Wakenagun CFDC’s Investment Fund – “Women in Business” Loan

ByMaurice

Description:

Wakenagun CFDC’s Investment Fund – “Women in Business” Loan provides funding for women to enter into business ownership. Funds may be used for new or existing businesses.

Comments on Funding:

Loan is up to $150,000. A 10% cash equity is required.

Interest rate is equal to the prime rate published by the Bank of Canada at the time of application, plus an increase between 2-7% depending on the amount of risk determined.

The applicant will pay interest and other fees, if applicable. No repayment penalty is applicable. Loan is repayable in 5 years.

Eligibility:

Applicants must:

  • Have interest in the following: sole proprietors, partnerships and corporations
  • Be a woman with majority ownership in the business
  • Have their business located within the boundaries of the Wakenagun catchment area.

Documentation Needed:

Applicants must submit:

  • A Statement of Intent form
  • a project description including estimated costs (must provide quotations),
  • A business plan
  • A Statement of Personal Assets and Liabilities.

Other Things to Note:

Wakenagun can provide financing up to a maximum of $150,000 from our Investment Fund in the form of a loan to start or expand a business with a well-documented business plan. These loans are non-forgivable. The program guidelines are from 2016.

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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