Research indicates that the largest growing segment of Canadian entrepreneurs is women. Female entrepreneurs who want to engage in business formation may wonder where they can get the funding they need in order to move forward. It is possible that BMO Financial Group could help.
Support for female business owners
BMO began a three-year, $3 billion initiative to help women break into the small business world. After a year, the company has already distributed approximately one-third of these dedicated funds. This initiative began after the company’s research revealed that women had difficulties receiving grants and incubators that left them underrepresented and unrecognized. In fact, women-owned or led businesses took out fewer loans and took advantage of fewer start-up programs even though they represented 15.6% of the small business world in 2017.
Of course, it will still be necessary to qualify for a portion of the funds. As is the case for any entrepreneur, the funding source needs to have certain information before committing to provide funds. This process could take some time, but with BMO dedicating this amount over a three-year period for women, they do not have to compete with men for much-needed funds.
In order to take advantage of this program, female entrepreneurs need to make sure they have all of the proper information organized in an easy to digest manner. This could also include showing BMO, banks and other investors a plan, organizational documents and other standard business formation information. With the future success of your small business at stake, it may be beneficial to sit down with a lawyer to make sure that you have everything in order.