FACE Disburses 500 Loans to Empower Black Entrepreneurs Across Canada
The Federation of African Canadian Economics (FACE) proudly announces the successful disbursement of 500 loans since the inception of the Black Entrepreneurship Loan Fund (BELF). This milestone marks a significant achievement in FACE’s mission to support Canada’s Black entrepreneurs who have historically faced challenges accessing the capital needed to launch or successfully grow their businesses.
Since 2021, when the Canadian government and partners invested $160 million into BELF, FACE has been dedicated to building trust among its diverse stakeholders while administering these funds. Through the effective deployment of $40 million in loans, Black-owned businesses across the nation have experienced substantial growth and economic impact. These loans have facilitated capacity expansion for recipient businesses, created new jobs, and contributed to taxable revenue, translating to a return on investment for Canada.
“Our work to ensure BELF-supported businesses thrive means more Canadian-made goods and services, driving innovation and meeting customer needs. It means more jobs in our communities, bolstering our main streets and rejuvenating our neighborhoods. And it means more economic activity, enhancing our country’s productivity, retaining our talent, and helping us stay competitive globally,” said Tiffany Callender, CEO of FACE.
“Our government’s Black Entrepreneurship Program, particularly the Loan Fund, is paying dividends. More Black business owners are getting the financing they need to grow their businesses and succeed in the marketplace. Congratulations to FACE on achieving this significant milestone,” said the Honourable Rechie Valdez, Minister of Small Business.
About FACE:
The Federation of African Canadian Economics (FACE) is a national organization dedicated to the economic empowerment of Black Canadians. FACE works with a vast network of partners to provide comprehensive support to Black entrepreneurs, ensuring their success and contributing to Canada’s economic growth.
SOURCE The Federation of African Canadian Economics
