Women's Enterprise Centre of Manitoba — Training
Highlights
This program is designed specifically for business owners like you. It offers up to $1,000,000 in financing to help you make crucial investments in your business. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This financial support can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with a more secure and flexible financing option. You have the freedom to choose how you repay the loan, with terms extending up to 15 years. This flexibility can significantly ease your financial planning and help you focus on growing your business.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved can provide you with the financial stability and resources needed to take your business to the next level. This is a unique opportunity to secure funding that is both substantial and adaptable to your business needs.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years
- Interest Rate: Fixed rate of 5% per annum
Eligible Expenses:
- Purchase of new or used equipment
- Leasehold improvements
- Working capital for operational expenses
- Marketing and promotional activities
- Training and development programs
Ineligible Expenses:
- Personal expenses
- Real estate purchases
- Repayment of existing debts
- Dividends or bonuses to owners or employees
Fees:
- Application Fee: $150
- Annual Maintenance Fee: $100 per year
- Late Payment Fee: 2% of the overdue amount per month
Qualifications
- Must be a woman-owned business.
- Business must be located in Manitoba.
- Business must be in the early stages of planning or start-up.
Must be willing to participate in training and events provided by the program.
Disqualifications:
- Businesses not owned by women.
- Businesses located outside of Manitoba.
Description
This program offers your business a chance to receive up to $500,000. You can use this money to buy new equipment, improve your workspace, or cover other important expenses.
Eligible uses include:
- Upgrading your office or retail space
- Purchasing machinery or technology
- Investing in software or other operational needs
The program provides flexible repayment options. You can choose a fixed or variable interest rate, and you have up to 10 years to repay the loan. This gives you the time and financial flexibility to grow your business without immediate pressure.
This is a great opportunity to invest in your business's future, improve efficiency, and expand your capabilities.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Tax Returns (for the past 2-3 years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any other documents specified by the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Send your completed application form and all required documentation to the designated program office or online portal.
Await Confirmation: After submission, you will receive a confirmation that your application has been received. This may include a timeline for when you can expect to hear back.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if the program administrators request it. This may involve submitting more documents or answering specific questions about your business.
Review Approval Terms: If your application is approved, carefully review the terms and conditions of the program. Ensure you understand any commitments or obligations.
Sign Agreement: Sign any necessary agreements or contracts to formally accept the program's terms and conditions.
Implement Program Benefits: Once everything is finalized, you can begin to utilize the benefits provided by the program to support and grow your business.
