Federation of African Canadian Economics – Black Entrepreneurship Loan Fund: Micro Loan Pilot Program


The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partnership between FACE, the Government of Canada, the BDC and private sector financial institutions. The Fund provides micro-loans ranging from $10,000 to $25,000 in Ontario and British Columbia.
Alterna Savings (Ontario) and Vancity (British Columbia) will fulfill approved loans in their respective provinces.

Comments on Funding:

Funding will take the form of a loan between $10,000 and $25,000.

Loan terms and conditions:

  1. Fees and interest rates: Prime +3%
  2. The administration fee is $100 (once approved; can be deducted from loan proceeds)
  3. Interest only up to 12 months;
  4. Repayment terms: up to 5 years.


Applicants must:

  • be at least 18 years old;
  • identify as black;
  • be at minimum a permanent resident of Canada;
  • apply in the name of a business based in Ontario or British Columbia that is:
    a) a Sole-Trader;
    b) a Corporation (Ltd, Inc);
    c) a Partnership (limited & non-limited).

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%.

Applications Steps:

Documentation Needed:

Applicants must submit:

  1. detailed business plan;
  2. 24 months projected cashflow;
  3. business registration;
  4. up to date personal statement of affairs;
  5. up to date t1 and t2 income tax returns with notice of assessments;
  6. up to date historical financial statements.

Other Things to Note:

Link it to ISED’s Black Entrepreneurship Program: Black Entrepreneurship Loan Fund entry. It provides a few additional details and the program is available just in Ontario and British Columbia..

Program Contact:

Home – The Federation of African Canadian Economics


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