The Federation of African Canadian Economics (FACE) proudly announces that it has successfully disbursed 500 loans through the Black Entrepreneurship Loan Fund (BELF). This achievement highlights FACE’s ongoing commitment to supporting Black entrepreneurs in Canada, who have historically faced challenges in securing necessary capital to start or grow their businesses.

Since the Black Entrepreneurship Loan Fund was launched in 2021, backed by a $160 million investment from the Canadian government and various partners, FACE has worked diligently to manage and distribute these funds. To date, $40 million in loans have been allocated, leading to significant growth for Black-owned businesses across the country. These loans have not only expanded business capacities but have also created jobs and generated taxable revenue, providing a substantial return on investment for Canada.

Tiffany Callender, CEO of FACE, emphasized the impact of this milestone, stating, “The success of BELF-supported businesses contributes to more Canadian-made goods and services, fosters innovation, and meets customer demands. It leads to more jobs, revitalizes our communities, and boosts economic activity, which enhances our nation’s productivity and global competitiveness.”

Rechie Valdez, Minister of Small Business, commended the progress, saying, “The Black Entrepreneurship Program, especially the Loan Fund, is proving to be highly effective. More Black business owners are accessing the financing they need to expand and succeed. Congratulations to FACE on reaching this important milestone.”

FACE is a national organization focused on the economic empowerment of Black Canadians. It collaborates with a broad network of partners to offer extensive support to Black entrepreneurs, aiding their success and contributing to Canada’s overall economic development.

For further information, please contact: Augustine Fischer, Director of Communications and Stakeholder Engagement. Email: augustine@facecoalition.com or call Phone: 438-220-8826