Entrepreneurs and business owners in Black communities across Canada can begin applying for loans under the $33.3 million Black Entrepreneurship Loan Fund In May.
In a February 25, announcement, Mary Ng, minister of Small Business, Export Promotion and International Trade identified the Federation of African Canadian Economics (F.A.C.E) as the administrators of the fund.
The Federation of African Canadian Economics is a newly constituted body that is a coalition of several community organizations including Africa Centre, Black Business and Professional Association, the Black Business Initiative, The Cote des Neiges Black Community Association and Group 3737.
Its chairperson is Louis-Edgar Jean-François, an accountant by training affiliated with Groupe 3737, Victor Paris is serving as director of finance and Tiffany Callender of the CNBCA is the CEO.
The Black Entrepreneurship Loan Fund is part of the $221 million Black Entrepreneurship Program (BEP) announced by the government of Canada, to assist “Black Canadian business owners and entrepreneurs grow their businesses and succeed now and into the future.”
The Black Entrepreneurship Program – the first of its kind in Canada – has three components: the Black Entrepreneurship Loan Fund; the Black Entrepreneurship National Ecosystem Fund; and the Black Entrepreneurship Knowledge Hub. It’s a multi-year commitment that is seeking to address systemic barriers.