Empowering Black entrepreneurs: BDC & FACE renew their collaboration to expand access to funding and support
The Federation of African Canadian Economics (FACE) and the Business Development Bank of Canada (BDC) are renewing their collaboration to offer loans and support to Black entrepreneurs through the Black Entrepreneurship Loan Fund.
By helping entrepreneurs access financing, mentorship and business expertise, this initiative aims to support entrepreneurship and economic growth in the African Canadian community by providing crucial financial resources to Black entrepreneurs.
The Black Entrepreneurship Loan Fund collaboration between BDC and FACE was established in 2021. This program was co-developed by the Government of Canada, with FACE serving as the loan fund administrator.
Over the past four years, the collaboration has helped more than 600 businesses access over $50 million in financing, supporting growth, job creation and long-term business success.
What’s new?
As part of the renewed agreement, BDC and FACE will continue to offer a range of programs designed to meet the unique needs of Black entrepreneurs, including:
- Financing now starting at $10,000 (previously $25,000), making the program accessible to more entrepreneurs.
- Expanded mentorship and advisory services, to help business owners navigate key growth decisions.
- More workshops and learning opportunities aimed at enhancing business acumen and financial management skills.
Access to capital remains a key challenge for many Black entrepreneurs. This renewed collaboration represents a significant milestone in the ongoing efforts to promote economic inclusivity and support for Black entrepreneurs.
Both organizations remain committed to their mission of empowering entrepreneurs and fostering a vibrant, diverse, and thriving business community.
For program details and application information, contact FACE’s team.