Toronto-based SheEO and FreshBooks have teamed together to launch An Act of Radical Generosity, a new program designed to provide Canadian female entrepreneurs more support.
SheEO is soliciting $1,000 commitments from 1,000 female entrepreneurs to create a $1,000,000 funding pool, and opened an application process allowing female entrepreneurs from across the nation to submit pitches to receive a portion of the pool as a no-interest five-year loan, plus a one-year support program. Following the application deadline of August 31st, all 1,000 donors will select 10 finalists and determine how the funding pool will be divided.
For its part, FreshBooks will provide each finalist its cloud-based accounting service free for life, as well as 1:1 mentorship from co-founder and CEO, Mike McDerment. FreshBooks will also cover a portion of SheEO’s administrative costs for An Act of Radical Generosity, ensuring that all donated funds go directly to entrepreneurs.
SheEO says that female entrepreneurs started two-thirds of new businesses in Canada last year, but a whopping 68 per cent of them did not use outside capital, meaning that even a small amount of funding could have a great impact. Application restrictions apply, so make sure to check out the program page for more information.