature connects members with expert advising, special event invitations, and access to varied training programs, either free or at discounted rates, fostering a holistic ecosystem that combines both financial and intellectual capital. The intent is to create a support system that is not only reactive but proactively works towards achieving long-term business success.
Loan eligibility under the WESK program mandates membership, a minimum 51% female ownership, and the business needs to be registered and operating within Saskatchewan, with prerequisites on financial contributions and securities being clearly delineated. These conditions aim to ensure that the support is directed towards viable and committed business ventures.
With a transparent application process, members are encouraged to engage with business advisors to gauge eligibility, prepare necessary documents, and apply through a simplified submission method. Potential applicants can expect feedback on their applications within a 10-day window, demonstrating WESK's commitment to efficiency and member support. While WESK does not offer grants, their robust loan program provides a viable alternative for those seeking substantial financial injection into their business projects.
Ultimately, the WESK Financing program epitomizes a fusion of fiscal support and strategic business development, specifically designed to uplift women entrepreneurs in Saskatchewan. It acknowledges the importance of targeted financial aid while simultaneously creating opportunities for professional development and community engagement. By investing in this dual approach, WESK is not only empowering individual business owners but is also contributing to a broader vision of economic growth and gender equality within the entrepreneurial sector.
