LAKELAND - Women looking to take their business to the next step or become entrepreneurs have an opportunity to receive financial support through a new $6 million low-interest loan program offered by the province of Alberta.
The new program which will provide up to $75,000 for individual women entrepreneurs who present a plan that is approved by the Alberta Women Entrepreneurs and Community Futures Network of Alberta.
While each organization will receive $3 million to distribute to women rising in the business world, the funding opportunities provide more than just standard support to purchase or start a business, says Lac La Biche accountant and former Lac La Biche and District Chamber of Commerce President Gail Broadbent.
Through the new support, unique opportunities to utilize the loan will allow women to fund year-round operating costs, purchase equipment and fund store improvements, said Broadbent who fully endorses the project. The funding will also allow loan recipients to purchase inventory, and pay for fees and non-owner salaries. Hopefully, it’s an opportunity, that will help encourage more women—especially start-up home business owners—to not only invest in themselves, but make their dreams come true ... and expand on those dreams, said Broadbent.
“I think it might give some of them the confidence to expand. It's a big step going from a home business and then taking it to a storefront or expanding it… I think it would do wonders for them and give them that confidence and a little boost to say ‘yo know what we can do this and not have to mortgage the house.”
A licensed Chartered Professional Accountant (CPA), operating her practice in Lac La Biche County for more than 17 years, Broadbent said when she first began, she utilized services from local Community Futures to not only receive a $10,000 loan, but also business advice.
With the rollout of the new funding and all the additional services, it will give much more women who need that extra capital a chance to be successful, she said.
“When I started, they would only give money for capital, so this is a lot broader on where you can use the money. I think that is hugely beneficial to a business starting," she said. “It’s a really nice program. It covers a lot of different areas where an entrepreneur can spend that money.”
Rural program access
Currently, Community Futures has four locations in the Lakeland region accessible to assist all entrepreneurs and business-minded residents. There are 27 Community Futures offices across Alberta. The offices are operated and maintained through provincial and federal public funding, in particular the Prairies Economic Development Council, and some municipal partnerships.
Supporting rural women
For Broadbent, the new program is not only providing a chance to integrate more women into the business world, it also recognizes the unique challenges mothers, daughters and women may face. And through the Women's Economic Recovery - Capital Growth Initiative, women are being heard, Broadbent added.
"Lots of times women have to make different choices. We’re the ones having the children, we take time off often for those child baring years,” she said explaining that the new funding and delivery of programming takes that into consideration. “They’ve considered us.”
Expanding all rural opportunities
While Broadbent hopes to see the loan program reach all the women who need it, she hopes to see similar funding programs with incentivizing opportunities to help everyone—not just women.
“It’s a fabulous program there should just be more of it and I wish that it expanded to all business quite frankly. I think it would really give a boost to any new businesses in our area or any area in the province.”
Ultimately, it’s a move in the right direction so far, she added.
“The province said, ‘Let’s work on this demographic, they’re smart, capable, creative and they’ve got great ideas. Let’s give them a little bit of a boost. I’m pretty proud of the government and the ministry for doing that in particular.”
