Are you a Canadian woman looking for a small business loan? That’s the focus of this article - small business loans and business assistance that is only available to women. Other sources of business financing and assistance in Canada that are available to both women and men, such as the Canada Small Business Financing Program to name just one, are not presented here. (For more sources of small business loans and business assistance programs, see my Small Business Financing library.)
These small business loans for women are available only to women owned businesses (or women about to start a woman owned business). That is, the business must be 50 percent or more owned or controlled by a woman or women. Where you live also matters, as some women’s small business loan programs are only available to residents of particular areas.
But the good news is that if you are a woman looking to start a business or expand an existing small business, small business loans are available - and even the occassional small business grant. See if you fit the criteria for any of the following programs.
Small Business Loans for Women in Eastern Canada
ACOA Women in Business Initiative
The ACOA Women in Business Initiative focuses on improving the access of women to business financing. To do this, ACOA (Atlantic Canada Opportunities Agency) has partnered with Development Corporations throughout the region.
There are more than 40 Community Business Development Corporations (CBDCs) in the region as well as a multitude of urban lenders who are part of the program.
ACOA Women in Business Initiative Business Management Training Allowance
The program will finance up to 75 percent (to a maximum of $2,000) of approved training costs for women business owners in the Atlantic provinces who wish to undertake business management training in such areas as marketing, finance and accounting and information management.
Small Business Loans for Women in Central Canada
Paro Centre for Women's Enterprise
Located in Thunder Bay, Ontario, the Paro Centre operates over 30 peer lending circles throughout the Thunder Bay, Greenstone, Patricia and Superior North regions. These groups of four to seven women meet monthly to "exchange advice, provide support, approve and guarantee each other's loans and monitor payments".
If you are a woman who wants to become economically independent by starting a business or finding a job, Paro also operates the Northern Opportunities for Women program, which provides small business loans as well as training and support to get you started on your new path. (You need to reside in Northwestern Ontario to participate.)
The AFER Program for Women in Rural Communities - Réseau des SADC du Québec
This is actually a small business grant program rather than a small business loan program. Women who live in one of the rural communities of Quebec served by this program who wish to start a business may qualify for a maximum grant of $3000 to develop their project and carry out their business plan and/or a maximum of $25,000 to cover start-up costs.
Fonds d'investissement pour l'entrepreneurship féminin - Ministère du Développement écononomique, de l'Innovation et de l'Exportation (MDEIE). (Web site available in French only.)
The Quebec government and Filaction have partnered to provide regional investment funds for women entrepreneurs. This financial assistance targets women in the following regions: Mauricie, Bas St-Laurent, Gaspé-Îles-de-la-Madeleine, Abitibi-Témiscamingue and Saguenay-Lac St-Jean.
Entrepreneuriat au féminin - CLD de Portneuf (Web site available in French only.)
Small business loans are available for women entrepreneurs who wish to start or develop a business through the local investment fund of the Portneuf CLD.
Small business loans for women in Western Canada are listed on the following page. Click to continue reading...
