Federation of African Canadian Economics (FACE) launches the $291.3 million Black Entrepreneurship Loan Fund

OTTAWA, ON, May 31, 2021 /CNW Telbec/ - Black business owners and entrepreneurs can now apply for loans up to $250,000 through the Federation of African Canadian Economics (FACE), which will adjudicate the funds as part of the Canadian Government's Black Entrepreneurship Program. Today's announcement was made by the Right Honourable Prime minister, Justin Trudeau, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, and Greg Fergus, Parliamentary Secretary to the Prime Minister, the President of the Treasury Board and the Minister of Digital Government and Chair of the Parliamentary Black Caucus.

The Black Entrepreneurship Loan Fund will be comprised of $291.3 million – $33.3 million from the Government of Canada, $130 million from the Business Development Bank of Canada (BDC) and $128 million from RBC, BMO financial Group, Scotiabank, CIBC, National Bank of Canada, TD, Vancity and Alterna Savings. The funding will enable Black entrepreneurs to access financial support which will better position them for success in Canada's post-pandemic economic recovery.

"Today's announcement is an example of what we are able to accomplish when we mobilize and join our efforts. In under a year, we have collectively managed to establish a major coast to coast program to support our entrepreneurs from a culturally appropriate perspective. It is an important day in the fight against systemic racism and eradicating the real economic barriers that the Black community has endured.  We are planting the seeds of possibility and we will nurture them every step of the way and witness as the fruit of our labour blossoms." said Tiffany Callender, President and CEO of FACE.

"The opening of the Black Entrepreneurship Loan Fund is a historic achievement to support

Black business owners and entrepreneurs so they can start up, scale up and grow across Canada and around the world," said Minister Ng. "As a critical piece of Canada's first-ever Black Entrepreneurship Program, the Loan Fund helps reduce barriers Black business owners and entrepreneurs face in accessing financing. Our government is proud to work with FACE and other Black community leaders to continue to address systemic racism against Black Canadians."

"On behalf of all the founding member organizations of the Federation of African Canadian Economics, I would like to share my pride at the work that has been accomplished to benefit the Afro-Canadian community," said FACE Chairperson Louis-Edgar Jean-François. "The talents, ambition and determination of Black entrepreneurs can be propelled forward thanks to a funding program that is exclusively dedicated to them. It is a huge step towards recognizing the Black community's contributions to Canadian prosperity."

How to apply
Black entrepreneurs can apply for loans through FACE's Black Owned Business InterFACE (BOBi) accessible via facecoalition.com. Black business owners who want to apply for the Black Entrepreneurship Loan Fund will need the following: Business registration, recent financial statements and a business plan.

About FACE
The Federation of African Canadian Economics is a coalition of Black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent. In 2020 FACE was created to address the needs of Black business owners and entrepreneurs who were economically devastated during the pandemic. The founding organizations included Africa Centre, Black Business Initiative, Black Business and Professional Association, Côte-des-Neiges Black Community Association Inc, and Groupe 3737.

FACE is anchored in the commitment of its founding organization which synthesizes over 100 years of experience diligently serving Black Canadians with respect, integrity and purpose.

SOURCE FACE