Is the Black Entrepreneurship Loan right for me and my business?
These loans are for Canadian Black-owned small and medium sized businesses.
From $10,000 Up to $250,000
The loan fund will offer loans up to $250,000 to be used for capital investments, working capital or Business expansion.
Benefit from a floating interest rate (based on the current prime rate, interest would be between 6% -8%) and repayment terms of up to 7years.
An optional 12-18 month postponement of principal payments at the start of the loan.
To be eligible for a loan, an applicant must:
- Self-identify as Black (majority ownership of >51% by Black Canadians)
- Be a legal resident of Canada
- Be a minimum of 18 years old
- Have a for-profit, Canadian-based business
- Have a business number, a business plan, and financial statements (or projections if the business is a start-up)
- Use the loan for capital investments, working capital or business expansion.