Government of Canada Launches Women Entrepreneurship Loan Fund to Promote Gender Equality and Women's Economic Empowerment

The Government of Canada has made significant strides in advancing gender equality and women's economic empowerment, with a commitment to addressing the barriers that women entrepreneurs face in accessing capital. To continue this momentum, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced the Women Entrepreneurship Loan Fund, a key component of the $6-billion Women Entrepreneurship Strategy. This fund aims to address a significant barrier for women entrepreneurs, which is access to capital, particularly in smaller amounts.

Key Takeaways:

• The Women Entrepreneurship Loan Fund is a $55 million allocation from Budget 2021 to support increased lending to women entrepreneurs, particularly for start-ups, under-represented groups, or sole proprietorships.
• The fund will allocate funding to not-for-profit organizations with existing loan programs to provide additional affordable financing to women entrepreneurs.
• The first four organizations selected to deliver microloans under this fund are: Womens Enterprise Organizations of Canada, Northumberland Business Development Assistance Corp., National Aboriginal Capital Corporations Association, and SheEO Canada.
• Women entrepreneurs will be able to apply for loans of up to $50,000 through these organizations, with information on when to apply available on the organizations' websites and on the Women Entrepreneurship Loan Fund web page in the coming months.
• The new Women Entrepreneurship Loan Fund builds on previous investments by the government, including integrating gender-based analysis into policy decisions and program development, legislating pay equity, and providing special funding to support women entrepreneurs during the pandemic.
• The fund is part of the Government of Canada's commitment to empowering women entrepreneurs and removing systemic barriers, with quotes from Minister Mary Ng and other stakeholders highlighting the importance of this initiative.
• The fund's goals align with the needs of women entrepreneurs, as identified through previous initiatives and studies, resulting in a comprehensive and supportive program that addresses the main barriers to their financial inclusion.

Statistics:

• $55 million allocated from Budget 2021 to support increased lending to women entrepreneurs.
• Up to $50,000 available for loans to women entrepreneurs through participating organizations.
• First four organizations selected to deliver microloans under this fund: Womens Enterprise Organizations of Canada, Northumberland Business Development Assistance Corp., National Aboriginal Capital Corporations Association, and SheEO Canada.

Sources:

• Government of Canada media statement
• Quotes from Minister Mary Ng and other stakeholders
• Women Entrepreneurship Loan Fund web page
• Women Enterprise Organizations of Canada
• Northumberland Business Development Assistance Corp.
• National Aboriginal Capital Corporations Association
• SheEO