Alison Kirkland
CEO, Women’s Enterprise Organizations of Canada (WEOC)
Heather Sadowy
Loans Manager, Women’s Enterprise Organizations of Canada (WEOC)
Offering flexible terms and full wraparound support, WEOC’s National Loan Program is enabling women entrepreneurs to start and grow their businesses.
Gender-equity biases, unclear explanations, and reluctance to take on debt are some of the barriers preventing Canadian women entrepreneurs from accessing capital.1 “Traditional lenders tend to use criteria like credit score, personal net worth, and security when evaluating a loan application, but women often have unique life circumstances that prevent them from meeting the requirements of these evaluation tools,” says Alison Kirkland, CEO of Women’s Enterprise Organizations of Canada (WEOC).
Traditional lenders tend to use criteria like credit score, personal net worth, and security when evaluating a loan application, but women often have unique life circumstances that prevent them from meeting the requirements of these evaluation tools.
Being unable to access financing puts women entrepreneurs at a disadvantage. “They may have to rely on personal savings or credit cards, which can have repercussions for their family or retirement stability,” says Kirkland.
A more holistic approach to lending
WEOC is changing the lending landscape by offering accessible and inclusive loan services to Canadian women and non-binary entrepreneurs through its National Loan Program. “WEOC loans are very low-barrier because they don’t require a minimum credit score or collateral and they come with flexible repayment terms,” says Heather Sadowy, Loans Manager at WEOC.
This more holistic approach to lending includes wraparound services that support the client throughout the term of the loan. “WEOC’s network of loan partner organizations across the country are there to help clients develop a business plan, prepare for the loan application, and provide aftercare support once the loan has been received,” says Sadowy.
The WEOC National Loan Program is available to all business structures — from sole proprietors to incorporated businesses to social enterprises. Entrepreneurs can apply through a WEOC loan partner organization in their region.
Q&A
Dr. Jocelyn Poock
Founder, Prairie Centre for Child Development, Saskatoon, Sask.
Describe your business.
I founded the Prairie Centre for Child Development in September 2021 with the support of my colleague at Milestones Occupational Therapy for Children. We had the shared goal of providing equitable, multidisciplinary services to children and families living in Northern Saskatchewan and rural communities.
How is the WEOC National Loan Program supporting you?
I was fortunate to partner with the Women Entrepreneurs of Saskatchewan (WESK) on my initial application to create the centre. When it came time to expand the physical space, WESK introduced me to WEOC. I find grant applications intimidating, but the people at WEOC and my WESK advisors made the process very straightforward.
The way WEOC inspires women and celebrates their achievements is empowering, so I encourage other women to take the jump.
Q&A
Dr. Lauralee Sheehan
Founder & Chief Creative Officer, Digital 55, Toronto, Ont
Describe your business.
We produce knowledge-based media and digital learning experiences for various organizations and companies. The company went full-time in 2018 and recently launched an originals/unscripted content division, DBA Coolhunter Films, which creates a new revenue stream for the business and has plans to activate a distribution division in the future.
How is the WEOC National Loan Program supporting you?
The program is helping us to create new and critical roles within the company, to manage our current portfolio, and to grow the company to the next stage. It’s a relief to have supports for growth that allow strategic decision-making to be proactive instead of reactive, which happens so often to entrepreneurs.
Learn more about the WEOC National Loan Program and how WEOC is advancing women entrepreneurs across Canada at weoc.ca/loan-program.
1. From Report: Bootstrap or Borrow? Improving Equity and Access to Financing for Women and Non-Binary Entrepreneurs in Canada
*Excluding Quebec.
