On Monday, May 31, the Government of Canada announced the launch of the Black Entrepreneurship Loan Fund. The application for this loan is now open and eligible Black business owners can now apply by going to: https://facecoalition.com/en
The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partnership between the Government of Canada, Black-led business organizations and financial institutions. The loan fund is now an investment of $291.3 million to support the success of Black entrepreneurs and business owners.
The fund will provide loans of up to $250,000 to support Black business owners and entrepreneurs across Canada and lay the foundation for future success and long-term change.
Who is eligible under the Black Entrepreneurship Loan Fund?
To be eligible for a loan, an applicant must:
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.
What is eligible for financing under the loan fund?
Loans can be used for:
How much can be financed and what is the maximum loan amount I can access under the Black Entrepreneurship Loan Fund?
The loan fund will offer loans up to $250,000. The Federation of African Canadian Economics (FACE) can provide loans of up to $100,000. Loans above this amount will be risk shared with the Business Development Bank of Canada.
Alterna Savings and Vancity, under the microloan pilot program, will offer loans between $10,000 and $25,000.
Where can you apply for the Black Entrepreneurship Loan Fund?
The FACE loan portal, accessible at Federation of African Canadian Economics (FACE), will act as the electronic and initial intake process for interested applicants. Loan applicants will be able to submit and communicate with a FACE client relationship manager on the progress of their loan request.
For more information, go to the Government of Canada’s web page.
HOW WE CAN HELP
We’ve reviewed the entire application on the FACE application portal and there are approximately 56 questions to answer. The key documents you will need to provide to support your application include:
So before you apply, consider preparing and organizing these documents so you can complete your application for processing.
If you require assistance with the preparation of your business financial statements and tax returns, we can help. Simply contact Ken at email@example.com
We also offer business plan services and we have a Business Plan Bootcamp starting soon on June 14, 2021. Only 10 spots available, so check out details below to sign up:
Business Plan Bootcamp – $497 ONLY
This is a 5-Session Business Plan Building Workshop over 14 days. These sessions will provide you with total clarity about your business and will guide you to create your own business plan ready for financing application or other purposes, as required.
We will guide you to build your own business plan over a period of 14 days and we will guarantee it or you get your money back:
To learn more, go to: https://www.blackbusinessnetwork.ca/businessplan
We also offer other business plan packages below:
Business Plan Package Option 2 – $2,497 plus HST
This is the most popular package. With this package, you will do some work and we will do the rest. Here are the details:
Business Plan Package Option 3 – $4,997 plus HST
With this package, we do all the work and we will create your business plan from scratch. Here are some details:
If you have any questions, contact Ken at firstname.lastname@example.org