Visa Canada announced the return of its She’s Next Grant Program for the fifth time. The initiative aims to support women-owned small businesses in Canada through funding, customized coaching and mentorship. Until May 15, women entrepreneurs in any sector can apply for the opportunity to receive one of 10 $10,000 CAD grants, and access to an accelerated mentorship program through York University.
According to Visa’s Small Business Pulse Report, 85 percent of businesses with fewer than 100 employees say their costs went up in 2022 by an average of 13 percent, leading to some describing their 2022 as “frustrating” and “tough.” Similarly, women-owned businesses appear to be adversely affected, reporting lower growth (five percent) for 2022, compared to nine percent for small businesses overall and remain less profitable (62 percent) compared to 70 percent for small businesses overall.
Funding continues to be important for women entrepreneurs
When it comes to financing, four in 10 women small business owners anticipating seeking additional financial support in the next year and 41 percent state they do not have full funding for what they want to do with their business in the next six months.
“Small businesses are anything but small to Visa. They are the backbone of our communities and vital to our local economies,” said Stacey Madge, president and country manager for Visa Canada. “Women entrepreneurs are an important segment and are disproportionately impacted. Through this program, we aim to bolster small business growth with funding and tools, so that they can successfully run their business and thrive in today’s market.”
Previous She’s Next grant recipient, Eight50 Coffee, shares the impact of the program: “The grant allowed us to strategically invest in growth areas of the business. We are launching in some of Canada’s larger grocery stores and the funding has enabled us to launch with our retail partners and ramp up production. The coaching came at a pivotal point of our growth and allowed me to tap into experts who have been in my shoes and understand the space.” – said Muna Mohammed, founder of Eight50 Coffee.
To learn more and apply for Visa She’s Next Grant Program, applicants must submit a short video with details about their business and digital presence to ifundwomen.com/visa-canada.
For tools, resources and business solutions to drive efficiency and sales through acceptance of digital payments and expanding businesses online visit the Visa Canada Small Business Hub.
If you’re seeking guidance toward finding funding, scaling your business and more, read the Lioness Resource Guide and download for free!
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.