Mr. Speaker, the Women Entrepreneurship Strategy, or WES, represents nearly $7 billion in investments and commitments from almost 20 different federal departments, agencies, and Crown corporations. This investment represents a “whole of government” approach to increasing women-owned businesses’ access to the financing, talent, networks, and expertise they need to start up, scale up, and access new markets. There are a number of initiatives under the strategy.
First launched through Budget 2018, the Government of Canada announced, in Budget 2021, new investments of $146.9 million over four years, starting in 2021-22, to further strengthen the WES. The new investments from Budget 2021 were used to create the Inclusive Women Venture Capital Initiative and the Women Entrepreneurship Loan Fund, as well as provide further funding to the WES Ecosystem Fund.
With regard to (a), the Inclusive Women Venture Capital Initiative, which is a part of the WES, funds projects led by not-for-profit organizations to strengthen and build a more inclusive risk and venture capital environment for Canadian women.
Twenty-six applications were received under the Inclusive Women Venture Capital Initiative, and five recipients were announced on March 8, 2023: the National Angel Capital Organization, or NACO; the Canadian Venture Capital and Private Equity Association, or CVCA; the Small Scale Food Processor Association; Social Venture Connection, or SVX; and Elevate Toronto. The news release can be found on the following site: Minister of International Trade, Export Promotion, Small Business and Economic Development announces the next phase of the Women Entrepreneurship Strategy - Canada.ca.
With regard to (b), the Inclusive Women Venture Capital Initiative funding will be allocated and delivered over fiscal years 2023-24 and 2024-25.
With regard to (c), another component of the WES, the Women Entrepreneurship Loan Fund, was announced on March 8, 2022, and provides loans of up to $50,000 to diverse women entrepreneurs. Following a competitive call for proposals, the following five organizations were selected as loan administrators: the Northumberland Community Futures Development Corporation, Coralus, the National Aboriginal Capital Corporations Association, Evol, and the Women’s Enterprise Organizations of Canada. The news release can be found on the following site: Minister of International Trade, Export Promotion, Small Business and Economic Development announces the next phase of the Women Entrepreneurship Strategy - Canada.ca.
As at March 31, 2023, 185 women entrepreneurs have received loans to help start or grow their businesses since the Women Entrepreneurship Loan Fund became available in 2022.
With regard to (d), loans totalling more than $4.6 million have been delivered as at March 31, 2023 through the Women Entrepreneurship Loan Fund.
With regard to (i) of part (e), first launched in 2018, the WES Ecosystem Fund, which is also a part of the WES, is designed to help not-for-profit, third-party organizations strengthen capacity within the entrepreneurship ecosystem and offer business support such as training, mentorship, and financial literacy for women entrepreneurs.
Budget 2018 provided the WES Ecosystem Fund with $85 million, and it supported 52 projects. Budget 2021 provided renewed funding of $65 million for the WES Ecosystem Fund, which was allocated through two separate calls for applications referred to as “the first call” and “the second call” respectively.
In 2022, under the first call of the WES Ecosystem Fund, 101 applications were received and 8 were funded. Recipients of funding were announced on March 8, 2023. The news release can be found on the following site: International Women’s Day 2023: Minister of International Trade, Export Promotion, Small Business and Economic Development announces recipients of funding under the Women Entrepreneurship Strategy - Canada.ca.
With regard to (ii) of part (e), in 2022, under the second call of the WES Ecosystem Fund, 97 applications were received and 16 were funded. Recipients of funding were announced on March 8, 2023. The news release can be found on the following site: International Women’s Day 2023: Minister of International Trade, Export Promotion, Small Business and Economic Development announces recipients of funding under the Women Entrepreneurship Strategy - Canada.ca.
With regard to (f), as at May 31, 2023, approximately $2.1 million of funding has been delivered to successful recipients under the first call of the WES Ecosystem Fund.
With regard to (g), the WES Ecosystem Fund funding for the second call will be allocated and delivered over fiscal years 2023-24 and 2024-25.