OTTAWA, OH, Jul 28, 2021 / CNW / – As Canada works to complete the fight against COVID-19, the government is committed to a strong, inclusive economic recovery that addresses systemic gaps and empowers women in the economy.
The Honorable Mary Ng, Minister of Small Business, Export Promotion and International Trade, today announced the call for applications for the Women’s Entrepreneurship Loan Fund. The loan fund is a key element of the 2021 budget commitment to accelerate the implementation of the Women’s Entrepreneurship Strategy, helping more women entrepreneurs access the funding they need to launch, expand and export to new markets.
Acceptance of applications invites non-profit business support organizations with significant experience in managing and issuing loans to apply for a loan fund. Applicants will need to demonstrate their ability to evaluate business plans, execute and guarantee loans, and reach out to groups that have traditionally had great difficulty accessing funding, such as startups or individuals from under-represented communities.
Applicants will also be assessed on the volume of their proposal to ensure that the loan fund has national coverage as well as their ability to provide additional, comprehensive services such as training or mentoring.
After implementation, the loan fund will provide loans up to USD 50,000 women-led businesses in all sectors of the economy, including registered businesses, sole proprietorships, and commercial cooperatives and social enterprises.
This progress builds on historic investments that the government has made since 2015 to support women – from integrating gender analysis into policy decisions, enacting wage equality legislation and increasing child support in Canada, to providing special funding to support women entrepreneurs during the pandemic. and work in this area. do Canada– taking care of children has become a reality thanks to $ 30 billion Investment in the Budget for 2021.
“As Canada As we continue our journey towards recovery from COVID-19, our government knows supporting women is the smartest thing we can do. I am very pleased to announce the call for applications for the Women’s Loan Fund. Successful candidates will play a critical role in ensuring direct access to capital so that women-led businesses can open, expand and enter new markets. It is this kind of investment that ensures that the gains made by women business owners in recent years are not lost to the pandemic. ”
– The Honorable Mary Ng, Minister of Small Business, Export Development and International Trade
IN Women’s entrepreneurship strategy (WES) is more than 6 billion dollars investments to help increase access for women-owned companies to the finance, talent, networks and knowledge they need to launch, scale up and enter new markets. Autumn 2020 Speech from the throne, the government has pledged to accelerate work under a strategy that has already helped women Canada develop your business.
IN Loan Fund for Women’s Entrepreneurship will provide loans up to USD 50,000 women business owners and entrepreneurs so they can get started, scale up and access new markets.
In the spring of 2020, the government provided an additional $ 15 million for WES Ecosystem Foundationallowing existing recipient organizations to provide thousands of women entrepreneurs with access to urgent business support during the COVID-19 pandemic.
Through a competitive process Government Canada awarded Ryerson University in Toronto up to USD 8.62 million USA more than three years to create Women’s Entrepreneurship Knowledge Center, which consists of 10 regional centers that work together to coordinate activities in different regions. Under the 2021 budget 5 million dollars was aimed at improving the Hub.
The 2021 budget provides more funds to help businesses recover from the pandemic with confidence as the economy recovers. Highlights include:
IN Canada’s Convalescence Care Allowance provides income support to employed and self-employed persons who are unable to work because they have to take care of their child under 12 years of age or a family member in need of supervised care.
SOURCE innovation, science and economic development Canada
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