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By rdnewsNOW Staff

$6 million

Alberta announces additional loan fund for women entrepreneurs

May 16, 2022 | 1:37 PM

The provincial government has announced additional loan funds now available to help women entrepreneurs get easier access to capital in order to create jobs and help diversify the economy.

Officials say supporting women entrepreneurs to start or expand a business is vital to strengthening Alberta’s economy and attracting job-creating investments to the province.

“Alberta’s economy has momentum and we want to keep it going. By ensuring that women entrepreneurs in our province have more access to capital to help grow their business, we are building for the future. This is an important opportunity to create more jobs and a stronger business environment,” said Doug Schweitzer, minister of jobs, economy and innovation.

The Alberta government says it is investing $6 million in grant funding for business loans aimed at supporting and empowering women entrepreneurs by providing them with more access to capital. The program provides low-interest business loans and business advisory supports to women entrepreneurs.

Loans accessed through this grant will be administered by Alberta Women Entrepreneurs and Community Futures Network of Alberta. Each organization will receive $3 million in grant funding through the Women’s Economic Recovery – Capital Growth Initiative.

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“Research proves that women entrepreneurs drive more than economic growth when their enterprises are successful – they change communities. Women were also disproportionately economically impacted by the pandemic. Access to capital for business investment for women entrepreneurs is essential to rebuilding Alberta’s economy,” said Marcela Mandeville, CEO of Alberta Women Entrepreneurs.

Alberta Women Entrepreneurs has been providing tools and resources to help women in Edmonton, Calgary, St. Albert and beyond to start or grow a business for over 25 years.

Government officials further note that Community Futures Network of Alberta has a rural focus for Albertans and Indigenous communities to launch, grow and scale their businesses, through their 27 regional offices.

“Women entrepreneurs from rural areas are often challenged to access small business financing and support services. By working with a local Community Futures location, female entrepreneurs have up to 27 potential access points to enter the ecosystem and grow their business and community,” said Phyllis Maki, executive director of Community Futures Network of Alberta.

Officials say that both Alberta Women Entrepreneurs and Community Futures Network of Alberta will help empower women entrepreneurs by providing access to funds, as well as business supports like specialized training, advising and mentorship. Under the initiative, up to $75,000 will be available in unsecured conditionally repayable loans. Eligible costs include operating capital, equipment, leasehold improvements, inventory, non-owner salaries and professional fees.

“Supporting women entrepreneurs is key to building a strong economic future for this province. Working with Alberta Women Entrepreneurs and Community Futures Network of Alberta to provide direct financial support to these business owners will support women as job creators, mentors and business leaders,” said Whitney Issik, Associate Minister of Status of Women.