Loan Fund President Louise Béland says the money will be used for their Excel Program, a support system for graduates of the Enterprising Women program.
She says the funding will last for three years and will provide a staff member that can offer ongoing advice and networking opportunities with other female entrepreneurs
She says it's important for entrepreneurs to get help even after their business has been launched.
Meanwhile, Sharon Raeburn is a graduate of the Loan Fund's Enterprising Women program and opened a hostel on Newman Street back in April.
She says it's important to be able to network with fellow female entrepreneurs because business can tend to be a boy's club.
