{"id":8397,"date":"2022-08-12T11:06:55","date_gmt":"2022-08-12T15:06:55","guid":{"rendered":"https:\/\/paro.ca\/?page_id=8397"},"modified":"2023-09-14T14:18:33","modified_gmt":"2023-09-14T18:18:33","slug":"weoc-loan-fund-faq","status":"publish","type":"page","link":"https:\/\/paro.ca\/fr\/weoc-loan-fund-faq\/","title":{"rendered":"WEOC Loan Fund FAQ"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"8397\" class=\"elementor elementor-8397\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-91e78de elementor-section-stretched elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"91e78de\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-02c8388\" data-id=\"02c8388\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b5c5584 elementor-widget elementor-widget-heading\" data-id=\"b5c5584\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-xxl\"><br>WEOC Loan Fund FAQ<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e65c23 elementor-section-height-min-height elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"4e65c23\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-466ffcc animated-slow elementor-invisible\" data-id=\"466ffcc\" data-element_type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc7981e elementor-widget elementor-widget-heading\" data-id=\"fc7981e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How did the WEOC National Loan Fund get started?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b2a030 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"3b2a030\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">Access to capital remains a significant barrier for many women entrepreneurs seeking to start or grow their businesses. To help address this barrier, the Government of Canada allocated $55 million in Budget 2021 for the creation of a new national microloans fund, part of its Women Entrepreneurship Strategy (WES). As one of the selected administrators of the funding, WEOC will provide loans of up to $50,000 to women entrepreneurs who meet its eligibility requirements.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8391a8d elementor-widget elementor-widget-heading\" data-id=\"8391a8d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I find a loan provider in my region?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfa105a elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"bfa105a\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">If you are in <a href=\"https:\/\/we-bc.ca\/contact-us\/\">BC<\/a>, <a href=\"https:\/\/www.awebusiness.com\/get-started-with-awe\">Alberta<\/a>, <a href=\"https:\/\/wesk.ca\/about-wesk\/contact-us\/\">Saskatchewan<\/a>, <a href=\"https:\/\/wecm.ca\/contact-us\/\">Manitoba<\/a>, <a href=\"https:\/\/paro.ca\/fr\/contact\/\">Ontario<\/a> or <a href=\"https:\/\/www.nlowe.org\/contact\/\">Newfoundland and Labrador<\/a>, you can connect with one of our six loan partner organizations. Additional loan partners are being added to ensure that there is a loan fund partner available to entrepreneurs in all provinces and territories.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2cdd5b elementor-widget elementor-widget-heading\" data-id=\"d2cdd5b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What if I can\u2019t find a partner in my province or territory?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28f0bcf elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"28f0bcf\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p class=\"content-block__paragraph has-medium-font-size\">Entrepreneurs in New Brunswick, Nova Scotia, Prince Edward Island, Yukon, Northwest Territories, and Nunavut will also have access to the WEOC National Loan Fund in the near future.<\/p><p class=\"content-block__paragraph has-medium-font-size\">In the meantime, if you are an entrepreneur living in one of these provinces, you can apply for a loan through the following organizations that are delivering comparable loan products:<\/p><ul><li><a href=\"https:\/\/sheeo.world\/the-venture-invitation\/\">Coralus (SheEO)<\/a><\/li><li><a href=\"https:\/\/ncfdc.ca\/delia\/\">Northumberland<\/a><\/li><li><a href=\"https:\/\/nacca.ca\/\">NACCA<\/a><\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd4985e elementor-widget elementor-widget-heading\" data-id=\"dd4985e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who is eligible for a loan through this program?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a554ff elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"7a554ff\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\"><a href=\"https:\/\/adrian500.preview.softr.app\/bizcamp-paroprosper-eligibility-criteria?t=1666804032216\">See Loan Eligibility document.<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d589599 elementor-widget elementor-widget-heading\" data-id=\"d589599\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Will there be a loan provider in Quebec?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1573006 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"1573006\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">While WEOC loans are not available in Quebec, we encourage you to explore the existing resources at <a href=\"https:\/\/evol.ca\/en\/\">Evol<\/a>.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13d81da elementor-widget elementor-widget-heading\" data-id=\"13d81da\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the application process?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84a5e6a elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"84a5e6a\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">The process depends on whether an entrepreneur is seeking start-up financing or a loan for an existing business.<\/p><p><strong>For Start-Up Loans<\/strong><\/p><ol><li>Find and connect with a Loan Fund Partner in your region.<\/li><li>Do You Have A Business Plan? Having a business plan that includes two cash flow projections is a requirement for all WEOC loans:<br \/>&#8211; Yes &#8211; Share your business plan with the Loan Fund Partner who will review and provide feedback <br \/>&#8211; Not yet &#8211; The Loan Fund Partner will provide you with a variety of resources, including seminars, webinars and one-on-one assistance and guidance, to guide you in the development of a business plan that illustrates the feasibility and viability of the business.