New federal funding to support Canadian women in business

The federal government says women entrepreneurs are essential to starting businesses, creating jobs and strengthening communities across Canada.

Minister of Women and Gender Equality Rechie Valdez announced the federal government’s investment of $173.7 million to help businesswomen access financial resources, training and mentorship.

The announcement took place at Cafe Noir, a woman-owned coffee and pastry shop in downtown Lethbridge.

“It’s a big deal. I think women in business have been struggling to get capital and funding for a long time,” said Amber Morrow, owner of Cafe Noir.

Get breaking National news

Get breaking Canada news delivered to your inbox as it happens so you won’t miss a trending story.

Morrow says many entrepreneurs face challenges when they dive head first into opening their own business.

She says having this funding and support specifically targeted for women is “huge.”

Minister Rechie Valdez says this investment builds on what’s already underway.

“This strategy, it started in 2018, and this is funding that will help continue the momentum from our first initiation,” said Valdez.

According to the federal government, the strategy has supported more than 500,000 women entrepreneurs since its launch.

This latest investment includes funding for organizations that operate the Women’s Entrepreneurship Loan Fund, which offers loans of up to $50,000 across Canada.

More than 1,600 loans have already been delivered through the program.

The funding also supports the WES Ecosystem Fund, which helps organizations provide business training, advisory services and mentorship programs.

The federal government says the intention is to lift up women entrepreneurs, so they can start, grow and scale their business while contributing to economic growth across Canada.