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40 SUMMER 2023 CONTINUED FROM PAGE 38 Alison Kirkland, CEO of the Women's Enterprise Organizations of Canada (WEOC) and chair of the Manitoba Chambers of Commerce, says funding is the No. 1 hurdle for women entrepreneurs. "We recently completed a national survey of 1,024 Canadian women entrepreneurs about the challenges they continue to experience accessing capital. While they were very positive on the outlook for their busi- ness and their own personal capacity, their antici- pation of successfully accessing capital wasn't as positive: 40 per cent of the respondents thought that a financial institution wouldn't lend to someone like them, 70 per cent use personal or household savings to finance their business and 50 per cent use credit cards," Kirkland says. "That's problematic. You're likely tapping into your retirement savings. You're putting your future and that of your family at risk. And if you don't have enough capital, you can't take advantage of opportu- nities as they present themselves." A national association, with its head office in Win- nipeg, WEOC supports provincial organizations such as WECM with resources, best practices and a diverse peer network. Recently, WEOC launched a national loan fund, financed by the Government of Canada, to support women nationwide with business loans to encourage growth. WECM can also provide loans of up to $150,000 as a developmental lender, meaning they have a higher tolerance for risk than traditional banks. They have dispersed over $33 million in loans since 1994 and leveraged another $42 million with other financial institutions and private equity sources. For both organizations, providing loans is just part of a holistic approach that provides not just financ- ing but the wraparound services needed to ensure entrepreneurs have the knowledge and support they need to succeed. "We're also hearing that women are craving more mentorship and more group gatherings where they can find relevant information and solutions to help them grow their business," says Kashton, noting that this is something WECM and membership in a local chamber of commerce can provide. Women remain under-represented in trades and STEM industries due largely to a lack of information about options and organizational cultures that don't support their needs. They continue to face barriers in the workplace, including micro-aggressions, burnout, pay inequity, discrimination and a lack of mentors and allies. According to the Championing Women in Busi- ness Toolkit for Employers released by the Canadian Chamber of Commerce, "companies with more women in executive teams are more likely to outperform on profitability, value creation, customer satisfaction and employee engagement." This toolkit, available online Women remain under-represented in trades and STEM industries due largely to a lack of information about options and organizational cultures that don't support their needs. WOMEN IN BUSINESS C A R M OCT 2023: STAY INFORMED ABOUT BOND AND PAYMENT CHANGES WITH GHY. CBSACARM.COM Let GHY guide you. Call 1.833.GHY.CARM. Registration and delegation is mandatory and now is the time to act. at chamber.ca, identifies actions employers can take to recruit, retain and promote more women and bring them onto boards. Kirkland and Kashton encourage women looking to grow their capacity in business to join a board. Women bring a unique perspective to boards, and participation helps one recognize the value of their contributions. Kashton highlights the op- portunity to learn about aspects of business they may have yet to encounter. Kirkland points to the opportunity for personal development to build networks and gain confidence. "Chambers of commerce are a tremendous resource," Kirkland adds. "They provide the opportunity to connect with entrepre- neurs and others in business, to build networks and enhance your understanding of the business landscape, which is so important for business growth." ■

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