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Business Loans for Saskatchewan Women-Owned Businesses

Need funding to start or grow your business? As a WESK member, you can apply for loans up to $150,000, with an additional $50,000 of potential lending available through our partnership with Women’s Enterprise Organizations of Canada (WEOC). Your business advisor will support you in finding the right financing options.  

Benefits and features
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  • Competitive rates: Fixed, Prime + 3%, with potentially reduced rates based on credit history, business plan strength and other factors. 
  • Reduced payments to start: Interest-only payments while you get your business started 
  • No payout penalties: Pay off early or make lump sum loan payments without penalties 
  • Tailored terms: Loan terms from one to seven years to meet your needs 
  • WESK Growth Opportunities and Loan Support (GOALS) program: Access advising, expert connections, special event invitations, and free or discounted training. 
  • Flexible security options: Loans under $20,000 often don’t require security registered against the loan. Business and/or personal assets can be used as security for loans over $20,000. 
  • Pay it forward: Interest collected from loans directly funds future women entrepreneurs. 
Eligibility requirements
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  • Current WESK membership 
  • Be a woman or an operation owned and controlled by a woman or women (Note: A woman-owned business has more than 50% ownership by a woman or women. 50% ownership may be considered in limited circumstances.) 
  • Canadian citizenship or permanent residency 
  • Saskatchewan resident, 18+ years of age 
  • Registered Saskatchewan business (or business name reserved in the province) 
  • Operating in Saskatchewan or plans to operate in the province 
  • 20% minimum owner contribution 

Reach out to advisor@wesk.ca if you have questions about loan eligibility. 

Important details about WESK lending

  • WESK does not offer grants. All loans require full repayment according to the agreed terms. 
  • WESK loans are designed to help you start or expand your business. WESK does not offer lines of credit for daily operational expenses. 
  • You’ll be notified of your application status within 10 business days after your business advisor submits your loan documents for review. 
  • Submitting a loan application does not guarantee approval. Applications undergo a thorough assessment to determine eligibility. 
  • Loan application fees are non-refundable regardless of the approval outcome. 

How to apply

  1. Become a WESK member
  2. Book an appointment with a business advisor to review the required documents. 
  3. Submit your completed application form with the following required documents and information. 

Growth & Expansion Projects

Loans under $20,000

Loans over $20,000

During the loan review process, you may be asked to provide additional information in order to assess loan eligibility. Sole proprietors will also be required to submit tax returns from the past two years. 

Frequently Asked Questions

Do I need to put my own money into the business (i.e., an owner’s contribution)?
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Yes. Your contribution needs to be at least 20% of your total project or business cost, and WESK will assess lending eligibility for up to 80%. For example, a $100,000 project requires a $20,000 owner’s contribution. 

What are my options if I don’t have the full owner’s contribution?
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WESK may consider less than the 20% owner’s contribution on a case-by-case basis.

Are grants available?
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WESK offers loans of up to $150,000 but does not offer grants. Visit the Government of Canada Business Benefits Finder to see available grants. Select the sign-in button, enter your email address, select your preferences and click the button to receive a sign-in link by email from Innovation Canada. Click the sign-in link in the email, view the programs and services, and apply filters to find available grants.  

What is security? Am I required to provide security?
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Loan security is an asset you provide as collateral, like property or equipment, to back your loan in case of non-payment. We may use accounts receivable, inventory, equipment, land, buildings and personal assets like a home or vehicle to secure loans. Loans over $20,000 require security. 

Do I need to be based in Saskatchewan?
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WESK loans are for Saskatchewan residents who are looking to start or expand their businesses in the province. You may qualify for a loan to expand outside the province if your business is headquartered in Saskatchewan.  

These organizations provide funding for women entrepreneurs in other Western Canadian provinces: 

If I own 50% of my business, can I still qualify for a WESK loan?
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You may be considered under limited circumstances, but majority ownership (i.e., 51% or more) by one or more women is required. Reach out to advisor@wesk.ca if you have questions about loan eligibility. 

Will I incur a penalty if I pay back my loan early?
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One of the benefits of a WESK loan is that you can pay down your loan or pay it back in full at any time without penalty. 

How long does it take to get a WESK loan?
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Preparing your loan application and required documents depends on how far along you are with your business. It may take a day or a few weeks depending on your circumstances. A business advisor can support you if you have any questions about the loan process to help streamline your application. Once your application is submitted by your business advisor, you’ll be notified of the status within 10 business days. 

Is there an appeal process if a loan is denied?
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Yes. If your loan application is denied, you can appeal within 15 business days by submitting a written request to advisor@wesk.ca. Include a strong business rationale as to why your application should be reconsidered and include any new information not previously shared. Your original application and appeal information will be thoroughly reviewed.

If there are sufficient grounds for an appeal, your case will be sent to two independent reviewers. A final, binding decision will be made within two weeks, and a WESK representative will inform you of the outcome. 

Questions?

Reach out to info@wesk.ca if you have questions about available loans and your eligibility.