Need financing to start or purchase a business?

Our Empowerment Lending Program is designed to reduce risk!

Before you get started, we recommend you read about your business financing options here. This will give you a great overview of different kinds of business financing for various circumstances.

We offer a unique financing program which combines a loan with business plan assessments and ongoing business advice. This approach is designed to build your understanding and capacity to start and operate a business, and maximize your resources. We offer:

• Business loans up to $150,000 for BC women
• Loans can be to purchase business assets or for market-ready start-up functions such as leaseholds, signage, equipment and more
• Flexible repayment options and terms up to 5 years
• Optional first 3-months interest-only payments for start-ups
• Lower fees than many other lenders
• Competitive interest rates

You may qualify with us if you don’t with other lenders.

For basic eligibility, you must be:

• A woman who owns and controls at least 51% of a business that is registered and located in British Columbia
• A Canadian citizen or Permanent Resident
• Residing in British Columbia

You will need to have...

1. A strong and workable business idea and a comprehensive business plan. We can guide you in putting one together, along with the financial projections you will need.

This includes:

• Market research confirming demand for your product/service
• A monthly cash flow forecast for a minimum of the first 2 years of operation

And for business purchases also include:

• Historic financial statements of the business
• Copy of the proposed purchase agreement

2. Management knowledge and experience

It is not necessary to have owned a business previously to meet our criteria, but you need to have the skills to operate and manage a business successfully.

Your business skills may have been gained through work experience, education, volunteer positions or other personal background.

In addition to knowledge about the operational aspects of your business and industry, you will also need to have some knowledge of financial management, marketing, and sales.

Women's Enterprise Centre offers handy, affordable courses to help you get up to speed in those areas, including self-study workbooks on financial understanding and financial management.

3. Minimum cash/equity contribution of 25% of total debt

Businesses have a greater probability of success when the owner makes a financial contribution.

When you apply for a loan, you will need to show personal equity investment in your business.  Equity can be in the form of cash and other assets that will be used in the business, such as equipment, inventory, etc.

4. Minimum security of 30% of the loan amount requested

Women’s Enterprise Centre secures its loans to the fullest extent possible given the applicable venture risk, however, a minimum threshold of 30% of the amount requested is a necessity. If your business is in a high risk industry we will require additional security.

Assets used to secure a loan can include cash or highly stable non-RRSP investments, and business or personal assets such as equipment, vehicles (depending on age and condition), or property.

A qualified guarantor can help in situations where security is limited.

5. A Good Credit History

Women's Enterprise Centre will look at your credit history and weigh it against the strength of your business plan.

While your credit history need not be stellar, we cannot consider you for a loan if you have an outstanding bankruptcy or judgment.

Note: It is a good idea for you to find out where you stand with your credit rating before you apply. Our loans department gave give you the details on how you can do that.

Ineligible Projects:

If a project falls into one of the categories below, it is not eligible for Women's Enterprise Centre financing:

• Projects in the pre-start-up phase for which seed or early-stage capital is required
• Any business in which the owner does not have operational control over important aspects of the business (this may include some franchises)
• Any business for which the majority of gross revenues do not come from direct sales of the business's products or services (i.e. Multi-tiered marketing projects)
• Any projects that support businesses that do not operate on a for-profit basis
• Any investment that can be considered speculative
• Refinancing of existing debt from another lender
• Loans greater than $150,000
• Loans for which the secondary financing necessary to the project over and above $150,000 is not confirmed

Attend our tele-based loans info sessions!

Learn more about our loans program using a toll-free number available to all women entrepreneurs in BC. Once you have participated in our loans session, we can send you an application.