Financing

We lend you more than an ear.

Financial support for entrepreneurs is not always easy to find. WESK wants to assist you financially, as well as with advisory support.

With loans of up to $150,000, the WESK Financing Fund is proudly dedicated to helping women create jobs and grow sustainable businesses. 704 loans have been disbursed for women entrepreneurs in Saskatchewan and 1,446 jobs have been created through our financing program since 1995. $35.5 million in financing has been provided to grow member businesses since 1995.

*A Loans Application Fee will be administrated to all new loan applicants of WESK. Interest rates are Prime +3%.

Apply for WESK Financing

To be eligible for financing:

  • Your business must be operating or about to operate in Saskatchewan
  • Your business must be woman-owned or controlled (51%)
  • You must be able to contribute 20% in equity toward the project
  • You must meet with a WESK Business Advisor to complete/review your business plan
  • You must be a member with WESK for the term of the loan
  • Must provide a completed loan application & personal financial statement

 

First Steps – Apply, apply, apply:

  1. Sign-up for a WESK Membership
  2. Click “Account” and login to our Member Dashboard with your WESK username and password
  3. Select the “Business Advising” box and complete the Request for Business Advising form
  4. A WESK Business Advisor will contact you within 5 business days to set up an appointment

*While you’re logged in, be sure to update your member profile to be listed in the “MyWESK Member Directory”

Next Steps – your WESK Business Advisor:

  1. Review your Business Plan with your WESK Business Advisor (If you don’t yet have a business plan, don’t worry – we can help with that!)
  2. Upon completion of your business plan, your WESK Business Advisor will transfer all documents to the Loans Review Committee.
  3. You will be required to meet with the Loans Review Committee to complete the loans application form.
  4. Your application form and business plan will be reviewed by the Loans Review Committee

Financing up to $250,00 now available!

Need capital to start or grow your business?

Women’s Enterprise Organizations of Canada (WEOC) has signed a pioneering partnership with the Business Development Bank of Canada (BDC) to better support women entrepreneurs – WESK members included! You could potentially qualify for startup financing up to $200,000 and growth and expansion financing up to $250,000.

Ready to talk financing? We’re happy to help. Contact the office nearest you or email info@wesk.ca for more information.

“Women entrepreneurs are one of Canada’s greatest resources. This partnership will give our members fantastic opportunities to help attain their business dreams” – Sandra Altner, Chair of WEOC

Frequently Asked Questions

Loan Redress and Appeal Process
If an applicant is declined for a loan and has asked for an appeal, the applicant must provide, in writing to the CEO, sound business reasons specifying why their application should be reconsidered, and also include any new information not previously received for consideration. This appeal must be received by the WESK office within 15 business days of the date of the sent decline letter.

The original loan application, assessment, and appeal letter are provided to the CEO. The review will include additional input from the client and/or staff involved as deemed necessary by the CEO. If the CEO determines there are sufficient grounds for the appeal, the CEO will forward the materials to a Loans Review Committee comprised of two individuals who have
independence from the loans process. A final decision on the appeal will be rendered within two weeks of the Committee receiving the material for the appeal file.

If the appeal is approved, the CEO will contact the applicant to explain the decision. If the appeal is declined, the CEO will contact the applicant to explain the decision and the
applicant is provided with a letter confirming the rationale.

The appeal decision is binding. Please note: WESK does not have a dispute resolution process
external to the local process.

Are there any grants available to women starting a business?
WESK does not provide grants. While there has been a great reduction in the number of grants available to general business start-up over the past 10 years, there are limited monies available. Most of these programs are federally funded and are targeted strictly to specific industries, geographical areas, or particular groups of entrepreneurs (minority groups, etc.).

How long does it take to get a loan from WESK?
The length of time it takes to get a loan from WESK depends on whether you have completed your business plan. The more prepared you are, the less time the process will take. The first step is to meet with a business advisor, who will assist you in completing your business plan. Once your plan is finalized and reviewed, a loan application is completed and a review and recommendation takes place.

On average, once all required documentation is received, the review and approval process can take approximately two weeks.

Do I have to put my own money into the business? 
Monies required to get your business started can come from a number of different sources. You may be able to get financing through a bank loan, government loan or grant, personal investors, or even from friends and family. Ultimately, the more you have personally invested in the business, the more you are committed to making that business work, and the more likely other investors or lenders are to support your business venture. A general rule of thumb is 20% of your total project cost.

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