Financing

We lend you more than an ear.

Financial support for entrepreneurs is not always easy to find. WESK wants to assist you financially, as well as with advisory support.

WESK provides financing for projects when traditional financing is hard to access, and offers assistance in creating credit relationships with other financial institutions.

WESK offers loans up to $150,000 to new and existing qualified businesses which are owned and operated by women. To be eligible, the business must be operating or about to operate in Saskatchewan; you must be able to contribute 20 percent in equity toward the project; and be a full member with WESK for the term of the loan.

Male partners and stakeholders will also be eligible, when women own more than 50 percent of the business.

To apply for a loan through WESK, members must provide a completed loan application, personal financial statement and business plan.

*Effective April 1, 2017, a Loan Application Fee will be administrated to all new loan applicants of WESK. WESK values your support and looks forward to the opportunity to continue serving you. If you have any questions or concerns about our upcoming fee adjustment, please contact us at 1-844-900-WESK.

More financial assistance

WESK administers the John and Bernice Williams and North Prairie Developments Equity Investment Fund, set up specifically to empower entrepreneurs.

Potential applicants will be identified at the business advisory stage. All applicants must provide a completed loan application, a personal financial statement, and business plan.

For more information on this program, please contact a WESK office.

For information on our loan redress and appeal process see below. 

Frequently Asked Questions

Loan Redress and Appeal Process

If an applicant is declined for a loan and has asked for an appeal, the applicant must provide, in writing to the CEO, sound business reasons specifying why their application should be reconsidered, and also include any new information not previously received for consideration.  This appeal must be received by the WESK office within 15 business days of the date of the sent decline letter.

The original loan application, assessment, and appeal letter are provided to the CEO.  The review will include additional input from the client and/or staff involved as deemed necessary by the CEO.  If the CEO determines there are sufficient grounds for the appeal, the CEO will forward the materials to a Loans Review Committee comprised of two individuals who have independence from the loans process.  A final decision on the appeal will be rendered within two weeks of the Committee receiving the material for the appeal file.

If the appeal is approved, the CEO will contact the applicant to explain the decision.

If the appeal is declined, the CEO will contact the applicant to explain the decision and the applicant is provided with a letter confirming the rationale.

The appeal decision is binding.  Please note: WESK does not have a dispute resolution process external to the local process.

Do you have any grants? Are there any grants available to women starting a business?

WESK does not provide grants. While there has been a great reduction in the number of grants available to general business start-up over the past 10 years, there are limited monies available. Most of these programs are federally funded and are targeted strictly to specific industries, geographical areas, or particular groups of entrepreneurs (minority groups, etc.).

How long does it take to get a loan from WESK?

The length of time it takes to get a loan from WESK depends on whether you have completed your business plan. The more prepared you are, the less time the process will take. The first step is to meet with a business advisor who can assist you in completing your business plan. Once your plan is finalized, a loan application is completed and a review and recommendation takes place.

On average, once all required documentation is received, the review and approval process can take approximately two weeks.

Do I have to put my own money into the business and how much?

Monies required to get your business started can come from a number of different sources. You may be able to get financing through a bank loan, government loan or grant, personal investors, or even from friends and family. Ultimately, the more you have personally invested in the business, the more you are committed to make that business work, and the more likely other investors or lenders are to support your business venture.  A general rule of thumb is 20% of your total project cost.

Begin your Journey with Women Entrepreneurs

To learn more about how WESK can help you, contact our offices today.

Contact Us
 

Training

After completing a large amount of research, a business plan and a five year financial forecast, I set out to secure financing. Even though I had great credit, I was unable to secure funds through conventional institutions. I went to WESK with an ambitious dream. My experience with WESK was beyond amazing. I was challenged and inspired to answer the hard questions about my business, given to-do lists and received hours of help with perfecting my start-up costs and sales forecasts. For a female business owner, this type of support has been invaluable and after only a few months I have secured all the financing necessary to make my business a reality.

- Joscelyn Armstrong, Honey Bun Cafe

Be Successful

From start-up to success, we are with you. All the way.

