Black Entrepreneurship Loan Fund
The Black Entrepreneurship Loan Fund – a partnership between the Government of Canada, Black-led business organizations and financial institutions – continues to accept applications. The fund was set up to provide loans up to $250,000 to Black business owners and entrepreneurs across the country. Loan applications are being administered through the Federation of African Canadian Economics.
Who is eligible under the Black Entrepreneurship Loan Fund?
To be eligible for a loan, an applicant must:
self-identify as Black or Black-led (majority ownership of >51% by Black Canadians);
be a legal resident of Canada: i.e. Canadian citizen or permanent resident, or conventional refugee (for microloans only), or a legal entity owned and controlled by a Canadian citizen or citizens; and
be a minimum of 18 years.
What businesses are eligible under the loan fund?
Eligible businesses may include start-ups and existing for-profit small businesses in Canada. Such businesses can be corporations or sole proprietors and for-profit social enterprises. Businesses must have a business plan, business registration and recent financial statements or financial projections for start-ups.
