Although Black Canadian business owners and entrepreneurs make essential contributions to our society, our communities, and our society as a whole, they are often required to take risks and make sacrifices — such as dipping deeper into personal savings or credit cards, or depending on loans from family—that other Canadian entrepreneurs are not.
Institutional hurdles make owning a small business and accessing financing especially difficult for Black Canadians, but luckily there is a fund that works to help bridge the gap.
The Black Entrepreneurship Loan Fund is a partnership between the Government of Canada, Black-led business organizations, the Business Development Bank of Canada (BDC), and other financial institutions.
The fund will provide loans of up to $250,000 to empower Black business owners and entrepreneurs across Canada and establish the groundwork they require for long-term success.
In order to be eligible for this loan, an applicant must:
Both new and established Canadian for-profit small enterprises may qualify as eligible businesses for the Black Entrepreneurship Loan Fund. These companies can be for-profit social enterprises as well as corporations or sole proprietorships. Businesses must be legally registered in Canada, have a business plan, and have recent financial statements or, for start-ups, financial predictions.
Black business owners and entrepreneurs are urged to contact the Federation of African Canadian Economics (FACE) for additional information if they have any questions.
At Driven, we are committed to democratizing access to funding for all entrepreneurs regardless of their race, gender, sexuality, etc. We take pride in providing the small business community with the capital solutions they need to grow and succeed, no matter their walk of life.
To learn more about the Black Entrepreneurship Loan Fund and to submit an application visit https://facecoalition.com/
Alternatively, there are several other support programs across the country that you can investigate for access to financing, networking, and small business support.
Government of Canada Business Benefits Finder
https://innovation.ised-isde.canada.ca/s/?language=en_CA
Explore a database of available Canadian business lenders.
Futurpreneur Black Entrepreneurship Startup Program
https://www.futurpreneur.ca/en/besp/
The program provides startup loan financing and up to two years of mentorship, plus access to resources and networking opportunities with fellow entrepreneurs across Canada.
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