Black Entrepreneurship Program — Black Entrepreneurship Loan Fund

Q: What is the deadline to apply?

The deadline to apply is not specified.

Q: Who is eligible for the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program?

To be eligible for the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program, you must: • The applicant must be a Black business owner or entrepreneur. • Businesses must provide two to three-year financial projections. • Applicants must submit the required documentation, including a detailed business plan and up-to-date financial statements.

Q: Who can I contact for more information about the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund?

You can contact Federation of African Canadian Economics (FACE).

Q: Where is the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund available?

The Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program is available across Canada.

Q: Are Black Canadians eligible for the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program?

Yes, Black Canadians are eligible to apply for the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund program.

Last Update: July 22, 2025

Canada

Financial help for Black entrepreneurs

At a glance

Eligible Funding

From $10,000 to $250,000

Timeline

Unspecified

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Funds Providers

Unspecified

Program status

Open

Overview

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.

Activities funded

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

$ 250,000

Developing custom software for healthcare providers

$ 195,000

Launching an eco-friendly cleaning product line

$ 200,000

Upgrading manufacturing equipment for increased capacity

$ 180,000

Establishing a fresh farm-to-table dining experience

Eligibility

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)

Selection 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.

How to apply

Register for the loan

Create an account on the FACE platform.
Enter preliminary information required for registration.

Complete Application

Fill out the loan application form available on the FACE platform.
Ensure all fields are correctly filled with accurate information.

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.

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.

Application Review

FACE Support Centre (FSC) reviews applications for completeness.
Documents are checked and verified for accuracy and validity.

Credit Review

Credit review is conducted by the Lending team using the submitted information.

Loan Adjudication

Loan request adjudication is performed by the Loans Committee or Credit Risk Management.

Administrative and Background Checks

The Financial Institution partner carries out necessary background checks.

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

Frequently Asked Questions about the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund Program

Here are answers to the most common questions about the Black Entrepreneurship Program — Black Entrepreneurship Loan Fund. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.