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Black Entrepreneurship Program — Black Entrepreneurship Loan Fund - Canada

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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