AWE — Loan Programs
Highlights
This program is designed for women-owned businesses in Alberta looking to grow and expand. It offers repayable loans of up to $150,000 with competitive interest rates ranging from Prime +2% to Prime +4%. The loan terms are flexible, with options for early repayment without penalties and no hidden fees. This makes it a more attractive option compared to other financing solutions.
What You Get:
- Up to $150,000 in financing
- Flexible repayment options with terms of five years
- No penalty for early repayment
- Access to ongoing business advising and support
- Discounts to select AWE events and opportunities to network with other women entrepreneurs
By being approved for this loan, you will not only receive the capital needed to grow your business but also gain access to a supportive community and personalized advice. The application process is straightforward, and the one-time administration fee includes your application fee for loans larger than $51,000. This program is a valuable opportunity to secure the funding and resources necessary to take your business to the next level.
Financing Details
Type of Financing: Loan
Loan Amount and Interest Rates:
- Up to $150,000 available.
- Competitive interest rates ranging from Prime +2% to Prime +4%.
Repayment Terms:
- Flexible repayment options.
- Terms of up to five years.
- No penalty for early repayment.
Eligible Expenses:
- Business growth and expansion costs.
- Equipment purchases.
- Marketing and advertising.
- Operational expenses.
Ineligible Expenses:
- Personal expenses.
- Non-business-related activities.
Fees:
- One-time loan administration fee of $600 (includes application fee for loans over $51,000).
Qualifications
- Must be a women-owned business.
- Business must be located in Alberta.
- Seeking funding for business growth and expansion.
- Able to repay the loan with flexible repayment options over five years.
Willing to pay a one-time loan administration fee of $600 for loans larger than $51,000.
Disqualifications:
- Businesses seeking grant funding only (no grant program available).
Description
This program offers loans up to $150,000 for women-owned businesses in Alberta. The funds can help you grow and expand your business. You can use the money for various needs, from buying equipment to expanding your operations.
Key benefits include:
- Competitive interest rates ranging from Prime +2% to Prime +4%.
- Flexible repayment options with terms of five years. You can repay early without any penalties.
- No hidden fees and a one-time administration fee of $600 for loans over $51,000.
Additionally, you will receive personalized business advice and support from the AWE team. You will also gain access to a community of like-minded women entrepreneurs and discounts on select AWE events. If you need more than $150,000, AWE can partner with other lenders to meet your full borrowing requirements.
This loan program is designed to provide the capital you need while offering support and resources to help your business succeed.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Personal and Business Tax Returns (last two years)
- Details of Intended Use of Funds
- Personal Identification
Complete the Loan Inquiry Form:
- Visit the AWE website.
- Navigate to the "Loan Inquiry Form" section.
- Fill out the required fields with accurate information about your business and funding needs.
Submit the Loan Inquiry Form:
- Review the information for accuracy.
- Submit the form online.
Prepare for Initial Consultation:
- After submitting the form, an AWE representative will contact you.
- Schedule a consultation to discuss your business goals and funding requirements.
Attend the Consultation:
- Discuss your business model, financial projections, and how the loan will support your business growth.
- Be prepared to answer questions and provide additional documentation if requested.
Complete the Loan Application:
- Based on the consultation, you will receive a loan application form.
- Fill out the application form with detailed and accurate information.
Submit the Loan Application:
- Review the completed application for accuracy.
- Submit the application along with the required documentation.
Loan Assessment:
- AWE will review your application and documentation.
- This process may involve further discussions or requests for additional information.
Approval and Loan Agreement:
- If approved, you will receive a loan agreement outlining the terms and conditions.
- Review the agreement carefully, including interest rates, repayment terms, and any fees.
Sign the Loan Agreement:
- Sign the agreement if you agree to the terms.
- Return the signed agreement to AWE.
Receive Loan Funds:
- Upon receipt of the signed agreement, the loan funds will be disbursed.
- Use the funds as outlined in your application to support your business growth.
Ongoing Support:
- Access ongoing business advising and support from the AWE team.
- Participate in AWE events and connect with other women entrepreneurs.