Black entrepreneurs will have access to a loan fund that is designed specifically to meet their needs

BY PAUL JUNOR

Since the formation of the Federation of African Canadian Economics (FACE) in 2020, it has made an immense difference for Black-led businesses and entrepreneurs.

According to its website: https://facecoalition.com, FACE is a “Coalition of Black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent.” Its overarching mission is “To serve as the economic catalyst for Canadians of African descent while fostering strategically sustainable partnership with the public and private sector.” Furthermore, its inclusive vision is, “Empowering Canadians of African Descent to emancipate themselves economically for the betterment of their communities, ecosystems and the next generation of melanated change makers.”  As a non-profit national and bilingual organization FACE coalition works across Canada to empower the Black communities through accessibility to financial resources and economic information.

Earlier this year, there was information presented about the Black Entrepreneurship Loan Fund (BELF). According to the Government of Canada’s website: ised-ised.canada.ca BELF is a “Partnership between the Government of Canada, Black-led business organizations and financial institutions. With an investment of up to $265 million over four years, it will help Black Canadian business owners and entrepreneurs grow their businesses and succeed now and into the future.”  There will be a maximum of $250,000 that will be available to these Black business owners and entrepreneurs through an application process administered by BELF.

The FACE coalition is working alongside five business and community support organizations in the African Canadian community. They include: the Cote des Neiges Black Community Association, Groupe 3737, the Black Business and Professional Association, the Africa Centre and the Black Business Initiative.

Tiffany Callender, Co-Founder and CEO of FACE states, “This is the first time in Canada’s history that Black entrepreneurs will have access to a loan fund that is designed specifically to meet their needs and to support them in achieving their professional goals. This is a major step to creating wealth for Canadians of African descent.”

FACE identifies several obstacles and stumbling blocks that are unique to Black businesses such as:

• Systematic discrimination
• Inequality
• Limited access to needed financial support
• Weak relationship between Black entrepreneurs and financial institutions
• Underrepresentation of Black-owned businesses in the traditional banking system

There are success stories shared at the FACE coalition’s website from clients who have benefited from the BELF.

Patrick Jean-Baptiste of Sunphinx Cybersecurity states, “I am excited to join the FACE family to create synergy in the community and be part of a family that cares about entrepreneurship in the Black community.”

Andrea and Kemba of Kean Real Estate Group state, “The FACE coalition is not only helping with funding, but with critical training and resources to help us develop as a company and improve our product and service offerings.”