Exciting news for women entrepreneurs in Canada!
Last week, the Honourable Mary Ng, Minister of Small Business and Export Promotion announced that the Government of Canada will provide direct funding to women-owned and women-led businesses through the Women Entrepreneurship Fund. The fund will invest $20 million over two years, and will provide up to $100,000 in non-repayable funding that women can use to grow their businesses. The fund is part of the larger Women Entrepreneurship Strategy, which also includes an ecosystem fund created to strengthen capacity within the entrepreneurship ecosystem.
In order to be eligible the business must be:
Women-led and women-owned
A for profit organization
Up to 499 employees
In business a minimum of two years
Priority will be given to entrepreneurs in one of these applicant groups:
Diverse women entrepreneurs (such as women with disabilities, Indigenous women, women in rural or remote regions, recent immigrants, visible minority women, women from Official Language Minority Communities)
Businesses with products or services related to one of the Economic Strategy Tables sectors
Projects seeking to pursue market opportunities abroad
The funding can be used for a variety of things, but you should note that it cannot be used to refinance debt, purchase assets above fair market value, land acquisition, the cost of amortization, or goodwill.
Applications are being accepted online and the deadline to submit is November 15 at 11:59pm PST. The detailed criteria and information on how to apply can be found on the Government of Canada website.