WeBC: Investing in tomorrow’s success stories
The not-for-profit has been supporting women across B.C. since 1995
With women representing a significant portion of the global workforce, empowering women entrepreneurs helps to fuel economic growth by unlocking new business opportunities, creating jobs and driving innovation. And for the team at Women Entrepreneurs of British Columbia (WeBC), that’s one of the many reasons their not-for-profit organization has been supporting women across B.C. since 1995.
“Supporting women-owned businesses contributes to the economic empowerment of women and helps to close the gender equity gap,” says Chaunda Honkonen, marketing and communications manager at WeBC. “And given that 69 per cent of women integrate social impact and 63 per cent integrate sustainability into their businesses, an investment in women is also an investment into their communities.”
WeBC, which is funded by PacifiCan and the Government of Canada’s Women Entrepreneurship Network, excels at providing accessible training and resources — including loans, expertise and regionally-based mentors — so that women can access sustained support at every step in their business journey, says Honkonen.
“Our holistic approach means we get to know the woman behind the business so we can connect her with the right networks, capital and resources to help her business grow and thrive,” she says. “Plus, we collaborate, we don’t compete, so we work to fill programming gaps while working together with partners all over BC.”
That collaboration is crucial given that many women don’t have established relationships with traditional lenders and that less than four per cent of venture capital goes to women-owned businesses — one of the many challenges faced by women entrepreneurs, according to WeBC.
“Women are often ‘solopreneurs’ and need support networks to grow their businesses, so we help put together their funding puzzle to find the sources of funding that fit their business goals,” describes Honkonen. “We also offer an Investor Speak program, which teaches women how to be more comfortable speaking with investors.”
WeBC recently celebrated 15 years of their successful mentorship program, and they were also awarded an Inclusive Growth Award from the Canadian Chamber of Commerce for the impact of their Enhancing the Mosaic of Women Entrepreneurs (EMWE) project. And while these milestones are impressive, their many entrepreneurial success stories are inspiration enough for business owners like Samantha Matsuda to reach out to WeBC.
“Samantha was working at a tack store in Courtney and had the dream of opening her own shop. While on maternity leave, she sold tack supplies out of her garage, and the business took off,” says Honkonen about what is now the Evolution Equestrian Co. “Samantha knew the industry and had a strong business plan, but she couldn’t get a loan from a traditional lender. After accessing a business loan from us to open her own storefront, she was able to pull in $40,000 a month within a short time.”
Championing and supporting women entrepreneurs like Matsuda is key for WeBC, who also just launched an on-demand learning platform so women across Canada can access their foundational training programs on their own schedules, says Honkonen.
“We’re not a membership-based organization, so women can come and go to access the supports they need at the time they need it,” she says.
Interested women can also join some of the events that WeBC is participating in to honour International Women’s Day this year. Just last week they hosted a free virtual celebration that featured women who are building inclusive communities that embrace and accelerate the economic empowerment of women. Several in-person events will also take place this year.
“Our team members each pick an event to attend in each of our cities, so we get to celebrate with the women and partners in our communities,” says Honkonen.
Women who are interested in connecting with the team at WeBC to discuss their business-building needs are advised to check out their website to first get a feel for the programs and services they offer. From there, anything is possible.
“There is no one ‘path’ to access our programs — we like to say that we meet women where they’re at in their journeys, and we help them find their next step,” says Honkonen. “If a current or aspiring business owner isn’t sure how we can support them, they can reach out to our client service team who can help them identify the kind of support they need and how we can provide it.”