August 2, 2016 – Today, Startup Canada and Montreal-based Evolocity Financial Group joined forces to launch the Startup Canada Women Founders Fund powered by Evolocity Financial Group. The fund provides micro-grants to women entrepreneurs and women-led companies in Canada—helping them to start and grow their businesses.
Although women in Canada now represent 47 per cent of Canadian business owners and contribute $148 billion to the Canadian economy, they continuously face barriers to accessing capital to start and scale their businesses.
“Today, Canadian women are starting businesses at double the rate of their male counterparts, yet receive only 4 per cent of venture capital,” said Marissa McTasney, Startup Canada Women Entrepreneur Fellow and Founder of Moxie Trades. “A great portion of these women-led ventures offer significant social contributions, making an investment in women-owned businesses good for our economy and great for our communities. The Startup Canada Women Founders Fund, powered by Evolocity, provides an excellent opportunity for women entrepreneurs to extend their impact as they start and scale their companies.”
Through the Women Founders Fund, Startup Canada and Evolocity Financial Group aim to alleviate some of the financial barriers women face when starting and accessing opportunities for business and professional growth. Funds can be leveraged to support operations and support women in accessing business growth opportunities like trade missions and skills development opportunities, among others.
Recipients of the fund are also connected to the Startup Canada network through the Startup Canada Membership Program where they can access additional exposure, skills training, mentorship, and support.
“As a company whose main mission is financing small business growth in Canada, Evolocity is excited to partner with Startup Canada in identifying and supporting the success of the next generation of innovative female entrepreneurs,” said David Souaid, Co-founder & President of Evolocity Financial Group. “We have worked closely with many female business owners over the years and we’ve witnessed first hand the additional obstacles they face in growing their business. This fund is a great way for us to share some of the best practices we have seen in their industries and help support their growth both strategically and financially.”
The Women Founders Fund is the first joint initiative between Startup Canada and Evolocity Financial Group. For almost a decade, Evolocity Financial Group has worked with entrepreneurs in Canada by providing them with access to capital through their Financing Programs. Together, the organizations hope to empower women entrepreneurs and drive awareness of the importance of women entrepreneurship.
Women entrepreneurs and women-led companies can apply for grants until August 31, 2016 online at www.startupcan.ca/womenfoundersfund.
Quick Facts:
- 1.5 million Canadians are currently employed at women-owned businesses.
- Women-owned businesses contribute $148 billion annually to Canada’s economy.
- According to Innovation, Science, and Economic Development Canada, 47% of businesses in Canada are partly or wholly owned by women.
- 80% of women surveyed in the recently published A Force to Be Reckoned With Report stated that women experience obstacles in obtaining loans from banks.
- According to Innovation, Science, and Economic Development Canada, in 2011 more than 62% of majority women-owned small and medium businesses were concentrated within three sectors: healthcare and social assistance, information and cultural industries; and arts, entertainment, and recreation.
For more information, contact:
Kathryn Forrest
Communications, Marketing and Government Relations Manager
Startup Canada
613-627-0787 ext. 106
Kathryn.forrest@startupcan.ca
About Startup Canada
Startup Canada is the leading national social enterprise supporting and giving a voice to entrepreneurs through online programs, national awards, flagship events, and partnerships with private sector and government to foster a community for startup and small business success across the country. Learn more at startupcan.ca.
About Evolocity Financial Group
Evolocity Financial Group is a Canadian owned and operated company. With an experienced management team who have been in the finance industry for over 25 years, they understand the capital needs of your small-medium sized business. Evolocity Financial Group will collaborate with you to evaluate your unique financial situation and tailor their services accordingly. Their technology-driven solution provides your business with transparent access to growth capital – quickly.