Become a Member

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Business Advising

Go forward faster, with WESK Business Advising.

If you are starting, buying or growing a business, we can help at every stage of the business cycle.

Our business advisors work with you, one-on-one, to help you gain a profound understanding of business development and management.

Our advisory services are available to all members in the province through WESK’s office locations in Saskatoon and Regina; using technology we are available to all members throughout the province. It’s one of the best benefits of membership. Join us to take advantage of our professional services.

 

Frequently Asked Questions

Do I need a business plan?

A sound business plan is one of the most important steps an entrepreneur can take to improve their chance of business success. It is your chance to test your idea on paper to see if it is a viable opportunity.

A business plan:
  • helps you to become a better decision maker;
  • helps you anticipate problems so you can develop possible solutions before a crisis actually occurs;
  • provides a timetable for accomplishing your stated objectives;
  • expands business options;
  • helps determine contingency plans;
  • helps you explain why certain objectives have or haven't been achieved;
  • can be used as a selling tool to attract resources and support; and
  • plots a long term course and keeps you focused on the big picture

Can someone write my business plan?

Writing a business plan will take time, discipline and a lot of research. W.E. will not write your plan for you and although you can hire someone to write your plan for you, it is vital you participate in the entire process - after all, this is your business. Knowledge is power and the more you know about your business, the greater your chance of success.

Should I incorporate?

The three most common business structures are: sole proprietorship, partnership and corporation. Corporations are closely regulated separate legal entities. The advantages of incorporation include limited liability, possible tax advantages, ease of raising capital, and transferable ownership. These advantages are off set by higher start-up costs, possible charter restrictions, yearly reporting and extensive record keeping requirements. It is highly recommended you obtain legal and professional advice before you decide if incorporation is right for you.

Do I need a GST/PST number?

If your gross revenues over a 12 month period do not exceed $30,000, GST registration is optional. However, the decision to register for GST should not be based solely on revenues. Your customers may require you have a GST number to do business. Your local Revenue Canada office can help you determine if you should apply for a GST number.

If you sell tangible goods, or operate as a contractor selling your services in Saskatchewan, you are required to obtain a PST number. Contact the Saskatchewan Ministry of Finance at 1-800-667-6102 for more information.

Do you have any business ideas I could use?

Identifying a good business opportunity is an ongoing process and requires considerable thought and research. Business opportunities can be identified through a number of sources including your workplace, magazines and newspapers, tradeshows and the internet. A sound understanding of consumer trends and lifestyles may also lead to innovative business ideas.

Wanting to start your own business, but don't know where to go?

Business Beginnings is our one-hour workshop that gives you the tools and understanding to begin your entrepreneurial journey.

TO VIEW THE UPCOMING SESSIONS

Click Here
 

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Training

The very first step I took in starting my business was joining WESK and completing the Business Plan seminar. Through a myriad of meetings, phone calls and emails, my Business Advisor has been my champion. She has built me back up in times of trouble and has been there to celebrate my success. As I venture down my 11th year in business the support from Women Entrepreneurs will continue to guide my growth for the next decade.

- Nicola Lawson, PickNic's Catering

Be Successful

From start-up to success, we are with you. All the way.

Become a Member

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Mentoring

Group mentoring is a cornerstone of the WESK brand. Believing we are all stronger together we provide opportunities at every level of business to learn from each other recognizing the vast knowledge, support, and perspective that our members can offer each other.

What is the business mentoring program?

  • Our group mentoring programs have a strategic focus to help your business succeed
  • The process is transformational for both the mentor and the mentees
  • We bring together developing entrepreneurs (mentees) with more experienced entrepreneurs called mentors
  • It is a formal structured program that lasts 10 months
  • Together with the mentor each mentee develops goals and objectives to be achieved during the 10-month program
  • Participants are accountable to themselves and to each other
  • Mentoring groups include a maximum of 10 individuals in non-competitive businesses
  • Time commitment is 2-6 hours per month which includes a structured monthly meeting for 9 months

Top 8 reasons to be part of a mentoring group:

  1. Focus on your strategic business goals
  2. Make better decisions
  3. Stay on track
  4. Align your personal and professional goals
  5. Learn and teach
  6. Get new ideas
  7. Grow personally and professionally
  8. Be part of an objective board of advisors

 

Apply today. Download our interactive application here. Applications are due by September 15.

