Financing
Business Loans for Women-owned Businesses in Saskatchewan
WESK offers loans to our members for up to $150,000, with the potential for additional financing through our partnerships. Allow us to focus on sourcing your resources, while you focus establishing, growing and sustaining your business.
WESK is proud to be a Loan Fund Partner with WEOC, which provides loans of up to $50,000. Your business advisor will work with you to determine your ideal solution.
Want to check your eligibility and get answers to all of your burning questions? Register for our upcoming Loans Info Session!
Benefits of a WESK Loan
Competitive Interest Rates
Fixed, Prime + 3%. Reduced rates are available based on factors such as credit history, plan strength, etc…
Reduced Payments to Get Started
Interest-only payments are available while you get your business operational.
No Payout Fees
Pay off your loan in full or can-do lump sum payments without any penalty.
Flexible Term
The term can range from 1 – 7 years.
WESK GOALS Program
Get advising, access to experts, invitations to special events, and free or discounted training.
Borrow up to $150k
WESK can lend between $1,000 and $150,000. An additional $50,000 can be applied for through WEOC.
Flexible Security Options
Loans under $20,000 typically don’t require security registered against the loan. For loans over $20,000, business and/or personal assets can be used as security.
Together We Grow
All the interest that is collected from the loan goes directly to fund the next women entrepreneur looking for a loan.
Eligibility Requirements
- Be a WESK member.
- Be a woman, or an operation owned and controlled by a woman, or women.*
- Be a Canadian citizen or landed immigrant (permanent resident), or a legal entity owned and controlled by a Canadian citizen(s) or landed immigrant(s).
- Be a registered business in Saskatchewan (or have the name reserved).
- Be operating or about to operate in Saskatchewan.
- Be a Saskatchewan resident, 18 years of age or older.
- Have sufficient security (refer to the FAQs below).
- Provide 20% owner’s contribution (refer to the FAQs below).
* “Woman-owned” is defined as more than 50% ownership, however, under certain circumstances, 50% ownership may be considered.
Have questions about your eligibility, email advisor@wesk.ca for more information.
Important Details
- WESK does not offer grants, and the full value of the loan is owing.
- WESK does not offer lines of credit.
- WESK offers funding to start or expand your business. Lines of credit solely for daily operational expenses are not eligible for funding.
- Once your documents have been officially submitted to Lending by your business advisor, you will be notified of the status of your application within 10 business days.
- Submitting completed loan application documents does not indicate automatic approval.
- You are responsible for loan application fees regardless of the outcome of your application.
How to Apply for a Business Loan
If you’re a WESK member, book an appointment with your advisor to review the documents required to submit an application.
Required Documents for a Business Loan
All businesses must complete a loan application, and provide business details and financial information.*
Start Up Projects
Loans under $20,000
Loans over $20,000
Growth & Expansion Projects
Loans under $20,000
- WESK Loan Application Form
- WESK Micro Business Plan
- Three Years of Financial Statements (Balance Sheet & Profit Loss)
Loans over $20,000
- WESK Loan Application Form
- WESK Existing Business Plan
- Two-Year Cashflow Projection
- Three Years of Financial Statements (Balance Sheet & Profit Loss)
Kindly remember that during the loan process, you may be asked to provide additional supporting information.
*Sole Proprietors will also be required to submit two years of tax returns.
Frequently Asked Questions
Yes. WESK will lend up to 80% of your total project/business costs, which means your contribution would be at least 20%.
For example, if you estimated it would cost you $100,000 to start your business, you would need to contribute $20,000 and would be eligible for an $80,000 loan from WESK.
If you’re not able to come up with the full owner’s contribution requirement, WESK offers the John and Bernice Williams Equity Investment Fund, which covers half of the needed amount up to $10,000 maximum.
While WESK offers loans of up to $150,000, we don’t offer grants. For a list of available grants (and other funding sources), check out the Government of Canada’s Grant and Funding resources.
Security is an asset(s) you own that is comparable to the value of your loan. Lenders register your asset(s) so that if you fail to make payments on your loan, the asset(s) may be sold to pay your loan balance. We may use accounts receivable, inventory, equipment, land, buildings, and personal assets (home or vehicle) to secure the loan. Loans overs $20,000 are required to have security registered.
WESK loans are for Saskatchewan residents looking to start or expand their businesses in Saskatchewan.
You can still qualify for loans to expand outside of the province as long as your company is headquartered here. If you and your business are in another province, check out our sister organizations that provide entrepreneur funding:
Maybe. A majority (51%) ownership by one or more women is required, however, in limited circumstances, 50% ownership may be considered. Please contact us for additional information.
You may pay down your loan at any time without penalty.
Preparing your loan documents could take a day or a few weeks, depending on how far along you are. Once your documents have been officially submitted to Lending by your business advisor, you will be notified of the status of your application within 10 business days.
Yes. Within 15 business days of the date of the decline letter, please provide, in writing to the CEO, sound business reasons why your application should be reconsidered, and include any new information not previously shared.
The CEO will review your original application, assessment, and appeal letter, and gather any additional input from you and/or staff as needed. If the CEO feels there are sufficient grounds for the appeal, the CEO will forward the material to two individuals independent from the loan process. From here, a final decision on the appeal will be made within two weeks. The CEO will then contact you to explain the decision, which is binding.
Questions?
If you have questions about your eligibility or our loan program, please email us at info@wesk.ca.