Black Entrepreneurship Program — Black Entrepreneurship Loan Fund
Canada
Financial help for Black entrepreneurs
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
The Black Entrepreneurship Loan Fund provides financial support to Black business owners and entrepreneurs in Canada. The eligible activities for funding primarily include business operations for both start-ups and existing businesses.
- Funding for start-up business operations, with available loans up to $50,000.
- Financing for existing business operations, with available loans up to $250,000.
grant_single|admissibleProjectsExample
$ 180,000
Purchase new machinery for expanding the production line of our organic skincare products
$ 150,000
Create a sustainable fashion line utilizing recycled materials and eco-friendly processes
$ 80,000
Launch an e-commerce platform for artisanal Black-owned businesses to sell their products online
$ 135,000
Develop a mobile application to connect Black entrepreneurs with business mentors and resources
$ 120,000
Renovate and expand our community co-working space to support local Black entrepreneurs
$ 95,000
Establish a digital marketing agency specializing in promoting Black-owned small businesses
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
The Black Entrepreneurship Loan Fund is specifically designed to support Black business owners and entrepreneurs across Canada. To be eligible, applicants must be Black entrepreneurs seeking financial assistance to start up or grow their business in Canada. The program requires applicants to submit a comprehensive set of documents, including a detailed business plan, financial statements, tax returns, and personal identification. Micro loans are available through credit unions to Black entrepreneurs in Ontario and British Columbia, while macro loans are provided across Canada through FACE in partnership with the Government of Canada and the Business Development Bank of Canada.
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|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.
Apply to this program
Empowering Black Entrepreneurs Through Innovative Loan Solutions
The Black Entrepreneurship Loan Fund represents a groundbreaking initiative aimed at providing essential financial support to Black entrepreneurs across Canada. With an impressive allocation of over $160M, this loan fund is a significant resource for fostering business development and long-term success within the Black business community.
Detailed Insights into the Black Entrepreneurship Loan Fund
The Black Entrepreneurship Loan Fund is a strategic partnership involving FACE, the Government of Canada, the Business Development Bank of Canada (BDC), and key private sector financial institutions. This collaboration underscores a national commitment to empowering Black entrepreneurs with the catalytic financial tools necessary to help bridge the economic disparity gap and foster a new era of diversified business leadership in Canada.
The loan fund is critically structured to offer two key programs: Micro Loans, ranging from $10,000 to $25,000, and Macro Loans, ranging from $25,000 to $250,000, addressing the varied financial needs of both nascent and established businesses. Alterna Savings and Vancity credit unions are pivotal allies in delivering microloans in Ontario and British Columbia, broadening the reach and accessibility of financial backing to underserved economic participants.
Macro Loans, a more substantial financial offering, are supported by the Canadian government’s commitment of $30 million, catering to loan requests between $25,000 and $100,000. Simultaneously, BDC enhances this effort by providing $130 million for loans up to $250,000, distinctly enabling comprehensive coverage for substantial business capital needs. This strategic distribution of financial power helps position Black entrepreneurs in Canada to transcend typical funding barriers, securing not only immediate capital infusion but also sustainable financial management education through partnered professional expertise.
Applicants are meticulously vetted to maintain a high standard of financial and professional acumen. Key documentation such as detailed business plans, historical financial statements, and tax returns are prerequisites, ensuring that recipients are equipped with the groundwork necessary for responsible financial stewardship and business success. Additionally, this ensures the fund maintains its sustainability by investing in candidates most likely to thrive and contribute positively to the economic fabric of their communities.
The fund's implications stretch beyond immediate monetary support. By facilitating connections with financial experts and peers, it fosters a vibrant community of empowered Black entrepreneurs who are inclined to drive societal change and lay down pathways for future generations. Notably, the initiative not only targets economic parity but also celebrates and elevates Black innovation and leadership in a diverse array of industries.
Critically, this loan fund acknowledges and addresses systemic barriers that have hitherto played a role in marginalizing Black entrepreneurs. Through its dedicated and intentional support mechanisms, the fund is a transformative force in fostering inclusive growth in Canada's entrepreneurial landscape, resonating a broader message of equality and empowerment throughout the socio-economic spectrum.
In conclusion, the Black Entrepreneurship Loan Fund is more than a simple financial product; it is a cornerstone of economic and social renewal for Black businesses in Canada. By coupling significant financial support with educational resources and community connections, the fund is instrumental in crafting a future where Black entrepreneurs are key pillars of Canada’s thriving economy, ultimately contributing to a more diverse, robust, and equitable business environment.
