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

Just Posted

Woman killed in head-on crash near Vanderhoof

RCMP say driver crossed the centre line and hit a loaded fuel tanker truck

African Children’s Choir making a difference in the world

Waroto Children’s Choir celebrate Christ and caring for community on six month world tour

Snowpack at normal levels, but El Niño is lurking

Despite a warmer than usual winter that has produced a dearth of… Continue reading

Letter: New party with a strong platform could form majority government in B.C.

Voters fed up with BC’s political parties open the door for a new party to enter BC politics

‘Tripod’ delays access to Unist’ot’en camp

Social media rumours of cultural significance quashed, meaning police “exclusion zones” should end.

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

Man, 31, charged in Cache Creek fatal shooting

Corey Richard Harkness appeared on one count of murder in provincial court in Kamloops

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

In limbo: Leftover embryos challenge clinics, couples

Some are outright abandoned by people who quit paying storage fees and other couples struggle with tough decisions

Most Read