Vancity Community Foundation Launches Pilot Project to Support Financing Opportunities for Growth for Women Entrepreneurs

(Vancouver, BC) Today, Vancity Community Foundation in partnership with Vancity credit union announced the participants in an important pilot project, Women Entrepreneurs: Financing Opportunities for Growth Project, funded by Status of Women Canada.

The Pilot Project will assist a diverse group of ten women entrepreneurs to develop business growth plans utilizing a one-on-one business coaching model. At the end of five months all entrepreneurs will be encouraged to make a business plan presentation and financing ‘pitch’ to a panel comprising Vancity account managers and other financiers. Candidates for the pilot project were selected mid June and, as a part of the application process, had to illustrate that their businesses were out of the start up stage and positioned for growth.

“An important part of this project is learning more about why more women than men start businesses in Canada but more men grow them. We are particularly interested in understanding how to strengthen the participation of specific groups of women business owners – immigrant, Aboriginal and social entrepreneurs,” commented Joanne Norris, Project Lead. “Our intent is to educate the credit union sector and others about the barriers that different women entrepreneurs encounter with scaling their businesses.”

The Project also commissioned a research report, Profile of Self-Employed Women in British Columbia, by Community Solutions that explores the unique characteristics of self-employed women in BC. Highlights of that report include:

• The majority (91%) of self-employed women in BC between the ages of 25 – 64 have a Certificate, Diploma or Degree.
• 19% of women business owners in BC belong to visible minority groups.
• The top three industries for women’s self-employment in BC are:
• Professional, scientific and technical services
• Health care and social assistance
• Trade
• Half of self-employed women have children at home.
• The average income for self-employed women in 2005 was $31,008

The full report, more information about the project and participating women entrepreneurs can be viewed here and Twitter at: WECommunityca
For more information please contact:  Helesia Luke at 778-786-2838 or Joanne Norris at 604-877-7505