Women Entrepreneurs Saskatchewan — Financing

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Women Entrepreneurs Saskatchewan — Financing

Up to $150,000

Type

LOANS AND CAPITAL INVESTMENTS

Application Difficulty

MEDIUM

Time To Complete4 weeksProgram Budgetno cap

See If You Qualify

Highlights

WESK Financing is designed to support women entrepreneurs in Saskatchewan like you. This program offers loans up to $150,000, with the potential for additional financing through partnerships. This can help you establish, grow, and sustain your business without the usual financial hurdles.

Key Benefits:

Competitive Interest Rates: Fixed at Prime + 3%, with potential reductions based on your credit history and business plan strength.
Flexible Payment Options: Interest-only payments are available while you get your business operational.
No Payout Fees: You can pay off your loan in full or make lump sum payments without any penalties.
Flexible Terms: Loan terms range from 1 to 7 years, tailored to your needs.
Additional Support: Access to business advising, expert consultations, special events, and discounted training through the WESK GOALS Program.

By securing a WESK loan, you can focus on what you do best—running your business—while benefiting from a supportive community and flexible financing options. The application process is straightforward, and your business advisor will guide you every step of the way.

Financing Details

Type of Financing: Loan

Interest Rates and Repayment Terms:

Competitive interest rates: Fixed at Prime + 3%. Reduced rates may be available based on factors such as credit history and business plan strength.
Flexible term: The loan term ranges from 1 to 7 years.
Interest-only payments available while you get your business operational.
No payout fees: You can pay off your loan in full or make lump sum payments without any penalty.

Eligible Expenses:

Purchase of tangible and/or intangible assets.
Working capital for inventory or accounts receivable.
Start-up costs.
Purchase of an existing business.

Ineligible Expenses:

The funds cannot be used for personal expenses or any non-business-related activities.

Fees:

Loan application fees are applicable regardless of the outcome of your application.
No additional fees for early repayment.

Qualifications

Must be a WESK member.
Must be a woman, or an operation owned and controlled by a woman, or women (more than 50% ownership; 50% ownership may be considered under certain circumstances).
Must be a Canadian citizen or landed immigrant (permanent resident), or a legal entity owned and controlled by Canadian citizen(s) or landed immigrant(s).
Must be a registered business in Saskatchewan (or have the name reserved).
Must be operating or about to operate in Saskatchewan.
Must be a Saskatchewan resident, 18 years of age or older.
Must have sufficient security for the loan.
Must provide a 20% owner’s contribution.

Description

This program offers your business a chance to borrow up to $150,000. You can use this money for various needs such as buying equipment, covering start-up costs, or even purchasing an existing business.

Key benefits include:

Competitive Interest Rates: Fixed at Prime + 3%, with possible reductions based on your credit history and business plan strength.
Flexible Terms: Loan terms range from 1 to 7 years, giving you ample time to repay.
Interest-Only Payments: You can make interest-only payments while getting your business up and running.
No Payout Fees: Pay off your loan early or make lump sum payments without any penalties.
Flexible Security Options: Loans under $20,000 typically don’t require security. For loans over $20,000, business or personal assets can be used as security.

Additionally, you can access up to $50,000 more through partnerships. All interest collected from your loan funds the next woman entrepreneur, fostering a supportive community.

Program Steps

Confirm WESK Membership:
- Ensure you have an active Trailblazer Membership with WESK.
Meet with Your Business Advisor:
- Schedule a meeting with your Business Advisor to discuss the loan process and get assistance with your application.
Prepare Documentation:
- Gather and complete the necessary documents based on your business type and loan amount:
  - New Business Ideas:
    - Loans Under $20,000:
      - WESK Loan Application Form
      - WESK Micro Business Plan
      - Two-Year Cashflow Projection Template
    - Loans Over $20,000:
      - WESK Loan Application Form
      - WESK Full Business Plan
      - Two-Year Cashflow Projection Template
  - Operational Businesses:
    - Loans Under $20,000:
      - WESK Loan Application Form
      - Project Summary
      - Two-Year Financial Statements
    - Loans Over $20,000:
      - WESK Loan Application Form
      - WESK Existing Business Plan
      - Two-Year Cashflow Projection Template
      - Two-Year Financial Statements
Submit Your Loan Documents:
- Submit all prepared documents to your Business Advisor for review.
Review and Finalize:
- Your Business Advisor will review your documents and may request additional information if needed. Ensure all requirements are met.
Application Processing:
- Once your documents are complete, the application will be processed, which typically takes about two weeks.
Approval and Loan Disbursement:
- Upon approval, discuss the final loan terms, including interest rates and repayment schedules. Once agreed upon, the loan funds will be disbursed to your business.

Visit Program Website