Startup Canada, Evolocity Financial launch Women Founders Fund
Women entrepreneurs in Canada will now be able to access more startup capital specifically targeted to them. That’s because Startup Canada and Montreal-based Evolocity Financial Group are joining forces to launch the Startup Canada Women Founders Fund.
The fund provides “micro-grants” to women entrepreneurs and women-led companies. The only catch is that women entrepreneurs have until August 31st to submit their requests.
According to a release from the two organizations, women continuously face barriers to accessing capital to start and scale their businesses. That’s while they represent 47 per cent of Canadian business owners (according to Innovation, Science, and Economic Development Canada) and contribute $148 billion to the Canadian economy.
“Today, Canadian women are starting businesses at double the rate of their male counterparts, yet receive only 4 per cent of venture capital,” said Marissa McTasney, the founder of Moxie Trades, a website that sells work boots and safety shoes for women. “A great portion of these women-led ventures offer significant social contributions, making an investment in women-owned businesses good for our economy and great for our communities. The Startup Canada Women Founders Fund, powered by Evolocity, provides an excellent opportunity for women entrepreneurs to extend their impact as they start and scale their companies.”
The Women Founders Fund will try to lessen some of the perceived financial barriers women face when starting businesses.
According to Innovation, Science, and Economic Development Canada, in 2011 more than 62 per cent of majority women-owned small and medium businesses were concentrated within three sectors: healthcare and social assistance, information and cultural industries; and arts, entertainment, and recreation. Recipients of the new fund will get connected to the Startup Canada network, where they can access skills training, mentorship, and support.
“We have worked closely with many female business owners over the years and we’ve witnessed first hand the additional obstacles they face in growing their business,” said president David Souaid. “This fund is a great way for us to share some of the best practices we have seen in their industries and help support their growth both strategically and financially.”
Arielle Beaudin cofounded Montreal’s first coworking space dedicated to women entrepreneurs. She reminded us that just one out of every three entrepreneurs is female. Still, Beaudin thinks the Women Founders Fund is a great initiative.
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