Minister Valdez announces $2 million to support hundreds of women entrepreneurs across Canada in strengthening their business skills

TORONTO, Nov. 12, 2024 /CNW/ - Innovation, Science and Economic Development Canada

The federal government is taking action to advance gender equality and support the full participation of women in our economy for the benefit of all Canadians.

Today, the Honourable Rechie Valdez, Minister of Small Business, announced that the federal government is investing $2 million in a project to support women entrepreneurs across Canada in growing their skills. The project is being delivered by Coralus, a non-profit organization that supports business ventures led by women and non-binary people.

As part of the project, training is being provided to over 375 women-owned businesses on topics such as fundraising, bootstrapping, accessing capital and setting up e-commerce.

Coralus is also establishing new relationships with organizations serving Indigenous entrepreneurs, equity-deserving entrepreneurs, newcomers to Canada, people with disabilities, 2SLGBTQI+ individuals and rural communities to increase the diversity of participants. Personalized coaching is also offered as part of the project, as well as networking events to support more women entrepreneurs from coast to coast to coast.

This project complements work being done through the federal government's Women Entrepreneurship Strategy (WES) to close service gaps for women in the entrepreneurship ecosystem. Since its launch in 2018, WES has helped tens of thousands of women get the support they need to start or grow their businesses.

Today's announcement builds on the historic investments the federal government has made to support women since 2015, including legislating pay equity, creating the Canada Child Benefit, providing special funding to support women entrepreneurs during the pandemic, delivering on $10-a-day child care, and committing over $530 million for a National Action Plan to End Gender-Based Violence.

Quotes

"Our government knows that a more inclusive economy is a stronger economy. Today's announcement is great news for women entrepreneurs across Canada and demonstrates our government's commitment to ensuring the full and equal participation of women entrepreneurs in our economy. Together with partners like Coralus, we're helping level the playing field so that everyone who has a dream of opening their own small business is able to receive the support they need to succeed. This is not just how we create a more equal society—it's how we create good jobs, build a strong economy and develop resilient, dynamic communities."
– The Honourable Rechie Valdez, Minister of Small Business

"Creating pathways for entrepreneurs to connect with one another and with influencers who are open to using their power to create change builds a stronger economy. Coralus is honoured to be recognized for our unique approach to economic development with this funding support."
– Vicki Saunders, Founder, Coralus

"Women entrepreneurs are vital to our economy, driving innovation, creating jobs and strengthening communities across Canada. This investment empowers women to access the resources, networks and support they need to thrive in business. I'm proud to stand with Minister Valdez and Coralus to help more women break barriers and achieve success."
– Julie Dzerowicz, Member of Parliament for Davenport

Quick facts

• The Women Entrepreneurship Strategy (WES) is a nearly $7 billion investment that includes:
  • the Women Entrepreneurship Loan Fund, which funds partner organizations to deliver loans of up to $50,000 to women business owners and entrepreneurs;
  • the WES Inclusive Women Venture Capital Initiative, which seeks to build a more inclusive venture capital environment for Canadian women;
  • the WES Ecosystem Fund, which is helping strengthen capacity within the entrepreneurship ecosystem and deliver the resources that women entrepreneurs need to start or grow a business; and
  • the Women Entrepreneurship Knowledge Hub, which has brought together 10 regional hubs, over 250 organizations and thousands of women entrepreneurs to create a one-stop source of knowledge, data and best practices for women entrepreneurs.
• The Black Entrepreneurship Program is a partnership between the Government of Canada, Black-led business organizations, post-secondary or other accredited educational institutions, and financial institutions. It has three components:
  • the $100 million Ecosystem Fund, which has funded 43 not-for-profit organizations across the country that are now delivering mentorship, business training and financial planning services to businesses;
  • the $165 million Black Entrepreneurship Loan Fund, delivered by the Federation of African Canadian Economics (FACE), which provides loans of up to $250,000 to Black business owners and entrepreneurs; and
  • the $5 million Black Entrepreneurship Knowledge Hub, which conducts qualitative and quantitative research and collects data on the state of Black entrepreneurship in Canada to help identify Black entrepreneurs' barriers to success as well as opportunities for growth. Carleton University and the Dream Legacy Foundation have partnered to establish the Knowledge Hub.
• The 2SLGBTQI+ Entrepreneurship Program is a $25-million program to strengthen the 2SLGBTQI+ entrepreneurship ecosystem and make it easier for 2SLGBTQI+ entrepreneurs to get the training, mentorship and connections they need to succeed. The program includes:
  • the Business Scale-Up program, which will build the capacity of Canada's 2SLGBTQI+ Chamber of Commerce (the principal organization dedicated to supporting 2SLGBTQI+ entrepreneurs in Canada, founded as the Canadian Gay & Lesbian Chamber of Commerce) to help 2SLGBTQI+ entrepreneurs across Canada start or grow their businesses;
  • the Ecosystem Fund, which provides funding to not-for-profit business-support organizations to deliver projects that help entrepreneurs develop their business planning skills and access entrepreneurial tools and learning resources, as well as to raise awareness of key challenges facing 2SLGBTQI+ entrepreneurs; and
  • the Knowledge Hub, which conducts research and collects data to create a clearer picture of the entrepreneurship landscape for the 2SLGBTQI+ community and the challenges 2SLGBTQI+ entrepreneurs face.

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SOURCE Innovation, Science and Economic Development Canada

Contacts: Callie Franson, Senior Communications Advisor and Issues Manager, Office of the Minister of Small Business, [email protected], 613-297-5766; Media Relations, Innovation, Science and Economic Development Canada, [email protected]