Minister of Small Business and Export Promotion Mary Ng announcing the federal government’s new Women Entrepreneurship Fund in Delta on Friday, Oct. 19. (Grace Kennedy photo)

Canada announces $20M fund for women entrepreneurs

New federal program will provide up to $100,000 for female business owners to grow their operations

Women entrepreneurs in Canada will now have access to $20-million in federal cash, thanks to a new fund announced by the government late last week.

The Women Entrepreneurship Fund, part of the Women Entrepreneurship Strategy announced with the 2018 budget, is intended to help female business owners of small- and medium-sized businesses grow their companies and increase access to international markets.

“Women still face unique and significant barriers when it comes to starting their own business,” Mary Ng, minister of small business and export promotion, said at the announcement in Delta on Friday, Oct. 19.

“Women are called upon to do more domestic work, they’re more likely to be shut out of investment opportunities and they struggle to find the mentors … for the support and advice that they need,” she continued.

The $20-million Women Entrepreneurship Fund is one way to help solve those inequalities, she said.

The fund will be available on an application basis for the next two years. Each applicant will be able to request up to $100,000 in non-repayable contribution funding.

Applications by diverse women (including Indigenous women, women with disabilities, recent immigrants, visible minorities and women in rural or remote regions), businesses that deal with Canada’s key economic strategy sectors (advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and resources of the future), or businesses looking to pursue international markets will be given priority.

RELATED: MP Carla Qualtrough highlights ‘gender equality’ federal budget in Surrey

These programs are a big step forward for business owners looking to scale up their businesses, Delta MP and Minister of Public Services and Procurement and Accessibility, Carla Qualtrough, said.

“There’s such strong female leadership across sectors in Delta,” Qualtrough said. “This fund will directly help — especially the fund announced today — will directly help businesses scale up.”

“Maybe it’s a $1-million company to a $25-million company. It will backstop access to capital, access to diversification, access to export markets. Whatever your business needs to get you to the next level,” she continued. “And I think that’s really exciting for Delta.”

The Women Entrepreneurship Fund follows an $85-million federal announcement in September for an “ecosystem fund,” another portion of the Women Entrepreneurship Strategy that is intended to close gaps in service for female entrepreneurs.

Both of these programs are part of Canada’s plan to double the number of women-owned businesses by 2025. Currently, less than 16 per cent of Canadian small- and medium-sized enterprises are majority women-owned or operated.

“Women make up 51 per cent of our population. So let’s face it,” Ng said. “We’re smart. More of us have higher education degrees. We’re adaptive. We’re resilient. And we’re recognized collaborators.”

“So while I would like to feign shock — why is this happening? — I know why,” she continued. “And I’ll bet those 88 cents on the dollar that you know why too.”

Applications for the Women Entrepreneurship Fund and the Women Entrepreneurship Strategy Ecosystem Fund can be made through the federal government’s website at canada.ca/women-entrepreneurship.



grace.kennedy@northdeltareporter.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Vernon keeper eager to start college soccer career

Kevin Morgan, 18, graduate of Thompson Okanagan Football Academy, signs on with UBCO Heat

Square footage may be revisited for Vernon cultural centre

Greater Vernon Cultural Centre could see size shrink up to 20 per cent as cost-savings measure

Vernon paddleboarders raise more than $40K for People Place

Third annual Stand Up For charity paddleboard event exceeds $25,000 goal

Historic Vernon land parcel for sale

The O’Keefe Range Land off Bella Vista Road is available; owners asking for almost $29 million

Brain safety top of mind for Lake Country kids

Bylaw officers noticing a number of youth out riding bikes, scooters, skateboards without helmets

Canucks ride momentum into NHL playoff series against defending Stanley Cup champs

PREVIEW: Vancouver opens against St. Louis on Wednesday

COVID-19 outbreak at South Okanagan farm declared over

There continues to be other community exposure events in the Interior Health region

Man, 54, charged in connection with fatal attack of Red Deer doctor

Doctor was killed in his walk-in clinic on Monday

One dead as fish boat sinks off southern Vancouver Island

Shawnigan Lake-registered Arctic Fox II went down off Cape Flattery, west of Victoria

Landlord takes front door, windows after single B.C. mom late with rent

Maple Ridge mom gets help from community generosity and government

VIDEO: Revelstoke rallies to save snared eagle

Local climber scales tree to save the raptor

42 more people test positive for COVID-19 in B.C.

The province has recorded no new deaths in recent days

Joe Biden selects California Sen. Kamala Harris as running mate

Harris and Biden plan to deliver remarks Wednesday in Wilmington

Most Read