Federation of African Canadian Economics (FACE) schedules Toronto and Quebec Roundtable to meet with local entrepreneurs and provide information about the $291.3 million Black Entrepreneurship Loan Fund

June 4, 2021 - Toronto  – 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.  

In Toronto, a virtual roundtable on Friday, June 4 at noon ET will permit Toronto and Quebec representatives to meet directly with potential Loan Fund applicants seeking more information about how they can apply to receive loans of up to $250,000 from the Fund. Organized by the Black Business and Professional Association (BBPA), participants will include BBPA president Nadine Spencer, host Ross Cadastre in addition to Montreal-based Tiffany Callender, FACE CEO. To join the roundtable: BBPA.org

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. 

“The Black Entrepreneurs Loan Fund, an example of what we are able to accomplish when we mobilize and join our efforts, “ said Tiffany Callender, President and CEO of FACE. “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.” 

The Loan Fund was announced in Ottawa earlier in the week 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 Loan Fund recognizes that Black entrepreneurs and business owners’ difficulty accessing capital is one of the top barriers they faced, which only worsened during the COVID-19 pandemic. The Black Business and Professional Association (BBPA), one of FACE’s five partners, recently surveyed 120 Black-owned businesses and found that only 10% were fully open, 80% did not have enough cash flow to pay their bills, and 85% were worried about permanent closure. 

“Clearly, there had to be a solution to this devastation,” said Spencer, a FACE co-founder. “FACE is a new, bias-free way for Black entrepreneurs and business owners to access capital that was denied to them in the past due to systemic racism. As a coalition we advocate for our community, work with decision-makers and policy makers to create, change and amplify the contributions Black people make every day to Canada.” 

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. 

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Media Contact

Nadine Spencer

(416) 281-1515

president@BBPA.org