Woveo and the Business Development Bank of Canada launched a $10 million micro-lending initiative aimed at entrepreneurs across Canada. The program offers loans up to $25,000 to those underserved by traditional financing methods.
- The lending program targets entrepreneurs traditionally underserved by conventional financing models.
- Small-business lending to Canadian SMEs declined from 16% in 2011 to less than 6% in 2024, per OECD data.
- Woveo combines cash-flow intelligence, credit data, AI underwriting, and community accountability to improve lending access.
- Adil Hassam is Vice President of Community Banking at BDC and supports the partnership with Woveo to enhance loan access for entrepreneurs.
Why it matters
Access to affordable credit remains a challenge for many Canadian SMEs, impacting their ability to grow and sustain operations. This initiative helps lower barriers to financing by using technology and alternative assessment methods, potentially improving cash flow and survival rates for small businesses.
Source: Fintech.ca
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