Black Entrepreneurship Program — Black Entrepreneurship Loan Fund
Canada
Financial help for Black entrepreneurs
grant_single|update March 13, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Federation of African Canadian Economics (FACE)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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.
grant_single_labels|terms_and_conditions
This loan program offers structured and scalable financing plans aimed at promoting the sustainable growth of Black-owned businesses in Canada. The program provides two key loan types with distinct financing arrangements to best support varying business needs.
- Micro Loans ranging from $10,000 to $25,000, delivered by Alterna Savings and Vancity, specifically targeting entrepreneurs in Ontario and British Columbia.
- Macro Loans ranging from $25,000 to $250,000, administered by FACE in partnership with the Government of Canada and BDC, with funds segregated between $25,000 to $100,000 and $100,000 to $250,000 based on distinct funding sources.
- Flexible repayment terms are available, although specific details are not disclosed in the provided context.
grant_single_labels|projects
- 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.
grant_single|admissibleProjectsExample
$ 195,000
Launching an eco-friendly cleaning product line
$ 225,000
Expanding a digital marketing agency with new tools
$ 250,000
Developing custom software for healthcare providers
$ 160,000
Opening a tech-focused coworking space for entrepreneurs
$ 180,000
Establishing a fresh farm-to-table dining experience
$ 200,000
Upgrading manufacturing equipment for increased capacity
grant_single_labels|admissibility
Eligibility for the Black Entrepreneurship Loan Fund is determined by specific criteria tailored to support Black business owners and entrepreneurs across Canada.
- The applicant must be a Black business owner or entrepreneur residing in Canada.
- Eligible businesses can be either start-ups or existing entities, with specific funding limits applicable to each.
- The applicant must provide a detailed business plan along with financial documents, including historical financial statements and tax returns.
- Applicants need to demonstrate the capability of fulfilling the two to three-year financial projections.
- The business must be registered and provide a certificate of incorporation or registration.
- Applicants must furnish a government-issued photo ID for identification purposes.
- Applicants must show evidence of personal and business financial affairs.
grant_eligibility_criteria|who_can_apply
- Sole Proprietorships
- Corporations (Ltd, Inc)
- Partnerships (limited and general)
- Social enterprises
- For-profit cooperatives
grant_eligibility_criteria|who_cannot_apply
- Non-profit organizations.
- Businesses with less than 51% Black ownership.
grant_eligibility_criteria|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).
grant_eligibility_criteria|zone
This grant is designed to support Black entrepreneurs in specific provinces of Canada through partnerships with local credit unions. The geographical eligibility is limited to ensure effective local administration and economic impact.
- Black-owned businesses in Ontario through Alterna Savings.
- Black-owned businesses in British Columbia through Vancity.
grant_single_labels|criteria
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.
grant_single_labels|register
- Step 1: Register for the loan
- Create an account on the FACE platform.
- Enter preliminary information required for registration.
- Step 2: Complete Application
- Fill out the loan application form available on the FACE platform.
- Ensure all fields are correctly filled with accurate information.
- Step 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.
- Step 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.
- Step 5: Application Review
- FACE Support Centre (FSC) reviews applications for completeness.
- Documents are checked and verified for accuracy and validity.
- Step 6: Credit Review
- Credit review is conducted by the Lending team using the submitted information.
- Step 7: Loan Adjudication
- Loan request adjudication is performed by the Loans Committee or Credit Risk Management.
- Step 8: Administrative and Background Checks
- The Financial Institution partner carries out necessary background checks.
- Step 9: Loan Disbursement
- Receive the loan offer.
- Accept the offer to proceed.
- Loan is disbursed upon final acceptance.
