Following the release of the Canadian Women’s Chamber of Commerce’s Advocacy Agenda earlier this year, the Business Development Bank of Canada (BDC) contacted us to clarify their policy regarding loan application fees.
Flavie Cote, the Senior Media Advisor for the BDC, issued the following statement:
“When it comes to loans referred by partners, there are no costs for women entrepreneurs who wish to apply for a loan at BDC. All processing fees, standby fees, cancellation fees and prepayment fees are waived for the loans to women entrepreneurs.”
We revised the Advocacy Agenda content accordingly. The revised version can be downloaded here.
The Canadian Women’s Chamber of Commerce would like to thank the BDC for clarifying their policy concerning loans referred by partners. While we made the original statements in good faith, CanWCC regrets any confusion they may have caused.
For more information on the BDC’s services for women entrepreneurs, visit their website.
FOUR OUR MEMBERS (and all women-identified business owners and entrepreneurs)
If you are presented with an application fee:
- Verify the loan that you are applying for (i.e. what financial institution issuing the loan?). This is particularly important if several types of loans and/or funding programs were discussed.
- Ask if there a loan available without an application fee? Is the application fee refundable if the loan is denied? Are there other fees that you will have to pay associated with the loan?
- Loan applications referred to BDC by partner organizations are not subject to any fees. Contact BDC directly if you are asked to pay any fees related to a loan referred by a partner.