Do I Qualify for a Business Loan?

We want to see that you have a strong and workable idea, and the best way to illustrate that is with a comprehensive business plan. We can guide you in putting a business plan 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

Resources that can help you

• Creating Your Business Plan Workbook: A Step by Step Guide to Your Business Success
• How to Write an Effective Business Plan
• Addressing and Creating a Product Need

…and more! Check out the Business Planning section of our online resource library. If you have any questions, call us to speak with a Business Advisor 1.800.643.7014 ext. 2.

If you would like your business plan reviewed, check out our Business Plan Review Service. *Note that the review does not guarantee a successful loan application to the Women’s Enterprise Centre lending program or other lending programs.

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.

We offer affordable, applicable workshops in person, via phone or webinar to help you gain the skills you need to run a business, including self-study learning guides on topics such as Focused Marketing, Financial Understanding and Financial Management. View our workshop and event calendar to see upcoming business skills training, or sign up for our eBlasts.

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. Women’s Enterprise Centre typically requires a minimum equity of 25%; however, some exceptions may apply – talk to your Business Advisor for more info.

Women’s Enterprise Centre secures its business loans to the fullest extent possible given the applicable venture risk. 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.

Applicants who can not provide security may apply for an unsecured loan – talk to your Business Advisor to learn more. A qualified guarantor can help in situations where security is limited.

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.

It is a good idea for you to find out where you stand with your credit rating before you apply. Details on how you can do that are provided in our FREE phone-in Business Loan Info Session.