Youth Business Loan Support

What you need to apply

If you’re thinking about applying for a youth business loan with WEC and Futurpreneur Canada, there are several factors that we will consider on your application. You will need to demonstrate the following four points, but we can help you get there!

If you have any questions, call us for personalized support 1.800.643.7014 ext. 112.

You need to have…

1. A comprehensive business plan

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 plan together, along with the financial projections you will need. This includes:

And for business purchases also include:

  • Historic financial statements of the business
  • A copy of the proposed purchase agreement

Free related resources

Creating Your Business Plan Workbook ($29.95, free shipping)

Creating Your Business Plan Workbook coverThis comprehensive learning guide takes you through each step of the business planning process, from thinking about starting a business to ticking off your business plan checklist. We’ve designed this resource to help you tackle the questions our Business Advisors hear most.

Learn more about the Creating Your Business Plan Workbook

2. Management knowledge and experience

You don’t need to have owned a business before 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.

Helpful resources

3. Cash/equity contribution

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.

The minimum equity requirement for the youth business loan is 10% of the loan amount, instead of the usual 25%.

4. 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 doesn’t need to be stellar, we can’t consider you for a loan if you have an outstanding bankruptcy or judgment.

It’s a good idea for you to find out where you stand with your credit rating before you apply – and we can tell you how in our free phone-in Business Loan Info Session.

Next steps

Sign Up for Our FREE Business Loan Info Session

Still have questions? Call us at 1.800.643.7014 ext. 112 to learn more!

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