Business Loans: Questions and Answers

1. Does Women's Enterprise Centre provide grants?
2. To whom does Women's Enterprise Centre lend money?
3. How do I get an application form to apply for financing from Women's Enterprise Centre?
4. What help is available for me as I develop my plan?
5. I don't like the idea of going into debt.
6. I have never operated my own business or have been involved in management. How much does experience count?
7. How long does this whole process take?

 


1. Does Women's Enterprise Centre provide grants?

Women's Enterprise Centre DOES NOT provide grants. We DO provide business loans, which are repayable with interest. For a list of Grant Programs, click here.


2. To whom does Women's Enterprise Centre lend money?

Women's Enterprise Centre provides loans to BC women who are Canadian Citizens or Permanent Residents of Canada and who are starting, purchasing or expanding a business in BC. We determine whether:

  • The business idea is strong, realistic and workable
  • The strategy to carry out the plan is viable
  • The business is at least 51% owned and operated by women
  • The owners have the necessary skills, talents and experience to implement the plan

At its discretion, Women's Enterprise Centre may fund competing business ventures.


3. How do I get an application form to apply for financing from Women's Enterprise Centre?

We want you to have a good understanding of our program and what you'll need before you apply. Participation in our free, phone-in Business Loans Info Session is necessary to provide you with all the information you'll need, including instructions on how to apply for a loan.


4. What help is available to me as I develop my plan?

We can guide you through the process to get your plan in shape, including helping you put together financial projections. A great place to start is to read our Business Plan Guidelines. Existing businesses that have at least two full years of solid business performance, can start with our Existing Business Requirements . You can also visit the Business Planning section of our on-line resource library  for additional resources.

Because you also need the business skills and knowledge to carry out the plan, we offer courses and workshops to assist you. To view upcoming workshops and events, click here.


5. I don't like the idea of going into debt.

We do everything we can to work with you to ensure the loan is right for your situation, and to avoid saddling you with debt for a business that cannot support you. We want you to succeed!

Women's Enterprise Centre provides you with business counselling. We will assist you as you learn the ropes, help you find solutions to unforeseen problems, and we are flexible if you need to talk to us about cash flow dilemmas that may arise from time to time.


6. I have never operated my own business or have been involved in management. How much does experience count?

Women's Enterprise Centre believes that learning business skills is critical to succeed. We offer a number of workshops you can take no matter where you live in BC, including our learning guides which will help you learn more about financing, marketing, management and other areas of running a business.

In addition, if your business plan is strong and workable and you have developed the skills and traits needed to operate a business through other means, then your application will be given full consideration.


7. How long does this whole process take?

Once we have received all of the information we require, it will take approximately 4 weeks to complete our assessment and receive a final lending decision. The length of the process depends on the completeness and complexity of your plan and your level of experience.
 

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