<\/li><li>Once the Loan Fund Partner is satisfied that you have developed a realistic business plan, you will be provided with a link to the WEOC Loan Application.<\/li><li>Complete the loan application and submit it, along with your business plan and financial projections, to the WEOC Loans Team for consideration.<\/li><li>The WEOC Loans Team will work through any follow-up questions for you and\/or Loan Fund Partners.<\/li><li>Once the WEOC Loans Team has received all the necessary information, they will review the documentation and make a decision. Every effort will be made to reply to you within 10 business days of receiving all documents, however, the size of the loan, the complexity of the business, and the industry will be factors that determine the length of time required to make a decision.<\/li><\/ol><p><strong>Loans for Existing Business:<\/strong><\/p><ol><li>Find and connect with the Loan Fund Partner in their province.<\/li><li>Be prepared to provide the required overview of the existing business, including:\u00a0<br \/>&#8211; An Outline of how you plan to use the additional funds,<br \/>&#8211; Financial statements for the last two (2) years of operations,<br \/>&#8211; A cash for for the next two (2) years<\/li><li>Once the Loan Fund Partner is satisfied that you have provided a realistic plan, you will receive a link to the WEOC Loan Applications.<\/li><li>Complete the loan application and submit a business plan and financial projections to the WEOC Loans Team for consideration.<\/li><li>The WEOC Loans Team will work through any follow-up questions for you and\/or the Loan fund Partner.<\/li><li>Once the WEOC Loans Team has received all the necessary information, they will review the documentation and make a decision. Every effort will be made to reply to you within 10 business days of receiving all documents, however, the size of the loan, the complexity of the business, and the industry will be factors that determine the length of time required to make a decision.<\/li><\/ol><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7eb343b elementor-widget elementor-widget-heading\" data-id=\"7eb343b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much are the loans for and what are the terms?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4d3328 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"a4d3328\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">Loans are available in any amount up to $50,000. Terms are up to 5 years.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2cd3872 elementor-widget elementor-widget-heading\" data-id=\"2cd3872\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How long will it take for money to be distributed?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b36a51b elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"b36a51b\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">Once the loan is approved and the entrepreneur has met all of the loan conditions, the funds should be be distributed within ten (10) business days.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38e6747 elementor-widget elementor-widget-heading\" data-id=\"38e6747\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What kind of supports will be available to me?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48717f2 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"48717f2\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">WEOC&#8217;s Loan Fund Partners are skilled professionals who work with diverse women entrepreneurs. They are able to provide a variety of resources, including seminars, webinars, mentorship programs, networking opportunities, one-on-one advising, and loan aftercare. Their goal is to answer your questions, provide you with relevant resources, and guide you in the development of a business plan that documents the feasibility and viability of your business idea. They have your best interest in mind so will often ask the tough questions to make sure that you are considering both opportunities and challenges that could affect the success of your business.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-563ca10 elementor-widget elementor-widget-heading\" data-id=\"563ca10\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How can I find out about news and updates?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1809a0a elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"1809a0a\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p style=\"margin-bottom: 11.0pt;\">There are a few ways that you can keep up-to-date on the WEOC National Loan Program:<\/p><ul><li><a href=\"https:\/\/visitor.r20.constantcontact.com\/manage\/optin?v=0013hWxqqehj0QitkWQSsL1Kvfc937ZPcC4JkBydoDk5bmPgQN1zkhjw0zPsk-KkDf8DFGfK_sGDcoGMvfepjx-kiKIYJ2KnwsPjsRlnc6r0WrjA2zuovgfZIOskDPwuHQZbC7vbX_Nu9mKVhxXW-oLgg%3D%3D\">Subscribe to the quarterly newsletter<\/a><\/li><li><a href=\"https:\/\/weoc.ca\/contact\/\">Follow WEOC on Social Media<\/a><\/li><li><a href=\"https:\/\/weoc.ca\/loan-program\/\">Check weoc.ca\/loans<\/a><\/li><\/ul><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>WEOC Loan Fund FAQ How did the WEOC National Loan Fund get started? Access to capital remains a significant barrier for many women entrepreneurs seeking to start or grow their businesses. To help address this barrier, the Government of Canada allocated $55 million in Budget 2021 for the creation of a new national microloans fund, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-8397","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/pages\/8397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/comments?post=8397"}],"version-history":[{"count":0,"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/pages\/8397\/revisions"}],"wp:attachment":[{"href":"https:\/\/paro.ca\/fr\/wp-json\/wp\/v2\/media?parent=8397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}