Restigouche CBDC Unveils “Leading Lenders,” an Information Source for Lenders that are Innovating and Adapting to the Needs of Women Entrepreneurs in Canada
December 01, 2021
Campbellton, NB: Currently, only 16% of Canadian small and medium-sized businesses are majority women-owned. Restigouche CBDC is hoping to increase those numbers as it unveils Leading Lenders, an information source for lending institutions that are innovating and adapting to the needs of women entrepreneurs across Canada.
“This project is unique in that it is bringing together representatives from various lending institutions across Canada as well as capturing the voice of women entrepreneurs,” shared Michel Guitard, Executive Director, Restigouche CBDC. “We know that lenders can benefit from building awareness about the challenges that women may face when trying to start-up or grow a business and we want lenders to be part of that discussion — to be a part of that positive movement for change.”
Studies have shown that majority women-owned businesses contribute approximately $150 billion to the Canadian economy and employ over 1.5 million people. If the proportion of majority women-owned businesses went up by approximately 10%, this number would climb to $198 billion.
The initiative provides a free online toolkit and blog for lending institutions supporting women entrepreneurs towards success. The online toolkit tackles topics such as understanding biases and stereotypes, women entrepreneurs and diversity, financial literacy, women entrepreneurship and COVID-19 and more. It also provides lenders with the information needed to become a “leading” lender with the goal of increasing the volume of business loans for women — a win-win for everyone.
The concept for Leading Lenders first began in 2019 and was developed through project funding provided by the Government of Canada through the Atlantic Canada Opportunities Agency (ACOA).
“Women’s contributions to business are a major part of Canada’s economic success,” said René Arseneault, Member of Parliament for Madawaska-Restigouche on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA. “Their full and equal participation is essential to the growth of our economy and communities. However, women who are trying to start, grow and scale their own businesses still face significant barriers. The Government of Canada is committed to supporting organizations, like the CBDCs, that empower women by providing the necessary resources, mentorship and capital needed to grow successful enterprises.”
Although women are well represented in some sectors (i.e., retail trade, accommodation and food services, tourism, and other services), majority men-owned businesses still double the amount of those owned by women in every sector. Indigenous women entrepreneurs, racialized women entrepreneurs, women entrepreneurs with a disability, and LGBTQI2SA+ women entrepreneurs are even further underrepresented. Leading Lenders’ long-term goal is to increase the volume of women entrepreneurs while increasing lending institutions’ awareness of the systemic barriers preventing women from accessing business financing.
The initiative is also supported by a National Advisory Committee (NAC) which includes experts from both the lending and business industries who can provide valuable insight and guidance.
“I’m really inspired by the fact that this initiative is talking about unconscious biases and stereotypes that women entrepreneurs face every day when trying to be successful,” shared NAC member, Anne Guimond-Nadeau of the National Bank. “Traditionally, we have ended up with more men and fewer women in certain job types and industries. Today, as our educational system evolves and we begin cultivating women as leaders at a young age, stereotypes will break down and more women entrepreneurs will exist. As lenders, we look forward to being there to support them.”
To learn more about Leading Lenders and stay up to date on the most relevant information on the barriers women entrepreneurs may face in accessing business financing or to be part of the change, even if you are not a lending industry professional visit www.leadinglenders.ca.
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About Leading Lenders:
Founded in 2019, Leading Lenders is an information source for lenders that are innovating and adapting to the needs of women entrepreneurs in Canada. The initiative provides a free online toolkit and blog for employees of lending institutions who are supporting women entrepreneurs towards success. The Restigouche CBDC developed Leading Lenders through project funding provided by the federal government's Women Entrepreneurship Strategy (WES) under the WES Ecosystem Fund and is administered by the Atlantic Canada Opportunities Agency (ACOA). Learn more at www.leadinglenders.ca.
Media Contact | Interview Requests:
Crystal Richard
Publicist
Crystal Richard & Co.
crystal@crystalrichard.com
506-860-0956
“This project is unique in that it is bringing together representatives from various lending institutions across Canada as well as capturing the voice of women entrepreneurs,” shared Michel Guitard, Executive Director, Restigouche CBDC. “We know that lenders can benefit from building awareness about the challenges that women may face when trying to start-up or grow a business and we want lenders to be part of that discussion — to be a part of that positive movement for change.”
Studies have shown that majority women-owned businesses contribute approximately $150 billion to the Canadian economy and employ over 1.5 million people. If the proportion of majority women-owned businesses went up by approximately 10%, this number would climb to $198 billion.
The initiative provides a free online toolkit and blog for lending institutions supporting women entrepreneurs towards success. The online toolkit tackles topics such as understanding biases and stereotypes, women entrepreneurs and diversity, financial literacy, women entrepreneurship and COVID-19 and more. It also provides lenders with the information needed to become a “leading” lender with the goal of increasing the volume of business loans for women — a win-win for everyone.
The concept for Leading Lenders first began in 2019 and was developed through project funding provided by the Government of Canada through the Atlantic Canada Opportunities Agency (ACOA).
“Women’s contributions to business are a major part of Canada’s economic success,” said René Arseneault, Member of Parliament for Madawaska-Restigouche on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA. “Their full and equal participation is essential to the growth of our economy and communities. However, women who are trying to start, grow and scale their own businesses still face significant barriers. The Government of Canada is committed to supporting organizations, like the CBDCs, that empower women by providing the necessary resources, mentorship and capital needed to grow successful enterprises.”
Although women are well represented in some sectors (i.e., retail trade, accommodation and food services, tourism, and other services), majority men-owned businesses still double the amount of those owned by women in every sector. Indigenous women entrepreneurs, racialized women entrepreneurs, women entrepreneurs with a disability, and LGBTQI2SA+ women entrepreneurs are even further underrepresented. Leading Lenders’ long-term goal is to increase the volume of women entrepreneurs while increasing lending institutions’ awareness of the systemic barriers preventing women from accessing business financing.
The initiative is also supported by a National Advisory Committee (NAC) which includes experts from both the lending and business industries who can provide valuable insight and guidance.
“I’m really inspired by the fact that this initiative is talking about unconscious biases and stereotypes that women entrepreneurs face every day when trying to be successful,” shared NAC member, Anne Guimond-Nadeau of the National Bank. “Traditionally, we have ended up with more men and fewer women in certain job types and industries. Today, as our educational system evolves and we begin cultivating women as leaders at a young age, stereotypes will break down and more women entrepreneurs will exist. As lenders, we look forward to being there to support them.”
To learn more about Leading Lenders and stay up to date on the most relevant information on the barriers women entrepreneurs may face in accessing business financing or to be part of the change, even if you are not a lending industry professional visit www.leadinglenders.ca.
-30-
Founded in 2019, Leading Lenders is an information source for lenders that are innovating and adapting to the needs of women entrepreneurs in Canada. The initiative provides a free online toolkit and blog for employees of lending institutions who are supporting women entrepreneurs towards success. The Restigouche CBDC developed Leading Lenders through project funding provided by the federal government's Women Entrepreneurship Strategy (WES) under the WES Ecosystem Fund and is administered by the Atlantic Canada Opportunities Agency (ACOA). Learn more at www.leadinglenders.ca.
Media Contact | Interview Requests:
Crystal Richard
Publicist
Crystal Richard & Co.
crystal@crystalrichard.com
506-860-0956
