Women entrepreneurs face greater barriers to accessing financing for their small and medium-sized businesses than their male counterparts. They are less likely to seek both debt and equity financing and are more likely to be rejected or to receive less money.
When women succeed, everyone succeeds. That's why the Government of Canada is making it easier for women-owned companies to get access to capital.
The Business Development Bank of Canada (BDC), as unveiled in Budget 2018, has committed to increase its lending to majority women-owned businesses to $1.4 billion. The BDC Capital Women in Technology Venture Fund was also increased to $200 million.
Other government agencies will also be making additional capital available to support women entrepreneurs. Women entrepreneurs in the agri-food sector will get financial support from Farm Credit Canada through its Women Entrepreneur Program. Export Development Canada will support women entrepreneurs looking to export through a $250-million initiative.
The $400-million Venture Capital Catalyst Initiative (VCCI) also aims to improve financing opportunities for women and under-represented groups. A portion of the funds made available under this initiative are dedicated to enhancing diversity and increasing women's participation in the venture capital ecosystem.