How much funding can be received?

Funds up to 500000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Afro-Entrepreneurs Fund?

Afro-Entrepreneurs Fund is funded by Filaction

What are Afro-Entrepreneurs Fund's eligibility criterias?

The applicant must be a businessperson from a black community in Quebec. The applicant must run a company in any of the covered industry segments such as manufacturing, processing, retail, or service.

Afro-Entrepreneurs Fund

grant_single|update January 24, 2025

QC, Canada

Loans to Black Community businesses in Quebec

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grant_single|openingDate November 14, 2019

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Loans and Capital investments

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Filaction

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Growing businesses within Quebec’s Black communities have access to loans ranging from $50,000 to $500,000 for projects in different areas.

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This grant offers flexible financing modalities tailored to the needs of recipients while ensuring optimal resource utilization. The modalities vary based on the project type and targeted objectives.

Loans ranging in size from $50,000 to $500,000.
Possible requirement of guarantees, depending on the project's specifics and associated risk.
Monthly instalment repayment plan with obligatory financial updates.
Special arrangements available for loan terms, repayment frequencies, and funding usage to suit business needs.

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The Afro-Entrepreneurs Fund supports small businesses operated by Black entrepreneurs in Quebec, spanning various industry segments. Eligible projects include those within manufacturing, processing, retail, and service industries.

Projects within the manufacturing industry.
Projects within the processing industry.
Projects within the retail industry.
Projects within the service industry.

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$ 180,000

Launching a wellness center offering holistic services

$ 180,000

Launching a digital marketing agency focused on black-owned businesses

$ 270,000

Establishment of a black-owned eco-friendly cleaning products company

$ 250,000

Opening a new retail boutique for African-inspired fashion

$ 300,000

Expansion of a black-owned tech startup offering innovative software solutions

$ 300,000

Expansion of a black-owned gourmet food processing business

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Eligibility for the Afro-Entrepreneurs Fund is based on specific criteria related to the applicant's community and business operations.

The applicant must be a businessperson from a black community in Quebec.
The applicant must operate a company within Quebec.
The business must be a small business seeking a direct loan between $50,000 and $500,000.
The project must fall within the manufacturing, processing, retail, or service industries, as all industry segments are covered.

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Applicants eligible for the Afro-Entrepreneurs Fund include business owners from black communities in Quebec who are managing a company. The fund covers a wide array of industry sectors, allowing for diverse business ventures within manufacturing, processing, retail, and service industries.

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This fund is designed to support entrepreneurial ventures across a wide range of industries in Quebec's Black community. Eligible projects span numerous sectors, offering financial backing to foster business growth and innovation.

Businesses in the manufacturing industry seeking capital for expansion or equipment purchase.
Processing enterprises aiming to scale operations or enhance production capabilities.
Retail businesses looking for financing to broaden market reach or stock inventory.
Service industry companies requiring investment to improve service delivery or enter new markets.

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This grant is available to companies that are located in specific geographical areas as determined by the eligibility criteria, focusing exclusively on Quebec.

Companies based within the province of Quebec, Canada.

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There are evaluation and selection criteria for this grant. The evaluation and selection criteria include:

Business viability and growth potential
Capacity for loan repayment
Alignment with the fund's mission and target community
Quality of the project proposal and business plan

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Preliminary preparation

Identify your company's financing needs.
Check your company’s eligibility as a Black entrepreneur from Quebec.

Consultation of criteria and requirements

Consult the obligations regarding the potential guarantees required by the Fund.
Understand the reimbursement process and possible adjustments.

Preparation of the documentation

Draft a business plan including growth or business succession projects.
Prepare the company's financial statements.

Contact the Afro-Entrepreneurs Fund

Obtain the required forms for the loan application.
Clarify any questions about the application process.

Submission of documents

Send the completed application and all required documents to the address or contact indicated by the Fund.
Follow up with the Fund to confirm the receipt of your application.

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Here are additional relevant details for this grant:

Loan conditions, such as repayment terms and interest rates, might be tailored to individual business needs.
The fund could require collateral when the project's risk level necessitates it.
Recurring financial updates to the fund are part of the loan agreement, ensuring transparency and accountability.
There is an emphasis on flexibility, allowing for unique arrangements regarding loan usage and repayment structure.

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Afro-Entrepreneurs Fund

Apply to this program

Investment support for feasibility studies in Quebec