FACE offers loans from $10,000 going up to $250,000 for Canadian Black-owned businesses
FACE is a national and bilingual Black-led nonprofit organization focused on providing resources and information to the Black community across Canada with the aim of accelerating wealth creation for Canadians of African descent. In partnership with the Government of Canada, FACE created a Black Entrepreneurship Loan Fund to help Black business owners with access to capital investments, working capital, or additional business resources for expansion. FACE has several other major partners that help further the mission of providing Black Canadians with the necessary resources, knowledge, and confidence to not only operate successfully as Black entrepreneurs but to thrive as a community across the nation.
Grant Deadline
2023-12-31
Funding Amount
Range between $10,000 - $250,000
Type of Grant
Loans
Sectors
All Sectors
Demographics
Black
Incorporation
For Profit
Perks
Region Restriction
This grant is restricted to whole of Canada
Keywords
Age Restriction
This grant is age restricted from 18 to 100
Eligibility and Requirements
Eligibility
Who is eligible under the Black Entrepreneurship Loan Fund?
Eligible Individuals
Eligible Individuals (shareholders and guarantors) must be:
a) at least 18 years old,
b) identify as black and
c) be at minimum a permanent resident of Canada.
Business Ownership
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%.
Eligible Business Types
1) Sole-Traders,
2) Corporations (Ltd, Inc),
3) Partnerships (limited & non-limited)
What businesses are considered start-ups?
FACE considers any business as a start-up if it has been operating for at least three (3) months and has less than twelve (12) months of consecutive sales.
What businesses are considered existing businesses?
FACE considers any business as existing if they have been in operations for more than 18 months and are able to provide their historic financial statements (T2).
Who is eligible under the Black Entrepreneurship 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 and cooperatives. Businesses must have a business plan, business registration, and recent financial statements or financial projections.
Any Black business owners and entrepreneurs with questions, are encouraged to reach out to FACE for further details.
What businesses are not eligible under the Loan Fund?
Not-for-profit organizations are not eligible for loans.
What is eligible for financing under the Loan Fund?
Loans can be used for:
- Capital investments - equipment, leasehold improvements, property improvement, office equipment
- Working capital - Inventory, payroll, lease payments, accounts management, rent, overhead costs
- Short-term receivable financing (i.e. financing to service a contact)
Grant Application website
Contact
General inquiries
Press and Media
Partnerships and Collaboration
partnerships@facecoalition.com
FACE Programs