
Black Entrepreneurship Program — Black Entrepreneurship Loan Fund
Last Update: June 22, 2025
Canada
Financial help for Black entrepreneurs
Black Entrepreneurship Program — Black Entrepreneurship Loan Fund at a glance
Eligible Funding
- From $10,000 to $250,000
Timeline
- Continuous Intakes
Financing Type
Loans and Capital investments
Eligible Industries
- All industries
Grant Providers
- Federation of African Canadian Economics (FACE)
Status
Open
Overview of the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program
Get a loan of up to $250,000 (including microloans in some cases) to help your for-profit, Black-led startup business or SME scale up and grow domestically and internationally.
Financing terms and conditions
- Microloans available from $10,000 to $25,000 for eligible Black entrepreneurs in Ontario and British Columbia.
- Macro-loans available from $25,000 to $250,000 for existing Black-owned businesses across Canada.
- Start-ups may receive funding up to $50,000.
- Existing businesses may receive funding up to $250,000.
Eligible projects & activities
- Investment in capital such as equipment, leasehold improvements, property enhancement, and office equipment.
- Working capital covering inventory, salaries, account management, and rent.
- Funding short-term receivables, such as maintenance of contract financing.
Examples of admissible projects:
$ 225,000
Expanding a digital marketing agency with new tools
$ 160,000
Opening a tech-focused coworking space for entrepreneurs
$ 195,000
Launching an eco-friendly cleaning product line
$ 250,000
Developing custom software for healthcare providers
$ 200,000
Upgrading manufacturing equipment for increased capacity
$ 180,000
Establishing a fresh farm-to-table dining experience
Eligibility criteria of the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program
- The business must be majority Black-owned (at least 51% ownership and voting rights by Black individuals).
- The applicant (shareholders and guarantors) must be at least 18 years old, self-identify as Black, and be a Canadian permanent resident at minimum.
- The business must be registered and operating in Canada as a sole proprietorship, corporation, or partnership.
- Eligible businesses include start-ups (operating for at least 3 months and less than 12 consecutive months of revenue) and existing businesses (operating for more than 18 months with historical financial statements and tax returns).
- The company must have a business plan, up-to-date registration, and recent financial information or projections.
Who is eligible?
- Sole Proprietorships
- Corporations (Ltd, Inc)
- Partnerships (limited and general)
- Social enterprises
- For-profit cooperatives
Who is not eligible
- Non-profit organizations.
- Businesses with less than 51% Black ownership.
Eligible expenses
- Capital investments - equipment, leasehold improvements, property enhancement, office equipment.
- Working capital - inventory, salaries, account management, rent, overhead costs.
- Financing short-term receivables (e.g., contract maintenance financing).
Eligible geographic areas
- Canada
- Ontario (for microloans through Alterna Savings)
- British Columbia (for microloans through Vancity)
Eligibility criteria of the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program
The evaluation and selection of projects for this loan program take place in several stages to ensure the viability and potential success of Black-owned businesses in Canada.
- Verification of the completeness of the application by the FACE support center.
- Review of the financial and administrative documents provided.
- Credit analysis conducted by the lending team.
- Judgment by the loan committee or credit risk management regarding the loan application.
- Administrative and background checks by the partner financial institution.
How to apply to the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program
1
Register for the loan
- Create an account on the FACE platform.
- Enter preliminary information required for registration.
2
Complete Application
- Fill out the loan application form available on the FACE platform.
- Ensure all fields are correctly filled with accurate information.
3
Prepare Required Documents
- Draft a detailed business plan.
- Prepare up-to-date historical financial statements (Balance Sheet and Income Statement).
- Create two to three-year financial projections.
- Collect up-to-date tax returns for both business (T2) and owner (T1) with Notice of Assessments.
- Compile a Personal Statement of Affairs.
- Ensure availability of a government-issued Photo ID.
- Get a Business Certificate of incorporation/registration.
4
Submit Application
- Upload all required documents to the FACE platform as per the application guidelines.
- Review the entire application for completeness and accuracy before submission.
5
Application Review
- FACE Support Centre (FSC) reviews applications for completeness.
- Documents are checked and verified for accuracy and validity.
6
Credit Review
Credit review is conducted by the Lending team using the submitted information.
7
Loan Adjudication
Loan request adjudication is performed by the Loans Committee or Credit Risk Management.
8
Administrative and Background Checks
The Financial Institution partner carries out necessary background checks.
9
Loan Disbursement
- Receive the loan offer.
- Accept the offer to proceed.
- Loan is disbursed upon final acceptance.
Additional information
- Application review includes a credit assessment conducted by lending professionals.
- Approved microloans may be fulfilled through local credit unions, depending on province.
- An administrative fee applies for microloans, deducted from the loan amount after approval.
- Both start-ups and existing businesses must submit two to three-year financial projections.
Apply to this program

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