Raj Manek Business Mentorship Program
is in the process of recruiting entrepreneurs and business owners throughout Saskatchewan to apply to become a Protege. Your business may be newly established, experiencing rapid growth, or facing challenges and this program will give you the opportunity to seek guidance from a seasoned business owner or senior executive. For more information visit www.manekmentorship.sk.ca.

For more information on our mentoring programs, please contact WESK.

 

Training

WESK was an integral part of starting my business back in 2007. They are my continual support system that provides me with guidance and help with my business when I need it. I want to thank them for all of their help over the years, not only financially but for believing in me.

- Trina Fader, Trinos Menswear Inc.

Be Successful

From start-up to success, we are with you. All the way.

Become a Member

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Networking

Successful entrepreneurs and professionals understand the importance of business networking. Networking allows you to not only promote your products and services to others, it also allows you to educate people about the unique aspects of your business and enlist them in finding new prospects and leads.


WESK Meets
The 3rd Friday of every month from 10:00 - 11:30 am.
Enjoy a cup of coffee and take advantage of
networking opportunities with other
entrepreneurs and business professionals at
our office. Free for all to attend, please call
or email to register.

 

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  • 15

    Dec 2017

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  • 16

    Jan 2018

    Sweet Success 2017 is a redesigned and rebranded signature event of WESK. The event i...

    more..

Be Successful

From start-up to success, we are with you. All the way.

Become a Member

Related Articles

  • CONNECT Newsletter Fall 2017 Ed. 2

    WESK is pleased to present our second edition of our new Newsletter with a refreshed look and content. To add value, each newsletter will feature a successful entrepreneur

    Read More
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PeerSpark™

Is PeerSpark™ for you? 

Peer mentorship is one of the best ways for entrepreneurs to discuss their goals and challenges and to learn from each other as they grow their businesses. PeerSpark™ includes structured peer mentoring that provides you with regular supportive contact with like-minded female entrepreneurs. 

WESK has launched a new program called PeerSpark™ for women entrepreneurs who want to grow their businesses. Developed and implemented by AWE (Alberta Women Entrepreneurs), PeerSpark™ in Saskatchewan launched in the spring of 2017 and will continue to offer the program on yearly basis.

 

 

 

 

 

 

 

 

Program Criteria:

  • Have a desire to grow your business and increase profitability,
  • Be a woman business owner or a women manager in business,
  • Have been in business for more than two years,
  • Have a minimum revenue of $250,000 in annual sales,
  • Have a minimum of 2 employees (may included you as the owner),
  • Be willing to learn from and share with others, and
  • Commit to the program dates.

If you would like to learn more about the program, or are concerned you do not meet the full criteria, please contact us so we can assess if you will be a great fit for the program!

      

 

 

 

 

Events

  • 15

    Dec 2017

    The most successful people in business are well connected and opportunities find them...

    more..
  • 16

    Jan 2018

    Sweet Success 2017 is a redesigned and rebranded signature event of WESK. The event i...

    more..
 

Training

Get the Guidance, Support and Mentorship you need

Contact Us

Saskatoon Office
108 - 502 Cope Way
Saskatoon, SK S7T 0G3
Toll-Free:1-844-900-WESK (9375)
Phone:306-477-7173
Fax:306-477-7175

Regina Office
100 - 1919 Rose Street
Regina, SK S4P 3P1 Toll-Free:1-844-901-WESK (9375)
Phone:306-359-9732
Fax:306-359-9739

Toll-free phone: 1-844-900-WESK (9375)
Business Hours: Monday - Friday 8:30 am - 5:00 pm
Email: info@wesk.ca
Web site: http://www.womenentrepreneurs.sk.ca

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