BDC and credit unions will work with and support FACE in ensuring the initial set of loan products are delivered in a timely manner to Black Canadian business owners and entrepreneurs. They will provide advice and resources and collaborate with FACE on the loan approval model that will serve the Black Canadian business community.
At the outset, BDC will commit $130M of its capital to partner with FACE and act as a fulfillment agent for the Loan Fund.
Alterna Savings and Vancity will also participate in a micro-credit pilot project under the Loan Fund, administering loans of between $10,000 and $25,000 to Black entrepreneurs.
In the coming months, FACE and the Government of Canada look forward to formally onboarding additional financial institutions as partners and will continue to work together to better serve Black Canadian business owners and entrepreneurs.