THUNDER BAY - A program designed to help women entrepreneurs take an idea to a fully developed startup is building off its success and expanding to phase two.
The PARO Centre for Women’s Enterprise launched the first phase of Social Enterprise for Northern Ontario (SENO) in 2016.
“We funded 30 social enterprises in that project and we are very happy with the results,” said Aleksa Shermack, program manager for SENO Phase One. “We were able to give out $125,000 in loans and $82,298 in grant funding, which is really exciting because that grant money went directly to the social entrepreneurs who do so much good in our community.”
The second phase of SENO was launched on Wednesday and while it differs slightly from phase one, it still builds on the success of the program.
“Phase two is definitely an evolution of phase one in the sense that phase one is for startups and now we are trying to help those startups gain financial sustainability and help them with growth as well, which is not only good for the economy, but society as a whole,” Shermack said.
Shermack added SENO will be accepting 32 new social entrepreneurs into the program who can take advantage of a new training program.
“The training helps them develop a business plan, social mission, and two year cash flow projection, which then is used to apply for funding,” she said.
PARO Centre for Women’s Enterprise serves all of Northern Ontario and Shermack said the startups range from issues involving food sustainability to racism and discrimination.
“The social enterprise programs are much needed in this community and the north in general because the social enterprises are addressing the individual and unique needs of their community,” she said. “Wherever they are, whatever issues they see, they are taking those challenges and turning them into opportunities.”
And while phase two of SENO just launched, Shermack said there is always room for expansion and further evolution.
“Right now we are going to focus on phase two,” she said. “We are always adapting our programming based on the needs of our clients. Depending on what we see from these social entrepreneurs, whether these are what they require, we will definitely make those adaptions as we go and consider those moving on to potentially Phase 3.”
