DELIA, an NCFDC project, provides women across Canada with micro-loans to support their businesses. This project runs in collaboration with Innovation, Science, and Economic Development (ISED Canada) to offer loans of up to $15000. The women entrepreneurship strategy allows any woman requiring the money to start or boost their business to apply. DELIA also takes part in NCFDC’S annual conference, StrikeUp Canada, to enhance gender equity in economic progression. The team uses fin-tech to assess and administer all microloans to successful applicants.
Eligibility Criteria
DELIA provides these loans to enable women to advance their economic stand. The companies must meet the following gender requirements:
- companies or businesses run by women or have 50% women ownership
- women should be part of the signatories to the business legal documents
- women signatories to the financial accounts.
The business should also have legal registration in Canada and fall into the following categories.
- A sole proprietorship owned by one person
- A small for-profit business incorporated in Canada and has a female resident(s) directly or indirectly in control.
- A for-profit co-operation incorporated either territorially, provincially, or federally.
- A social enterprise that transacts personal goods or services for profit
However, since DELIA provides loans, non-profit organizations do not qualify to apply. Other businesses that do not qualify are:
- Companies selling or managing real estate
- Resource extraction businesses
- Businesses selling or marketing pornography, gambling, tobacco, alcohol, weapons, and illegal goods.
Additionally, the persons submitting the loan should be:
- 19 years and above
- Canadian resident
- Residing in Canada
The applicant should also have an active business bank account that meets the liquidity requirements. Their business should also have a business number with the Canada Revenue Agency.
Prizes
The DELIA microloans usually range from about $15000 and have a 2%-4% interest rate depending on the risk involved. There are no prepayment requirements, and you do not need collateral. However, the loan gets security from GSA, your guarantee, and insurance. Unless otherwise agreed, each loan usually has a two-year term. Through our women entrepreneurship strategy, we include mentorship and development training opportunities for selected applicants.
Once the micro-loan fund gets approved, the organization deducts a 1% administration fee from the principal. There are no other deductions from the loan amount. All DELIA transactions and calculations are in Canadian dollars.
Application and Submission Requirements
DELIA’s fin-tech allows applicants to complete their application within thirty minutes or less. You need to have the following information on hand.
- Business registration
- Online bank account information
- Cloud-based accounting software information and e-commerce information
- Personal identification documents
- Additional documents like a business plan
You will need to upload a scanned image of the documents required before submitting. You will also receive a credit inquiry request to enable the administrators to assess your eligibility. Once you submit the application, you will receive a notification for successful submission.
DELIA usually takes about two weeks to respond to each applicant. However, there is no guarantee that you will receive approval from the team. The process depends on whether you meet the requirements and the kind of business risk involved. All applicants whose application gets approved receive their micro-loan fund directly into their bank accounts.
Conclusion
DELIA’s commitment to women entrepreneurship strategy has facilitated many women-led companies to achieve financial stability and growth. People like Medha Saraiya, RPN ConnexHealth, Christine Monfriese of Monfriese Rum Cakes, and Jennifer McDougall of Aphantasia Network have reaped the benefits of this firm.
If you have a female-led business that requires some financial push, DELIA provides you with a quick and easy solution. Visit the website and submit your application within minutes.
https://ncfdc.ca/delia/