Frequently Asked Questions
What makes this AWE loan unique?
We provide:
The capital you need to start or grow your business. Repayable loans range from $10,000 to $150,000 for majority (50.1%) women-owned businesses in Alberta. We offer a competitive interest rate of Prime +2-4%.
Flexibility and clarity. We offer flexible repayment options. There’s no penalty for early repayment and no hidden fees. Also, fluctuating seasonal payments are an option, on a case-by-case basis.
Forgiveness portion. Some of our loan programs have a forgivable portion, where a percentage of the loan will be forgiven if the original loan is repaid within a specific time frame.
Access to personalized advice and resources. Client care is embedded in our loans. You’ll have access to ongoing business advising, specialized training and support from the AWE team. Access to annual specialized training in a variety of areas including sales, marketing, financial management, human resources and more.
A community of like-minded women. Clients receive discounts to select AWE events. You will have the opportunity to meet other women entrepreneurs while learning from subject-matter experts.
Can I get a grant from you?
No, Alberta Women Entrepreneurs does not provide grants. Grants for business start-ups tend to be limited. If you are interested in exploring grant funding, check out this page for more information.
What do I need to prepare to borrow money?
Loan Resources. AWE has created a one-stop shop resource page to help guide you through the process.
What support is available to me as I develop my business plan?
Download our Business Plan Guide. This is a great place to start if you are creating your business plan for the first time.
Register for our Let’s Start Your Business Plan webinar series. Over three sessions, we delve into aspects of the business plan that we often see lacking in loan applications– market research, marketing and financials
Meet with an AWE Business Advisor. If you already have a draft of your business plan and have questions or would like someone to review it, an AWE Business Advisor can assist you.
What is security?
AWE requires security on all loans. This means that we ask applicants to pledge some type of asset as collateral for the loan. AWE works closely with our loan clients to ensure the health and viability of the business. In the case that the borrower cannot make the payments of the loan, AWE can take possession of the asset used as collateral to regain some, or all, of the amount originally loaned.
AWE requires a minimum of 30% security on our loans. This amount differs depending on the size, risk, and purpose of the loan.
What is equity?
With our loan program, AWE requires that the applicant will contribute a minimum, or have contributed a minimum, of 25% owner equity on the total project costs. This means we require all applicants to show that they will be putting, or already have put, money into their business toward the project costs, and then AWE can help them with the remaining 75% of project costs. By contributing at least 25% of the total costs, you are displaying that you are willing to take on some risk as well.
Why should I know my credit score, and how do I find out what it is?
Your credit score is used whenever you are looking to get some form of credit. Lending institutions will use your credit score to determine your financial health and how likely you are to pay them back.
You can request your report by mail for free or online for a fee.
