Financing

People invest in those who invest in themselves – the more money you put into your business, the more committed you are to making it work, and investors love that kind of thing. A general rule of thumb is 20% of your project cost. You may be able to get financing through a bank loan, government loan or grant, personal investors, or even from friends and family.

If you’re not able to come up with the full equity requirement, WESK offers the John and Bernice Williams Equity Investment Fund, which covers half of the needed equity up to $10,000 maximum.

This is only available for clients applying for a WESK term loan so contact us if you have any further questions. 

While WESK offers loans of up to $150,000, we don’t offer grants. There has been a decline in the demand for grant funding over the past 10 years. Most are federally funded and target specific industries, regions, or groups (visible minorities etc.).

For a list of available grants (and other funding sources), check out the Government of Canada’s Grant and Funding resources. 

Yes, we may use accounts receivable, inventory, equipment, land, buildings, and personal assets to secure the loan.

Generally speaking, most loans are at a fixed rate of +3% over the prime lending rate when the date the letter of offer is signed. Sometimes rates may be adjusted slightly higher or lower, based on the specific risk level of the loan. Rest assured that this rate will stay the same for the entire term of the loan, so you can have peace of mind that your payments will not need to increase when interest rates rise.

The opportunities are endless for women entrepreneurs who are as motivated as you are!

In general, eligible activities may include: the purchase of tangible and/or intangible assets, working capital for inventory or accounts receivable, start-up costs, or even the purchase of an existing business.

Generally, a WESK loan is repaid over a 5-year term. However, depending on the size of the loan and the specifics of the situation, the term of the loan can vary from 1 year up to a maximum of 7 years. Repayment terms longer than 7 years may be available for special situations.

Absolutely! WESK provides financing for businesses of all sizes and phases. Whether you’re just starting the hustle or have been hustling hard, we’re here to provide financing to women in every stage of the game.

Generally, yes, WESK loans are for Saskatchewan residents looking to start or expand their businesses in Saskatchewan.

BUT, 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 empower, inspire, and provide entrepreneur funding:

Also – if you’re looking to move to Saskatchewan and expand your business into the province, we’d love to discuss the specifics of your situation and see if we can find a way to support you.

We’re entering a bit of a grey area here – the short answer? 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 and to see if you fit into this grey area.

We’re not one to penalize go-getters, so you may pay down your loan at anytime without penalty.

Once you’ve met with a WESK Business Advisor, who will help you complete your business plan, and all your documentation is received by the lending department, the review, decision, and disbursal process usually takes about 2 to 3 weeks. 

That’s if the stars align and everything is smooth sailing, however, we understand that life can throw you curveballs. If you need the funds sooner than that, please reach out to an advisor as soon as possible to see if we can get the ball rolling. 

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, 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 loans 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.