As part of a $2-billion federal initiative to double the number of female company owners across Canada by 2025, the federal government announced Tuesday that it’s contributing $4,025,892 toward efforts to support women in business in Atlantic Canada.
The Halifax-based Centre for Women in Business will receive $2,085,600 to develop and deliver a management program called “Greater Heights for Growth.” The program will target women business owners who have built profitable businesses that are generating revenue of $1-million or more.
Recruitment will focus on high-growth companies in sectors where women are often underrepresented, including ocean-tech, agri-tech, advanced manufacturing and information technology (IT).
The Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE) will receive $1,940,292 to create the Atlantic Canadian Women in Business Growth Partnership in partnership with the Centre for Women in Business, the PEI Business Women’s Association (PEIBWA) and the NB Association of CBDCs (NBACBDCs) Women in Business Initiative. This new initiative will address gaps in the entrepreneurship ecosystem for women-owned businesses.
These two projects will support women business owners in Atlantic Canada by giving them mentorship and management training they need to scale their businesses and grow.
“The Atlantic Canadian Women in Business Growth Partnership will address the gap of women starting businesses in the trades, technology and STEM-related fields and the low number of indigenous women, new immigrants, women with disabilities and women in rural areas through targeted programming, training and mentorship opportunities,” said Jennifer Bessell, CEO, Newfoundland & Labrador Organization for Women Entrepreneurs.
“The funding provides an exciting opportunity for NLOWE, and our partners CWB, PEIBWA and NBACBDCs to share best practices, refine current materials and establish new programming specifically tailored to meet the needs of the women we serve. Together we will assist women entrepreneurs to start, grow and expand their businesses.”
There are approximately 53,000 self-employed women in Atlantic Canada. However, only 16 per cent of small- and medium-sized enterprises (SMEs) in Canada are majority women-owned and only 10 per cent of high-growth companies in Canada are owned by women.