MOOSE JAW — If you’re a female entrepreneur with the next big idea in business, a loan program by Women Entrepreneurs of Saskatchewan (WESK) could be the key to turning that idea into reality — especially for those who may face challenges securing funding through traditional financial institutions.
“WESK has offered this loan program for… 30 years. We are a non-profit organization (that was)… founded because women struggled to get loans through the banks,” said Cara Cote, the organization’s client services manager.
“The loan program itself is very successful, because what happens is a woman will borrow money, and the interest goes right back into the pool, which gets lent out to the next woman entrepreneur,” she explained.
The WESK loan program operates differently from traditional financial institutions and focuses on a model of “women helping women.” Female entrepreneurs can apply directly to WESK for loans up to $150,000 to start or grow their own business, and through a partnership with the Women’s Enterprise Organizations of Canada (WEOC) national loan program, an additional $50,000 can potentially bring that total up to $200,000.
Unlike traditional bank loans this program is managed internally by WESK, which gives the company more control and flexibility in supporting women-owned businesses.
Getting a loan through WESK comes with several perks including competitive interest rates with the possibility of receiving discounts based on the strength of each applicant’s business plan.
WESK will not automatically deny applicants who have a poor credit score. Instead, the organization takes a holistic approach and considers what factors led to the lowered credit score and the potential of the applicant to get back on track.
Another major benefit is the repayment flexibility. Borrowers can start with reduced payments until their business starts to generate its own revenue, thereby helping to ease initial cashflow challenges. There are no penalties or fees for an early loan repayment.
“The beauty of being a non-profit is that we recognize when folks (operate a) seasonal business. We can make a custom payment plan and, if they are struggling, we will absolutely negotiate something to help them out,” Cote said.
Female entrepreneurs continue to face challenges securing business financing due to historical inequalities, including limited asset accumulation as compared to men, Cote said. This impacts their ability to qualify for larger loans. To address this, WESK’s loan program is available to entrepreneurs even in the planning stages with the only requirements being proof of Saskatchewan residency, a valid photo ID, and your business must be officially registered.
Once accepted, WESK business advisors will guide members through the entire process. As well, the organization can help draft a business plan for your new startup.
In her concluding remarks, Cote shared a few observations following a recent visit to Moose Jaw.
“I would like to mention… how impressive the business community in Moose Jaw is,” she said. “Specifically, we got the chance to hang out this summer in Moose Jaw, and even walking down Main Street and seeing how many businesses are women-owned was super impressive.
“The city of Moose Jaw is also very supportive,” she added. “It’s notable. This is a wonderful city to actually do business (in), and… they’re setting an example for other cities across the country. So, I just want them to feel proud of what they’re doing.”
WESK supports women entrepreneurs with advising, financing, training, and networking, with specialized help included for newcomers. Membership is $125 yearly and is open to individuals from any business sector.
To learn more visit WESK.ca or call the Regina office toll-free at 1-844-900-WESK (9375).
