Did you know that 18% of all businesses in Canada are majority-owned by women?
This number is growing every year, with hundreds of thousands of Canadian women joining the world of entrepreneurship.
However, even with these growing numbers, data has shown that women still have a harder time accessing funding, and tend to get less funding than male-owned businesses.
To combat this, more and more funding programs are being developed and specifically tailored towards women entrepreneurs, opening up new avenues for economic empowerment. These programs provide financial support, mentorship, and networking opportunities, allowing women to overcome the barriers they often face in the business world.
In this article, we've broken down the following 6 types of funding and a list of real options available for each one:
Government funding
Venture capital funds
Business competitions/awards
Angel investors
Microfinance programs
Non-profit organizations & other support
Let's jump in and help you locate the right funding options for your female-led business.
1. Government Funding
As part of efforts to increase gender equality, the Government of Canada has developed and supported different types of grants and loans dedicated to women entrepreneurs.
In the latest budget announcement in February 2024, the Government of Canada announced $960,000 in funding for the Information and Communications Technology Council (ICTC) to create a more inclusive and equitable digital economy. This is just one avenue of potential government funding. Check out others below:
Funding for international business (dedicated support for underrepresented groups, including women)
2. Venture Capital Funds
Venture capital funds focused on women-led startups play a significant role in supporting women entrepreneurs and fostering economic development. These funds invest in early-stage and high-growth potential companies led by women. Check out the following venture capital funds focused on women entrepreneurs:
3. Business Competitions and Awards
Business competitions and awards specifically dedicated to women entrepreneurs provide an excellent platform for recognition and financial support. These competitions and awards celebrate the achievements of women entrepreneurs and provide them with the opportunity to showcase their businesses to a wider audience. Check out:
4. Angel Investors
Angel investors with a preference for supporting women-led startups play a significant role in the funding landscape for women entrepreneurs. You can find angel investors through personal networking, but you can also take advantage of angel investor groups online. Check out:
5. Microfinance Programs
Microfinance opportunities tailored for women entrepreneurs offer accessible and flexible financial support to help women start and grow their businesses. These opportunities provide small loans, typically ranging from a few hundred to a few thousand dollars, to women entrepreneurs who may not have access to traditional banking services. Check out:
6. Non-Profit Organizations & Other Support
Non-profit organizations play a vital role in supporting women entrepreneurs through various programs and initiatives. These organizations provide not only financial support but also mentorship, training, and networking opportunities for women entrepreneurs. Check out:
Conclusion
There are so many different types of funding and potential avenues to power your business. Leveraging the opportunities available to you as a woman or as a female-led business can help you find the right financial support, but also the right network and support system around you.
ReInvestWealth is a proud supporter of female-led businesses, and we’re offering you 50% off your AI Bookkeeper subscription for 6 months. Click below and use code RIW4WOMEN to redeem.
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