Micro loans to help women entrepreneurs

By Gerald V, Paul

“The possibilities are truly limitless. Women are best able to support themselves and their families when they are empowered to become financially self-sufficient. Micro-lending has been proven effective in lifting women out of poverty here in Ontario and around the world – allowing women not only to survive, but to thrive,” Ontario’s Women’s Women’s Issues Minister Laurel Broten revealed at the Women’s Centre of York Region on Tuesday in announcing a new program to encourage women entrepreneurs through mirco-lending.

And Executive Director of the Women’s Centre of York Region Kirsten Eastwood told The Camera on Wednesday, “This is a celebration for the six community organizations receiving provincial funding to run the programmes, to the tune of $760,000 over the next two years to help more than 800 low-income women become entrepreneurs.”

The women’s Centre of York Region is receiving about $49,000 to develop a new micro-lending programme and business incubator.
Eastwood noted micro-loans usually are offered to people who have difficulty getting credit or are not eligible for traditional loans.
She said that participants in the Micro-lending for Women in Ontario programme will have access to financial literacy training, entrepreneurial mentoring, skills development and life skills support. Those ready to strike out on their own will be eligible for up to $400 in micro loans.

Diverse women would be recipients of financial training and micro-loans of $500 to $5,000.

According to Broten, the money could help a single mother start a culinary business, or a recent university graduate open her own fitness centre.

For more info.www.cyr.ca