TORONTO, Oct. 4, 2022 /CNW/ - Today, Visa Canada announced the fourth round of its She's Next Grant Program to support women-owned small businesses (SBs) in Canada. Together with IFundWomen, women entrepreneurs can apply for the opportunity to receive one of 10 $10,000 CAD grants, along with one year of mentorship to further develop their business. The grant program begins today and is open until October 25, inviting Canadian women entrepreneurs in any sector to apply.
The current economic environment has placed additional pressures on Canadian small businesses. According to Visa's most recent Small Business Pulse Report1, nearly all small business leaders are concerned about inflation (87%) and economic uncertainty (82%).2 The study also found women-owned SBs specifically, are projecting lower growth (2.5%) for 2022, compared to 6% for businesses overall and remain less profitable (62%) compared to 70% for businesses overall.3
Despite this, business leaders continue to think about how they can set up their business for future success and a majority (68%) have a positive and optimistic outlook.4
"Small businesses continue to demonstrate immense grit as they navigate the current economic landscape and changing consumer preferences," said Stacey Madge, president and country manager, Visa Canada. "Through the She's Next Grant Program, we continue to support women entrepreneurs - who face distinct challenges and are proud to help them in their journey of growth, innovation, and resilience in today's business climate."
Funding continues to be important for women entrepreneurs with eight in 10 women SB owners anticipating needing financial support in the next year and nearly half (42%) stating they do not have full funding for what they want to do with their business in the next six months.5
Previous She's Next grant recipient, MFMG cosmetics, shares the impact of the program: "Through the funding received, I was able to create an extension of my organic cosmetics product line and offer consumers what they're looking for, by using research and surveys to understand their needs." – said Tomi Gbeleyi, founder of MFMG Cosmetics.
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.