Women's Enterprise Centre of Manitoba — Loans
Highlights
This program is a fantastic opportunity for your business. It offers loans up to $150,000 for start-up, expansion, or purchasing an existing business. The interest rates are competitive, with start-up loans at prime + 3% and expansion loans at prime + 2%. There are no monthly fees, and you can repay early without any penalties. The terms are flexible, up to five years, making it easier for you to manage your finances.
What You Get:
- Flexible equity and collateral requirements
- No costs or penalties for early repayment
- Support from business advisors to help with your business plan
The funds can be used for:
- Leasehold improvements
- Advertising and marketing costs
- Purchase of inventory and equipment
- One-time or part-time projects
This loan is designed to support your business's growth and stability. The application process is straightforward, and you will receive guidance from a dedicated business advisor. This program is tailored to meet your needs, making it easier for you to achieve your business goals.
Financing Details
Type of Financing: Loan
Loan Amount:
- Up to $150,000.
- Existing loan holders can apply for additional funds, but the total amount cannot exceed $150,000.
Interest Rates:
- Start-up loans: Prime rate + 3%.
- Expansion loans: Prime rate + 2%.
Repayment Terms:
- Terms up to five years.
- No costs or penalties for early repayment.
Eligible Expenses:
- Leasehold improvements.
- Advertising and marketing costs.
- Purchase of an existing business.
- Purchase of inventory.
- Purchase of equipment.
- One-time or part-time projects (evaluated on a case-by-case basis).
Ineligible Expenses:
- Purchase of goodwill.
- Owner’s draw or salary.
- Investments in real estate for speculative purposes.
- Financial consolidations, debt refinancing, and bail-outs.
- Illegal or immoral activities.
Fees:
- No monthly fees.
- No costs or penalties for early repayment.
Qualifications
- Must be a legal entity.
- Must be a woman or an operation 51% owned and controlled by a woman or women.
- Must be a Canadian citizen or landed immigrant, or a legal entity owned and controlled by a Canadian citizen(s) or landed immigrant(s).
- Must be operating or about to operate in Manitoba.
- Must be in good standing with WECM if there was pre-existing financing.
- Must provide a comprehensive business plan.
- Must demonstrate potential for commercial viability and loan repayment capacity.
- Must demonstrate a reasonable personal history of credit-worthiness and stability or provide an adequate explanation why an exception should be made.
Must provide cash or other equity contributions and security requirements, evaluated on a case-by-case basis.
Disqualifications:
- Purchase of goodwill.
- Owner’s draw or salary.
- Investments in real estate for speculative purposes.
- Financial consolidations, debt re-financing, and bail-outs.
- Illegal or immoral activities.
Description
This program offers your business the chance to borrow up to $150,000. You can use this money for various business needs, such as:
- Leasehold improvements
- Advertising and marketing costs
- Purchasing an existing business
- Buying inventory or equipment
Interest rates are competitive: for start-ups, it's prime + 3%, and for expansions, it's prime + 2%. There are no monthly fees and no penalties for early repayment. You can take up to five years to repay the loan.
The program is flexible with equity and collateral requirements, making it easier for you to qualify. This loan can help you grow your business, improve operations, or even start a new venture.
Program Steps
Submit Your Business Plan: Send your business plan to the Women's Enterprise Centre of Manitoba. You can do this electronically, by mail, or by dropping it off at the Centre.
Meet with a Business Advisor: If you are not already working with a Business Advisor, one will be assigned to you. The Business Advisor will review your business plan and contact you to arrange a meeting, either in-person or by phone.
Prepare Documentation: Gather and prepare the necessary documents for your loan application. These include:
- Comprehensive business plan
- Loan Application Form
- Personal Statement of Affairs
- Financial statements (for expansion loans)
- One year of projected monthly cash flow and profit/loss statements (for expansion loans)
- Detailed listing of aged accounts receivable, accounts payable, and inventory (if requested)
Complete the Loan Application Form: Fill out the Loan Application Form and Personal Statement of Affairs. These documents will be provided by your Business Advisor.
Submit Additional Information: Provide any additional information or clarification requested by your Business Advisor. This may include further market research or additional financial projections.
Review by Loan Committee: Your Business Advisor will take your application to the Loan Committee for review. The committee will evaluate your application based on the provided information.
Receive Decision: Once the Loan Committee has reviewed your application, you will receive a decision. If approved, you will discuss the final loan terms, including interest rates and repayment schedules.
Loan Disbursement: Upon agreement of the loan terms, the funds will be disbursed to your business, enabling you to proceed with your planned expenses.
Follow-Up: Stay in contact with your Business Advisor for any further assistance or guidance needed during the loan term.