Woveo this month announced a lending initiative with the Business Development Bank of Canada.
Calgary-based, AI-powered Woveo helps financial institutions and community organizations expand access to affordable small-business credit.
Woveo is collaborating with BDC on a $10 million micro-lending program, the pair confirmed.
The lending program targets entrepreneurs across Canada who have traditionally been underserved by conventional financing models; they will be able to access loans of up to $25,000, promising “fast, accessible financing designed for real entrepreneurs—without the traditional barriers.”
Small-business owners in Canada “do not lack ambition or ability,” according to Woveo cofounder Jonah Chininga—but, “too often they lack access.”
Chininga, himself an immigrant to Canada, says he understands “how difficult it can be to build a business when traditional systems do not fully recognize your experience, potential, or financial profile.”
And it’s not just immigrants who have been impacted over the past decade.
The share of new Canadian business lending directed to small and medium-sized businesses declined from 16% in 2011 to less than 6% in 2024, according to data from the Organization for Economic Co-operation and Development’s Financing SMEs and Entrepreneurs 2026 report.
Yet small businesses that do receive lending assistance demonstrate a significantly higher survival rate than bootstrapped startups.
“By combining cash-flow intelligence, credit data, AI-assisted underwriting, and community accountability, we can make small-business lending more accessible and economically viable,” Chininga believes.
“Our initiative with BDC will help more entrepreneurs build sustainable businesses and create a pathway into the mainstream financial system,” the entrepreneur stated.
Adil Hassam, who serves as Vice President of Community Banking at BDC, says that “Every successful entrepreneur starts somewhere, yet access to a first loan remains the most difficult loan to get.”
“By partnering with an innovative fintech like Woveo, we are leveraging technology to simplify and accelerate access to financing,” Hassam remarked.
“By creating a faster and more efficient lending experience, BDC is making it easier for entrepreneurs to get the financing and support that they need to get their business started on the right foot,” the VP stated.
Woveo has facilitated more than 1,200 loans through its programs so far, achieving a 98% repayment rate.
The Alberta upstart has been recognized by the World Summit Awards as well as the Digital Commerce Calgary Fintech Awards.
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