Focused on providing accessible and affordable financing, the program also emphasizes community accountability, fostering a framework where economic development is driven by and for local businesses. This initiative aims to bridge financing gaps for underrepresented entrepreneurs, combining innovative lending practices with financial literacy to create sustainable growth.
What Makes the Woveo Loan Program Unique?
Affordable Access to Credit
Fixed loan amount of $5,000 at an annual 10% interest rate, repaid over 12 months.
Transparent terms with no prepayment penalties and full APR disclosure.
2. Community-Driven Accountability Model
Introduction of Accountability Partners (APs) to strengthen borrower commitment and repayment discipline.
APs earn a 3% performance incentive on savings for each month the borrower pays on time, creating shared success.
3. Economic Development at the Grassroots
Focus on empowering local SMBs to grow and contribute to their communities.
By improving borrower credit scores through successful repayment, the program unlocks greater opportunities for long-term business growth.
4. Integration of Financial Literacy
Access to workshops and resources for both borrowers and APs to foster financial responsibility and long-term success.
Loan Overview
Loan Amount: $5,000 - $25,000 fixed per borrower.
Interest Rate: Fixed at 10 - 18% annually.
Repayment Term: 12 months, with equal monthly installments.
Loan Purpose: Borrowers describe how funds will impact their business operations and growth.
Eligibility Requirements
For Borrowers:
Legally registered SMBs operating.
Minimum of 3 months in business with monthly revenue of at least $3,000 CAD.
Must comply with Woveo’s Terms and Conditions.
Repayment & Compliance
Fixed monthly payments over 12 months, with automated tracking via the Woveo platform.
Late fees apply for overdue payments beyond a 5-day grace period.
Building Better Credit
Borrowers’ repayment performance directly enhances their Woveo credit score, unlocking:
Access to exclusive financial services.
Better rates and higher credit caps in future programs.
For Accountability Partners (APs):
Must agree to program terms, demonstrate financial stability, and contribute to a savings group.
Cannot simultaneously be a borrower.
By combining financing, community collaboration, and financial literacy, the Woveo SMB Loan Program is more than a loan—it’s an investment in the future of community-driven economic development.