Youth Business Loans
Dreaming of starting, buying or growing a business?
To make it easier for aspiring young female business owners to secure financing, we have partnered with Futurpreneur Canada to offer an unsecured joint loan of up to $70,000!
In order to have your Women’s Enterprise Centre application fee waived, please make sure that you identify us as the community partner when you fill out the Futurpreneur application form. The fee will not be waived if your loan with Futurpreneur has already been disbursed.
Here’s what you get
Qualified applicants may be eligible for:
- Loan of up to $70,000, no security required
- WEC matches Futurpreneur’s interest rates
- Flexible repayment options and up to six months interest only
- One-time loan administration fee of 1% before disbursing the loan
- No penalty for early repayment
- Free, ongoing business advice from your personal Business Advisor
- Free business skills training
The joint youth business loan is made up of up to $50,000 from WEC and up to $20,000 from Futurpreneur Canada.
Youth business loan eligibility
You may qualify for a youth business loan if you’re:
- Between the ages of 19 and 39
- A woman (or women) 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’ll need to have…
- A strong and workable business idea and a comprehensive business plan
- Management knowledge and experience
- Cash/equity contribution
- A good credit history
And we can help! Find out more about how we can help you build a strong loan application.
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 $70,000 ($50,000 from WEC plus $20,000 from Futurpreneur Canada). WEC does offer business loans up to $150,000 with different qualifications, terms and conditions.
- Loans for a project that requires funding above $70,000, but which hasn’t secured the additional funding
Get started on your application!
- Start by attending a free Business Loans Information Session. In this session, the facilitator will review our lending criteria, answer your questions and advise you on how to apply.
- At the end of the session, your advisor will work with you to determine if you are eligible for a loan with us and Futurpreneur Canada and direct you to fill the online application.
- If you intend on applying for a loan to start or purchase a business you will need to provide all items on the Loan Application Checklist.