Markham-Thornhill MP Mary Ng announces more money for women in business

Funding boost from FedDev Ontario supports York U program to help female business owners facing barriers to expansion

Yorkregion.com
September 3, 2020
Heidi Riedner

York University’s Entrepreneurial Leadership and Learning Alliance program for women business owners -- ELLA -- has received top-up funding from the Government of Canada to establish a new program to help female business owners who are facing barriers to expansion.

This investment builds on an initial $1.86 million in federal funding for ELLA announced last summer, bringing federal investment in the ELLA program to more than $2.1 million.

“We understand the challenges businesses are facing as a result of the COVID-19 pandemic, and those challenges can be amplified for women entrepreneurs,” said Mary Ng, Markham-Thornhill MP and minister of Small Business, Export Promotion and International Trade of the Aug. 26 announcement.

“Today’s investment for ELLA, through the Women Entrepreneurship Strategy Ecosystem Fund top-up, will help our women-led businesses to weather these challenging times while preparing for future success.”

The Women Entrepreneurship Strategy (WES) Ecosystem Fund investment of $281,600, delivered through FedDev Ontario, will be used to create a new Fractional Executive Program that will enable participants in ELLA’s Altitude program to hire a professional to deliver a specific program, or solve a specific problem, in order to accelerate a company’s growth.

Economists and leading philanthropists agree about the importance of increasing the diversity of entrepreneurs to keep Canada competitive, including the representation of women, says Rhonda L. Lenton, president and vice-chancellor of York University.

While women make up 51 per cent of the Canadian population, venture capital funding for women founders is still in the single digits, and even less for women of colour. In addition, women entrepreneurs account for only 16 per cent of business owners in Canada

“The Government of Canada’s investment in York University’s ELLA program is a vote of confidence in this innovative program that supports women entrepreneurs in Ontario,” Lenton said.

“It will empower these women to take their businesses global, reflecting on the context created by the pandemic, and enhancing the benefits for ELLA participants, their families and their communities.”

The mission of the accelerator program for women, by women, is to reduce the gap of gender inequality in entrepreneurship. Led by York University, in partnership with the small business enterprise centres of Markham, Richmond Hill, Vaughan and York Region, it is made possible through funding from the Federal Economic Development Agency for Southern Ontario.

Ten women entrepreneurs will be chosen to take part in the four-month ELLA Altitude cohort, which will begin in October.

“Many applicants need help reaching customers through different channels more than they used to before the COVID-19 pandemic,” said ELLA entrepreneurship manager Nicole Troster.

“The Altitude program will enable them to turn to seasoned professionals for help with specific challenges such as, for example, selling through digital channels. It will build on the business skills they are already employing.”