$19 million in loans approved for Black entrepreneurs in Canada along with access to a wealth of resources, masterclasses and financial guidance
TORONTO, May 31, 2022 /CNW/ - The Federation of African Canadian Economics (FACE), a nonprofit organization, which in partnership with the Government of Canada, created the first-of-its-kind Black Entrepreneurship Loan Fund to help Black business owners gain access to loans, capital investments and additional business resources, is celebrating its first anniversary. Since its inauguration, FACE has raised $160 million in loans, including $130 million from Business Development Bank of Canada (BDC), and approved $19 million, cementing itself as a catalyst for Black generational wealth creation and empowering Black Canadian entrepreneurs.
"Reaching this milestone is a pivotal moment in Black entrepreneurship," says Tiffany Callender, Chief Executive Officer of FACE. "Acknowledging the adverse barriers that Black entrepreneurs face, the work we do at FACE is critical in providing robust pathways to capital investment and financial literacy for Black business owners, across Canada. On the road ahead, we look forward to furthering our mission to empower Black entrepreneurs with economic security, resources, and the confidence to establish a more powerful presence in the Canadian business landscape."
Through FACE's loan program, entrepreneurs can have access to up to $250,000, as well as a multitude of additional benefits. Over the last year, FACE has cultivated relationships with multiple ecosystem partners, provided expert advice and immersive networking opportunities to build one of the most innovative and interactive platforms that promotes the vitality of Black entrepreneurship in Canada. Moreover, it has also hosted multiple masterclasses with globally respected institutions like Deloitte, Equifax, and BDC, to equip Black entrepreneurs with key financial tools to access funding and achieve their professional goals.
"It's been a year of listening, learning, and pivoting to continually improve access to, and the impact of, the Black Entrepreneurship Loan Fund," said Laura Didyk, Vice President, Client Diversity, BDC. "We are proud to support FACE on this journey and look forward to supporting and inspiring many more Black business owners."
FACE has supported Black business owners across a cross-section of industries, spanning fashion and design, beauty, technology, real estate and the food and beverage industry, to name a few. An example of a FACE funded success story is husband-and-wife team Stevens Charles and Myriam Jean-Baptiste, the co-founders of LS Cream, who continued the growth of their award-winning cream liqueur business with the help of the funds secured through FACE.
"We all know that financing is always the biggest hurdle in businesses, but particularly for Black entrepreneurs," says Jean-Baptiste, founder of LS Cream. "For them [FACE] to come in and not only help us financially but also give us the resources to make ourselves better and to increase our financial knowledge, is amazing. The liquor industry is not an easy industry to navigate, but with FACE's support, we were able to tell our story and it has helped us immensely."
For additional information on FACE please visit: https://facecoalition.com/
The Federation of African Canadian Economics is a coalition of Black-led organizations dedicated to 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.
SOURCE The Federation of African Canadian Economics
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