It’s a B2B initiative with a W2W target market.

But beyond the techie acronymns, the new Alberta Women Entrepreneurs (AWE) Fast Track Micro Loan Program is a business-to-business strategy set up to help facilitate business loans under $10,000. The idea is to make it quicker and easier for women in business to obtain this type of financing.

The difference is that it is conceived by women for women – a woman-to-woman service.

“The reason we’re doing this is because we see a fair number of clients who are at the early startup stages and they need a little capital to get their idea kickstarted,” said AWE executive director Alison Gray.

Jack Dagley photo, Business Edge
Alberta Women Entrepreneurs executive director Alison Gray unveils the group’s new logo at the AWE Edmonton offices.

Red tape will also be minimized, according to the AWE, which adds that this program is not for “loans of last resort.”

“That’s not what we’re here for,” said Gray. “We’re trying to fill a gap that we’re seeing. A lot of (women) entrepreneurs we’re dealing with are saying, ‘I don’t need a lot of money, I need $5,000 or $10,000 to get started. I don’t want to put it on my credit card and I can’t get a loan from the bank for that.’ This is where we’re seeing a need in the marketplace.”

The program, unveiled last week in Edmonton at an AWE open house, is part of an aggressive plan to lend $1.5 million to Alberta women this year, double the amount of money the organization lent last year.

The loans will carry an interest rate of prime plus two per cent.

It is also expected that clients will graduate from the micro- loan program into AWE’s conventional lending stream, where amounts up to $100,000 can be provided to support a business idea.

According to AWE data, women-owned businesses are the fastest-growing sector of the Canadian economy and contribute $18 billion annually.

“Since our clients are adapting to their business environments, so should we,” said Gray. “We are providing more avenues for women entrepreneurs to network, learn new skills through our workshops, receive advisory services and gain access to loans.”

There really is no typical woman entrepreneur, she added. “They’re getting into a number of industries, be it health and wellness, real estate, finance, insurance, home-based business, retail or hospitality, so there’s quite a broad range.”

There are a variety of reasons why women are selecting an entrepreneurial path. Some are looking for a change in lifestyle, others are fulfilling a dream that they’ve had for a long time, while a few just happen to see an opportunity and want to take advantage.

“What we typically look for in our clients is the passion and the commitment to make it happen,” said Gray.

Meanwhile, the group has also unveiled its new AWE name and logo, leaving behind the Alberta Women’s Enterprise Initiative Association designation it had previously used.

The name change came about, in part, because the former label was too cumbersome. But Gray said the not-for- profit organization also wanted a name that very clearly enunciated and communicated what it’s all about: Its provincial mandate, the fact that it serves women, and that it exists to support and advance female entrepreneurship.

In the next three to four years, AWE is forecasting that it will develop products and services for its existing clients as they grow and mature. At that point, their issues will be different from the group’s current startup focus, said Gray.

Since its inception in 1995, AWE has financed more than $6 million for Alberta women who have started, expanded or purchased a small business. It has approved 267 loans and responded to more than 84,000 inquiries for business information and support.

Its clients’ initiatives have created 635 new jobs, including 64 in 2003. Headquartered in Calgary, AWE also has offices in Edmonton and Lethbridge.