Advancing Gender Equality: Government of Canada Invests in Women's Economic Empowerment

The Government of Canada has taken significant steps to promote gender equality and women's economic empowerment. Minister Mary Ng, International Trade, Export Promotion, Small Business and Economic Development, announced a partnership with Evol to provide loans of up to $50,000 to women entrepreneurs and business owners through the Women Entrepreneurship Loan Fund. This initiative is part of the $6 billion Women Entrepreneurship Strategy, designed to support women entrepreneurs across the country.

Key Takeaways:

• The Women Entrepreneurship Loan Fund has distributed $55 million in loans to women entrepreneurs, with a majority being under-represented women, since its launch.
• Evol will distribute $7 million in loans, partnering with MicroEntreprendre and Entreprendre ici, to support women entrepreneurs at every stage of the application process.
• The loan fund provides wrap-around business support, including business plan development, advisory services, training, and loan aftercare.
• The Women Entrepreneurship Loan Fund selects not-for-profit organizations with existing loan programs to provide affordable financing to women entrepreneurs, particularly start-ups, under-represented groups, and sole proprietorships.
• Evol will work with women entrepreneurs to prepare their business plans for the application process and provide ongoing support.
• The government has made historic investments since 2015 to support women's growth and success.

Statistics:

• $55 million in loans distributed by the Women Entrepreneurship Loan Fund since its launch.
• $7 million in loans to be distributed by Evol through the Women Entrepreneurship Loan Fund.
• 15% of loan recipients are under-represented women.
• 1,000+ women entrepreneurs have benefited from the loan fund.

Sources:

• Government of Canada
• Evol
• Women's Enterprise Organizations of Canada
• National Aboriginal Capital Corporations Association (NACCA)