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Afro-Entrepreneurs Fund
QC, Canada
Loans to Black Community businesses in Quebec
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Filaction
grant_single|status
grant_card_status|open
grant_single_labels|preview
Growing businesses within Quebec’s Black communities have access to loans ranging from $50,000 to $500,000 for projects in different areas.
grant_single_labels|terms_and_conditions
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.
grant_single_labels|projects
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.
grant_single|admissibleProjectsExample
$ 180,000
Launching a digital marketing agency focused on black-owned businesses
$ 270,000
Establishment of a black-owned eco-friendly cleaning products company
$ 180,000
Launching a wellness center offering holistic services
$ 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
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|eligible_expenses
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.
grant_eligibility_criteria|zone
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.
grant_single_labels|criteria
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
grant_single_labels|register
- Step 1: Research and Eligibility Confirmation
- Verify that your business is eligible for the Afro-Entrepreneurs Fund, ensuring it operates within Quebec and is led by a member of a black community.
- Ensure your project aligns with the industries covered by the fund.
- Step 2: Project Proposal Preparation
- Draft a comprehensive proposal detailing your business plan, financial needs, and how the funds will support business growth.
- Include information on the management team, projected financial statements, and market analysis.
- Step 3: Gather Required Documentation
- Prepare necessary financial documents such as balance sheets, income statements, and cash flow projections.
- Compile other supporting documents that may be required, such as proof of business registration and identification for owners.
- Step 4: Application Submission
- Submit your application, including the project proposal and all required documents, through the specified method provided by the Afro-Entrepreneurs Fund.
- Ensure all parts of the application are complete and accurate before submission.
- Step 5: Await Response
- Wait for a response from the Afro-Entrepreneurs Fund regarding the outcome of your application.
- Be prepared to provide further information or clarification if requested.
grant_single_labels|otherInfo
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.
