Black Entrepreneurship Loan Fund

Overview of the Black Entrepreneurship Loan Fund program:

FACE is a national and bilingual Black-led nonprofit organization focused on providing resources and information to the Black community across Canada with the aim of accelerating wealth creation for Canadians of African descent. In partnership with the Government of Canada, FACE created a Black Entrepreneurship Loan Fund to help Black business owners with access to capital investments, working capital, or additional business resources for expansion. FACE has several other major partners that help further the mission of providing Black Canadians with the necessary resources, knowledge, and confidence to not only operate successfully as Black entrepreneurs but to thrive as a community across the nation.

Benefits of the Black Entrepreneurship Loan Fund program:

• Loans can be used for:
• Capital investments - equipment, leasehold improvements, property improvement, office equipment
• Working capital - Inventory, payroll, lease payments, accounts management, rent, overhead costs
• Short-term receivable financing (i.e. financing to service a contact)

Eligibility criteria of the Black Entrepreneurship Loan Fund program:

• Eligible Individuals
• Eligible Individuals (shareholders and guarantors) must be:
• A) at least 18 years old,
• B) identify as black and
• C) be at minimum a permanent resident of Canada.
• Business Ownership
• Eligible Businesses must be majority black-owned.
• Where there are multiple shareholders: majority shareholdings and voting rights are to favor a black majority of no less than 51%.
• Eligible Business Types
• 1) Sole Traders,
• 2) Corporations (Ltd, Inc),
• 3) Partnerships (limited & non-limited)