Business Loans for Youth

Overview of the Business Loans for Youth program:

To make it easier for young women business owners to secure financing, we have partnered with Futurpreneur Canada to offer an unsecured joint loan of up to $70,000.

Benefits of the Business Loans for Youth program:

• Some of the key features of our Youth Loan program include:
• Loan of up to $70,000, no security required
• WeBC matches futurpreneur's interest rates
• Flexible repayment options and up to six months of interest only
• One-time loan administration fee of 1% before disbursing the loan
• No penalty for early repayment
• Free, ongoing business advice from your personal Business Advisor
• Mentoring
• Free business skills training

Eligibility criteria of the Business Loans for Youth program:

• Between the ages of 19 and 39
• A woman (or women) who owns and controls at least 51% of a business that is registered and located in British Columbia
• A Canadian citizen or permanent resident
• Residing in British Columbia
• To Register:
• Business Plan
• Market research confirming demand for your product/service
• Monthly cash flow forecast for the next two years of operation
• Historic financial statements of the business (for purchase)
• Copy of the proposed purchase agreement
• For more Business Planning Resources, click here
• Credit History
• WeBC will look at your credit history and weigh it against the strength of your business plan.
• While your credit history doesnt need to be stellar, we cant consider you for a loan if you have an outstanding bankruptcy or judgment.
• Its a good idea for you to find out where you stand with your credit rating before you apply and we can tell you how in our free phone-in Business Loan Info Session.
• Cash/equity Contribution
• Businesses have a greater probability of success when the owner makes a financial contribution.
• When you apply for a loan, you will need to show personal equity investment in your business. Equity can be in the form of cash and other assets that will be used in the business, such as equipment, inventory, etc.
• The minimum equity requirement for the youth business loan is 10% of the loan amount, instead of the usual 25%.
• Business Skills
• You dont need to have owned a business before to meet our criteria, but you need to have the skills to operate and manage a business successfully.
• Your business skills may have been gained through work experience, education, volunteer positions or other personal background. In addition to knowledge about the operational aspects of your business and industry, you will also need to have some knowledge of financial management, marketing and sales.