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, BDC and private sector financial institutions. The loan fund is now an investment of $291.3 million to support the success of Black entrepreneurs and business owners.
The first phase of the Fund includes a $33.3 million investment from the Government of Canada and $130 million from the Business Development Bank of Canada (BDC) as the first partner financial institution.
The second phase of the Fund includes an investment of $128 million committed from financial institutions Royal Bank of Canada, BMO Financial Group, Scotiabank, CIBC, National Bank of Canada, TD, Vancity and Alterna Savings. Additional FIs and capital may also be announced in this phase.
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.