For Black business owners in Canada, the Black Entrepreneurship Loan Fund offers financing through the Federation of African Canadian Economics (FACE) and the Business Development Bank of Canada (BDC). The Government of Canada offers loans of CAD $10,000 to $250,000 for business development, expansion, and day-to-day operations.
FACE handles applications through its online portal. BDC contributes capital and takes part in financing, including underwriting and fulfilment. The fund is part of the federal Black Entrepreneurship Program.
What the Fund Has Provided
BDC and FACE say their first four years of collaboration helped more than 600 businesses access over CAD $50 million in financing. It does not cover how much each business received or provide an independent audit of recipients.
The fund’s original structure was CAD $160 million: a $30 million federal contribution and a $130 million BDC commitment, according to the government’s FAQ. The government later announced another $67 million for the Loan Fund through investments in the 2024 Fall Economic Statement.
Who May Apply?
Published criteria say applicants must be at least 18 and legally resident in Canada, or apply through a legal entity owned and controlled by Canadian citizens. Applicants must self-identify as Black or lead a business that is more than 51 per cent owned by Black Canadians. The fund is open to Canadian start-ups and existing for-profit small businesses; not-for-profit organisations are excluded.
Eligible costs include equipment, property improvements, inventory, payroll, rent and other working-capital needs. The government FAQ also lists excluded uses, including dividend payments and repayment of certain shareholder loans. FACE’s current rules should be checked before an application is prepared.
There is one point to confirm. The current government program page and the BDC-FACE renewal announcement list a minimum loan of $10,000. The government FAQ still refers to applications of $25,000 and above after the earlier 10,000 – 25,000 pilot ended in March 2025. The latest program page gives the $10,000 minimum, but applicants should ask FACE which loan tiers and application route currently apply.
The fund offers a route to apply for a loan; it does not guarantee approval. Business owners can review FACE’s portal and current eligibility requirements before gathering documents.
