Minister Ng launches call for applications to deliver the Women Entrepreneurship Loan Fund

July 28, 2021 - Ottawa, Ontario

As Canada works to finish the fight against COVID-19, the government is committed to ensuring a strong, inclusive economic recovery that addresses systemic gaps and empowers women in the economy.

Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced the launch of a call for applications to deliver the Women Entrepreneurship Loan Fund. The loan fund is a key element of Budget 2021's commitment to accelerate the Women Entrepreneurship Strategy, helping more women entrepreneurs access the funding they need to start up, scale up and export to new markets.

The call for applications invites not-for-profit business support organizations with significant experience in the management and delivery of loans to apply to deliver the loan fund. Applicants will need to demonstrate their ability to assess business plans, fulfill and underwrite loans, and reach groups that have traditionally experienced greater difficulty in accessing financing, such as start-ups or individuals from under-represented communities.

Applicants will also be evaluated on the scope of their proposal in helping ensure that the loan fund has national reach, as well as their ability to provide additional wraparound services such as training or mentoring.

Once implemented, the loan fund will provide loans of up to $50,000 to women-led businesses in all sectors of the economy, including incorporated businesses, sole proprietorships, and for-profit co-operatives and social enterprises.

This progress builds on the historic investments the government has made since 2015 to support women-from integrating gender-based analysis into policy decisions, legislating pay equity and enhancing the Canada Child Benefit to providing special funding to support women entrepreneurs during the pandemic and working to make Canada-wide child care a reality through a $30-billion investment in Budget 2021.