THUNDER BAY — Gauging the annual success of Paro Centre for Women's Enterprise is not just about how well a company did, it's all about their circles of women entrepreneurs, their successes and the creation of new businesses and employment.
Rosalind Lockyer, Paro founder and chief executive officer, says according to the latest report by the Business Development Bank of Canada (BDC) chief economist, new businesses are starting up at less than half the rate of two decades ago.
"That's worrisome because small business is our economy," Lockyer said.
"And that's why we support local businesses."
Since 1995, Paro has been helping groups of women entrepreneurs come together to support each other to start and grow their companies.
"Some of our peer lending circles that started here in 1995 are still existing," she said. "We've been around for a long time, we've grown and we're working with their children and grandchildren now."
Paro now operates a 49-member team, supports 220 peer lending circles across Ontario and continues to spread across Canada.
In 2022, Lockyer announced 700 new business startups.
"This year we did 935 (in Ontario)," she said. "That's over 200 more businesses this year than the previous year."
Also significant this year is Paro's help with 1,234 business expansions.
"We have funding to help a business expand, whether it's to help them go on a trade mission, to buy equipment, or to do an advanced marketing plan," Lockyer noted.
"In the last year, the businesses that we worked with created 3,391 jobs. Creating jobs is what puts money into our economy."
Lockyer says Paro is really about empowerment.
"That empowerment comes not only from the training but there's also a model of self-determination, inclusivity and understanding what women need to be able to work together to grow their business," she said.
In May, the first Canadian Women's Entrepreneurs gala took place in Toronto recognizing women business leaders from across Canada.
"We were nominated. I didn't think for a minute we'd win because we were up against all the women's organizations in Canada," Locker said.
"Paro won the Empowerment of Women in Business award at the first inaugural event for Canadian women entrepreneurs. And when I say Paro, I mean all the women that make up Paro because it is a really strong community of women entrepreneurs that are very brave, bold and fierce."
To start and grow a business, she added, you have to be fierce. She says that no matter what business, access to funding is always a challenge, especially for women entrepreneurs. Lockyer said the business funding structure comes from the "patriarchal norms of banks," which she called "not women friendly."
Partnerships formed for loan funding
"Over the years we've fostered strategic partnerships with the Commodity Futures Trading Commission (CFTC) where we established 40 contracts across the province," she said, adding that Thunder Bay Ventures and Alterna Savings Credit Union are part of these partnerships.
"We also partnered last year with the Women's Enterprise Organizations of Canada (WEOC) for funding. We are the Ontario loan fund partner for the WEOC," she said.
Through the WEOC Women's Entrepreneurship Strategy, Paro can now support women to receive up to $50,000 in loans. She says the money comes from loan investors and the governments and Paro is part of that payroll.
"We've put out $2.3 million in loans in Ontario alone through our partnerships with WEOC, which is 60 per cent of the loans from across Canada," she said. "Since 2010, through our circles and programs, we put out more than $12 million to women in Ontario. When you put that money into women's pockets they put it into the economy and it ripples out."
The Federal Economic Development Agency for Northern Ontario (FedNor) and Federal Economic Development Agency for Southern Ontario (FedDev), who receive their funds from Innovation, Science, and Economic Development Canada, provide funding through the Women's Enterprise Ecosystem Fund.
"That's the program that has supported us to set up our circles across Canada," she said.
Lockyer says her company provides all the basic training that new entrepreneurs need and stays with them along the way to reach their goals.
"It's been proven that if you have peer support when you're growing your business, it's seven times more likely to be sustainable."
The Chronicle Journal / Local Journalism Initiative
