Minister Ng announces more support for women entrepreneurs amid COVID-19
"Women business owners and entrepreneurs are facing unique difficulties during these challenging and uncertain times. Our government is taking action to give women entrepreneurs much-needed support so they can keep their businesses open and get through this crisis. We will continue to be there for women business owners—and all small businesses—to help them all the way through the COVID-19 pandemic."
— The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
In 2018, women accounted for 38% of self-employed Canadians; fewer than 16% of small and medium-sized businesses are women-owned.
Since the launch of the WES in 2018, the umbrella of contributions has increased to include new investments as well as additional funding to existing programs and initiatives. The total WES investment has more than doubled in size and is now close to $5 billion.
The additional funds include the following:
- Export Development Canada: $2 billion by 2023 in financing and insurance solutions on commercial terms for women-owned businesses exporting or looking to export
- $100 million through the Women in Trade Investments Program for equity capital specifically designed to help women entrepreneurs
- a commitment to serve 1,000 women-owned and women-led business customers by 2023
The WES complements other government efforts to advance gender equality, including addressing pay equity, introducing more affordable childcare and putting an end to gender-based violence.
This investment will build on the success of the previous 52 projects across the country that received funding under the WES Ecosystem Fund. Of these projects, 7 are national in scope, while 45 are regional and tailored to the regionally unique needs of women in communities across the country.
Office of the Minister of Small Business, Export Promotion and International Trade
Innovation, Science and Economic Development Canada
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