March just happens to be International Women’s Month, a time to celebrate the progress and achievements of female trailblazers. And March 8 is International Women’s Day, a time to raise awareness of the social, economic, cultural, and political milestones that women across the globe – including Canada – have secured over the past few decades.
But one area that’s still lacking in Canada – as well as other developed countries – are opportunities to support and assist female business owners. This FranNet of Canada blog is going to discuss a few resources you may not have considered, which could be beneficial in helping female entrepreneurs in any of the Canadian Provinces.
A Wide Gap in Statistics
The Canadian statistics for female-owned businesses could use a boost. Historically, the tools and resources necessary to establish entrepreneurial ventures have been lacking – though there are many programs looking to close the gap as of late. According to information from the Bank of Montreal (BMO), startup investing for men tops women by a two-to-one margin. The same goes for business lending, where the average loan gap is 25% less for female owned companies. And globally, men own 50% more wealth than women.
Canadian Financial Institutions Step Up
The pandemic was responsible for a setback in women-owned businesses, as support programs dried up in favor of funding public health initiatives. But institutions like the Bank of Montreal are looking to change that through initiatives like their BMO Alliance for Women, a 3,000-strong group dedicated to advancing the financial progress of females. They provide educational resources, funding grants and opportunities, and a support group of qualified contacts through their networking efforts. Just the same, the Royal Bank of Canada has rolled out the red carpet for their Small Business Financial Services Centre, where female entrepreneurs can get started on ventures of their choosing. Lastly, the Scotiabank Women Initiative is a collaborative program that advises and trains women to take their business ownership skills to the next level – offering networking, funding resources, and more.
Available Canadian Government Assistance
Not to be outdone by the private sector, the Canadian government runs several grant and loan programs that facilitate funding to a wide range of business development projects. This is, however, provided the ventures meet the preferred requirements for financing allocated to business and technological expansion, hiring, training, and R&D. Mentorworks, Canada’s top governmental funding underwriters, has compiled a list of resources and a downloadable funding guide, which is a great place to start.
Data and statistics from the nonprofit group, Women of Influence+, reveals that only 15% of small and medium business enterprises are majority owned by females, roughly 110,000 companies. Yet they also share that 40% of Canada’s self-employed population are women – which amounts to more than one million in all. Follow this link for a trove of tools and resources dedicated to helping establish more female-owned businesses in Canada. And should you decide to franchise your way to business ownership of your own, be sure to contact FranNet of Canada!
Let’s Chat!
2023 has arrived, so if you’re finally ready to begin your entrepreneurial journey, FranNet of Canada can help you get started. With consultants serving every Canadian province, you can set up a no-cost, no-obligation appointment with one of our qualified representatives. To find your local province consultant, simply follow this link and select an appropriate Canadian postal code on the FranNet Franchise Consultant Directory page of our website. Getting started is easy – you can take our FranNet Ownership Quiz – or simply make an appointment to speak with one of our franchise experts today. And don’t forget to read our bi-monthly blog series, covering franchising issues for all Canadian entrepreneurs!