Youth Business Loan Support
There are several factors that WEC and Futurpreneur Canada will consider on your application. You will need to demonstrate the following four points, but we can help you get there!
1. A strong and workable business idea and a comprehensive business plan
We can guide you in putting one together, along with the financial projections you will need. This includes:
- Market research confirming demand for your product/service
- A monthly cash flow forecast for a minimum of the first 2 years of operation
And for business purchases also include:
- Historic financial statements of the business
- Copy of the proposed purchase agreement
We have many resources that can help you write your business plan, including:
- Creating Your Business Plan Workbook: A Step by Step Guide to Your Business Success
- How to Write an Effective Business Plan
- Addressing and Creating a Product Need
...and more! Check out the Business Planning section of our online resource library. If you have any questions, call us to speak with a Business Advisor 1.800.643.7014 ext. 2.
2. Management knowledge and experience
You don't need to have owned a business before to meet our criteria, but you need to have the skills to operate and manage a business successfully. Your business skills may have been gained through work experience, education, volunteer positions or other personal background. In addition to knowledge about the operational aspects of your business and industry, you will also need to have some knowledge of financial management, marketing and sales.
Women's Enterprise Centre offers affordable, applicable workshops to help you gain the skills you need to run a business, including self-study learning guides on topics such as Focused Marketing, Financial Understanding and Financial Management.
3. Cash/equity contribution
Businesses have a greater probability of success when the owner makes a financial contribution.
When you apply for a loan, you will need to show personal equity investment in your business. Equity can be in the form of cash and other assets that will be used in the business, such as equipment, inventory, etc.The minimum equity requirement is 10% of the loan amount, instead of the usual 25%.
4. A good credit history
Women's Enterprise Centre will look at your credit history and weigh it against the strength of your business plan. While your credit history doesn't need to be stellar, we can't consider you for a loan if you have an outstanding bankruptcy or judgment. It's a good idea for you to find out where you stand with your credit rating before you apply - and we can tell you how in our free phone-in Business Loan Info Session.
Are you ready to take the next step? Sign up for our free Business Loan Info Session
Still have questions? Call us at 1.800.643.7014 ext. 2 to learn more!