The Federation of African Canadian Economics (FACE), a nonprofit organization, is offering the first-of-its-kind Black Entrepreneurship Loan Fund. Collaborating with TD Bank Group (TD), the company is delivering its new “Propelling Black Entrepreneurship Program” and offers 50 grants ranging from $2,500 to $5,000 to Black entrepreneurs across Canada. This program supports Black entrepreneurs in the creation of their business and financial documents, including business plans, financial statements, and tax filings to help improve access to financing.
What can participants expect out of the program?
Participants in the program will receive training, tools, best practices, and mentorship opportunities related to managing and presenting financial documents and have access to FACE’s regional partners and corporate service providers, spanning leading financial and consulting firms. Business owners will also have the opportunity to partake in quarterly virtual and/or in-person sessions focused on preparing a strong business case for financing from lenders. The program helps Black business owners through the different stages of their entrepreneurial journey, so they can successfully access capital and scale their businesses.
What’s the inspiration behind the Propelling Black Entrepreneurship Program?
“There are many challenges for entrepreneurs as they pursue their business ventures, including navigating financial processes and paperwork. These challenges are accentuated for Black entrepreneurs who often also face bias in the financial system,” says Tiffany Callender, Chief Executive Officer of FACE. This program addresses some of these barriers by providing them with tools and advice so they can best manage and present their documents. Our sponsorship by TD helps support these applicants to be able to submit financially strong applications, thereby significantly increasing their chances of securing funding. Moreover, this program is open to all Black business owners interested in applying for loans, even if they have not worked with FACE before.”
“We are extremely proud to support “Propelling Black Entrepreneurship” through the TD Ready Commitment, the Bank’s corporate citizenship platform,” said Alicia Rose, Associate Vice President, Social Impact – Canada, TD Bank Group. “We know the value that entrepreneurs bring to our communities and to our local economies. Through these 50 grants, our aim is to help remove the barriers and potential bias that limit Black entrepreneurs from accessing financing to help fund their ambitions.”
What has FACE accomplished as an organization?
Since its inauguration in 2021, FACE has raised $160 million in capital, including $130 million from Business Development Bank of Canada (BDC), and disbursed $21.7 million, cementing itself as a catalyst for Black generational wealth creation and empowering Black Canadian entrepreneurs.
The Propelling Black Entrepreneurship program will launch in April 2023, the details for participating in this program will be available on FACE’s website at https://facecoalition.com/
The Federation of African Canadian Economics is a coalition of Black-led organizations stimulating economic growth and creating generational wealth for Canadians of African Descent. In 2021 FACE was launched to address the needs of Black business owners and entrepreneurs who were economically devastated during the pandemic.
You still have time to apply for more funding opportunities! Check out the IMPACT AZ 2025 accelerator program here.