Sagehill Community Futures has released information about new programming custom designed to promote women in entrepreneurship. Whether it’s capital funding for space, developmental support, or equipment for a part-time venture, the Women’s Initiative Fund can provide startup or expansion dollars.
“It is a loan fund specific to women who are looking at either starting a business, purchasing an existing business or expanding a business,” explains Sagehill Executive Director Susan Wehage. “Eligible expenditures for the loans are startup costs, working capital, business expansion or renovations or improvements, inventory purchases or capital purchases.”
The maximum loan amount available is $45,000 with a fixed interest rate of prime plus two per cent for the 60-month term of the loan. There are no prepayment penalties, and payments are interest only for the first six months of the term, moving to blended monthly payments for the duration of the term following the opening six months.
“It can be for anyone with a side-hustle who wants to turn it into a part-time or seasonal business, or even a full-time business,” Wehage says. “It’s about taking the next step.”
Accessing funds for new ventures can sometimes be a challenge through conventional lending institutions. Community Futures dedicated lending programs provide the flexibility that many early-stage entrepreneurs are looking for.
“All the decisions are made locally. We have a local volunteer board of directors, and so five to seven business days is usually the turnaround time on a loan application if we’ve received all the information we need from the client.”
The first step to getting more information or applying for the funding is to give the Sagehill Community Futures office a call at (306) 369-2610 or access them online at the Sagehill Community Futures website.