Top 3 Financial Resources for Women Entrepreneurs in Canada

Even in Canada, where feminism and the fight for equal rights have come a long way, women entrepreneurs continue to face unique challenges when starting their own businesses. Some analysts argue that the pandemic has turned back the clock on women’s entrepreneurship because of support programs excluding women, a lack of access to resources, and the prioritization of STEM companies. It is evident that a lack of adequate information is still available for women, especially regarding small business financing options. Many women entrepreneurs are currently facing several challenges, such as keeping their staff onboard, maintaining operational processes, and meeting financial goals. 

While many women-led business funding programs often focus on STEM support, women-owned organizations are much more prevalent in retail, accommodation, food services, and tourism. 

Despite these ongoing challenges, women entrepreneurs remain one of the fastest-growing business segments in Canada.  

• Women-led businesses create new jobs four times faster than the national average. 
• Women create companies at double the national average. 
• The number of women with incorporated businesses has more than doubled in the past decade.  

To continue this accelerated growth, women entrepreneurs must remain competitive. We’ve outlined three financial resources available across Canada that have been developed specifically to assist women in starting, planning, and building a successful small business. 

BMO for Women: Committed to Real Financial Progress 

BMO has released statistics showcasing that, despite the ongoing battle to change the status quo in the business world, 57% of women still wish they were more confident in their financial decision-making.  

With more than 3,000 members, the BMO Alliance for Women is a community of employees—of all genders—who champion the inclusion, connection, development, advancement, and support of women. BMO for Women provides educational resources, funding opportunities, networking, and guidelines for women in business across the country. 

RBC’s Women Entrepreneur Support for Small Business  

The Royal Bank of Canada (RBC) has specifically developed advice and services to meet the needs of women entrepreneurs. Financing is available through the bank, along with additional resources and expertise. Through their Small Business Financial Services Resource Centre, women entrepreneurs can access a wide variety of information and assistance in starting and expanding a business, as well as succession planning for their retirement. They also provide one-on-one strategic advising for women entrepreneurs to ensure their businesses succeed. 

RBC has also developed the RBC Canadian Women Entrepreneur Awards, allowing women entrepreneurs to celebrate one another and network side by side. By celebrating women entrepreneurs, RBC hopes to highlight the importance of women business owners to the Canadian economy. 

The Scotiabank Women Initiative: Supporting Women-Led Businesses 

The Scotiabank Women Initiative is a comprehensive program that helps women take their businesses to the next level through access to capital funding, mentorship, and education. 

When enrolled in the program, members benefit from small group mentoring sessions on predefined topics, hosted by the experienced Advisory Board, to discuss complex business issues and help women grow their businesses.  

The initiative works individually with each unique women-led business to develop tailored solutions for accessing funding to preserve and increase cash flow. 

Government Funding Programs for Women-Led Businesses 

There are also several current government funding programs that cater specifically to supporting women-led businesses, such as FedDev Ontario’s Rebuild Reopen Revive (RE3) Initiative, distributed through the Regional Relief and Recovery Fund (RRRF). In this initiative, women business owners can receive up to $5,000 in non-repayable grants to help with pandemic recovery. The Women Entrepreneurship Strategy (WES) also helps women grow their businesses with access to several funding and mentorship opportunities.  

To remain vigilant, women entrepreneurs require ongoing access to up-to-date information and resources. Mentor Works provides information on current government funding programs, including small business grants and loans. Sign up for the weekly funding newsletter to stay informed, or download a free government funding checklist for startups.