WeBC — Business Loans for Women
Highlights
This program is designed for women entrepreneurs like you who are looking to start, expand, or purchase a business. You can access up to $150,000 in business loans with flexible repayment options and terms up to 5 years. Unlike traditional lenders, our program offers lower security and equity requirements, making it easier for you to qualify.
What You Get:
- Loans up to $150,000 for market-ready startups, business expansion projects, and business purchases
- Flexible repayment options and interest-only payments for up to six months
- Lower fees and competitive interest rates compared to many other lenders
- Complimentary business advisory services, training, and mentoring to support your business growth
By being approved for this program, you will not only receive the necessary funds but also gain access to a network of support services that can help you succeed. The application process is straightforward, and our advisors are here to guide you every step of the way.
Financing Details
Type of Financing: Business Loan
Loan Amount:
- Up to $150,000 for BC women entrepreneurs.
- For funding needs beyond $150,000, WeBC can partner with other lenders.
Repayment Terms:
- Flexible repayment options.
- Terms up to 5 years.
- Interest-only payments for up to six months.
- Competitive interest rates.
Eligible Expenses:
- Market-ready startups.
- Business expansion projects.
- Business purchases.
- Leaseholds.
- Equipment.
- Operating capital.
Ineligible Expenses:
- Projects in the pre-start-up phase.
- Research and development, beta testing, or prototype building.
- Businesses without operational control over important aspects.
- Non-profit businesses.
- Speculative investments.
- Refinancing existing debt from another lender.
- Loans greater than $150,000 without confirmed secondary financing.
Fees:
- Lower fees than many other lenders.
Qualifications
- Must be a woman who owns and controls at least 51% of a business that is registered and located in BC, or 50% for wife-husband teams.
- Must be a Canadian citizen or Permanent Resident.
- Must be residing in BC.
- Must be over 19 years old.
- Must have a business plan.
- Must have market research confirming demand for the product/service.
- Must provide a monthly cash flow forecast for the next two years of operation.
- Must have a credit history (no minimum credit score required, but credit history will be weighed against the strength of the business plan).
- Must provide security for the loan, which can include cash, highly stable non-RRSP investments, and business or personal assets such as equipment, vehicles, or property. Unsecured loans are available if security is limited.
- Must show personal equity investment in the business, typically a minimum of 25%.
- Must demonstrate business skills, which can be gained through work experience, education, volunteer positions, or other personal background.
Must have some knowledge of financial management, marketing, and sales.
Disqualifications:
- Projects in the pre-start-up phase requiring seed or early-stage capital.
- Projects in the research and development phase, beta testing, or building of a prototype.
- Businesses where the owner does not have operational control over important aspects of the business (including some franchises).
- Businesses where the majority of gross revenues do not come from direct sales of the business’s products or services (e.g., multi-tiered marketing projects).
- Businesses that do not operate on a for-profit basis.
- Investments that can be considered speculative.
- Refinancing of existing debt from another lender.
- Loans greater than $150,000.
- Loans for which the secondary financing necessary to the project is not confirmed.
Description
This program offers your business loans up to $150,000. If you need $50,000 or less, you might qualify for our Equal Access to Capital (EAC) program, which doesn't require specific security.
You can use the loan for:
- Starting a new business
- Expanding your current business
- Purchasing an existing business
- Leaseholds, equipment, and operating capital
Key benefits include:
- Flexible repayment options with terms up to 5 years
- Lower security and equity requirements than many other lenders
- Competitive interest rates and interest-only payments for up to six months
- Complimentary business advisory services, training, and mentoring
If you need more than $150,000, we can partner with other lenders to meet your full borrowing requirements. This program is designed to support you in developing and strengthening your business, making it a valuable opportunity for your growth.
Program Steps
Register for a Business Loan Info Session: Sign up for the free, weekly phone-in Business Loan Info Session. This session will review lending criteria, answer questions, and provide a resource package. Register for the session on the WeBC website.
Prepare Required Documentation: Gather and prepare the necessary documents for your loan application. These include:
- Business Plan
- Market research confirming demand for your product/service
- Monthly cash flow forecast for the next two years
- Credit history report
- Security details (assets to secure the loan)
- Personal equity investment details
- Proof of business skills and experience
Attend the Info Session: Participate in the scheduled info session. During this session, you will receive detailed instructions on how to apply for the loan and additional resources to help you with the application process.
Consult with a Business Advisor: After attending the info session, consult with a WeBC Business Advisor. They will help you determine the best loan program for your business needs and guide you through the application process.
Complete the Loan Application: Fill out the loan application form provided during the info session. Ensure all required fields are completed and all necessary documents are attached.
Submit Your Application: Submit your completed loan application and all supporting documents to WeBC. This can be done via email or through the WeBC online portal.
Review and Follow-Up: WeBC will review your application. Be prepared to provide additional information or clarification if requested. Stay in touch with your Business Advisor for updates on the status of your application.
Approval and Loan Disbursement: Once your application is approved, discuss the final loan terms, including the interest rate, repayment schedule, and any associated fees. Upon agreement, the loan funds will be disbursed, allowing you to proceed with your business plans.
