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Cabinet officials

Government of Canada Advances Gender Equality and Women's Economic Empowerment

Strategic Insights

— 1 min read

The Government of Canada has taken steps to further advance gender equality and women's economic empowerment by announcing an increase in funding for the Women Entrepreneurship Loan Fund. Minister of International Trade, Export Promotion, Small Business and Economic Development, Mary Ng, revealed that Evol will provide loans of up to $50,000 to women entrepreneurs and business owners. This expansion of the fund aims to support women entrepreneurs across the country by providing them with access to capital, business support, and advisory services.

Key Takeaways:

  • Evol will provide loans of up to $50,000 to women entrepreneurs and business owners through the Women Entrepreneurship Loan Fund, increasing access to capital for women-led businesses.
  • Since its launch, the Women Entrepreneurship Loan Fund has distributed $55 million in loans to women entrepreneurs, with a majority of recipients being under-represented women.
  • The Government of Canada has allocated an additional $7 million in loans through Evol, bringing the total funding for the Women Entrepreneurship Loan Fund to $62 million.
  • Evol will work with women entrepreneurs at every stage of the application process, delivering top-quality wrap-around business support, including business plan development and advisory services.
  • The Women Entrepreneurship Loan Fund is a key part of the $6 billion Women Entrepreneurship Strategy, which aims to support women entrepreneurs and provide additional affordable financing to under-represented groups.
  • The program has been expanded to include more loan fund partners, including MicroEntreprendre and Entreprendre ici, to provide greater support to women entrepreneurs.

Statistics:

  • $55 million: Total amount of loans distributed to women entrepreneurs since the launch of the Women Entrepreneurship Loan Fund.
  • $7 million: Additional funding allocated to Evol to support women entrepreneurs and business owners.
  • $6 billion: Total funding allocated to the Women Entrepreneurship Strategy to support women entrepreneurs across Canada.
  • 25 years: Number of years Evol has experienced in financing and specialized support for women-owned businesses.

Sources:

  • Government of Canada
  • Evol
  • Women's Enterprise Organizations of Canada
  • Northumberland Community Futures Development Corporation (NCFDC)
  • Coralus (formerly SheEO)
  • National Aboriginal Capital Corporations Association (NACCA)

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