On Wednesday, March 17th during #StartupChats, we discussed resources and funding for women entrepreneurs.
We were joined by a trio of wonderful women;
Alison Kirkland, CEO, Women’s Enterprise Organizations of Canada
Frederique Menard, Funding Analyst, Fundica
Magnolia Perron, Indigenous Women & Youth Program Officer, NACCA
First, we identified the issue, funding for women entrepreneurs;
A1 Access to funding is important for women treps because Women owned businesses have a much higher success rate than men-owned and they take less risk. This means stronger economies and communities. yet BIPOC women get only 3%. When women win we all win @scotiabank #startupchats
— PlanIt! Efficiency Solutions (@planitefficienc) March 17, 2021
Women face a variety of challenges when trying to access funding including being out of the workforce for a period of time, lack of credit history. Women often start businesses in service sectors such as restaurants and retail. #startupchats
— WEOC_OEFC (@WEOCanada) March 17, 2021
A1 1/2 The right funding can propel a company to new heights, and women founders still face significant barriers compared to their male peers. #StartupChats
— Fundica (@Fundica) March 17, 2021
We put our heads together to find solutions for women;
A3: Grants are a fantastic way to help fund small businesses. You can learn more about grants through the @SBAgov. https://t.co/DwZyiV4R5y #StartupChats
— MyCorporation (@MyCorporation) March 17, 2021
A3 There are many general options like seed funding, grants for hiring, grants for training, innovation and technology and some for not for profits and social enterprises. But organizations like @sheeo_world, @Startup_Canada and starter fund for women. @scotiabank #startupchats
— PlanIt! Efficiency Solutions (@planitefficienc) March 17, 2021
Aboriginal Financial Institutions (AFIs) are developmental lenders who provide business loans, non-repayable contributions, financial and management consulting, and business start-up and aftercare services to Indigenous businesses in Canada! #StartupChats
— Magnolia Perron (@MagnoliaPerron) March 17, 2021
A3 1/2 Many exist! (what we suggested in A2 is far from exhaustive). For very early stage, were most likely looking at grants, accelerators and incubators. For higher growth opportunities, some dedicated VC funds also exist! #StartupChats
— Fundica (@Fundica) March 17, 2021
And addressed what Canada can do to better support women entrepreneurs;
A8 Investors who are in it for the long term – long term business growth is where there is a real potential to make an sizable economic impact. It has been shown that women-led businesses are particularly good at long-term planning and make better risk decisions.#StartupChats
— Matt Elton (@fintech_matt) March 17, 2021
Micro-loans! Women tend to start small – often part-time or home-based – businesses which require micro-loans. Unfortunately, many financial institutions do not offer these types of loans. #StartupChats
— Magnolia Perron (@MagnoliaPerron) March 17, 2021
Absolutely Magnolia. This was a long recognized need in the Black community so organizations like @acbn_canada and @alternasavings, who partners with ACBN, have microloans starting at $500 to $5000 and programs to help with financial management 👍🏿 @scotiabank #StartupChats
— PlanIt! Efficiency Solutions (@planitefficienc) March 17, 2021
If you want to see all of the topics we covered during this chat, you can see the whole transcript here.