FAQ

BLACK ENTREPRENEURSHIP LOAN FUND FREQUENTLY ASKED QUESTIONS (FAQS)
What is the Black Entrepreneurship Loan Fund? The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partner...
Wed, 6 Oct, 2021 at 1:30 PM
What is the Black Entrepreneurship Loan Fund?
The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partnership between the Government of Canada, Black-led ...
Wed, 6 Oct, 2021 at 1:28 PM
How is the Loan Fund connected to other components of the Black Entrepreneurship Program (BEP)?
The Loan Fund is expected to build on the Ecosystem Fund component of the BEP, connecting with Black-led business organizations to provide business advisory...
Tue, 5 Oct, 2021 at 6:06 PM
Which entity will administer the Government of Canada’s contribution to the Loan Fund?
The Federation of African-Canadian Economics (F.A.C.E.) is the legal entity designated to administer the government contribution to the loan fund. It is a f...
Tue, 5 Oct, 2021 at 6:07 PM
Which organizations make up the Federation of African-Canadian Economics (F.A.C.E.)?
F.A.C.E. is made up of five prominent BBSOs that joined forces to create the organization. Collectively, the group has more than 35 years of experience serv...
Tue, 5 Oct, 2021 at 6:08 PM
Who will partner with F.A.C.E. in delivering the Loan Fund?
BDC has committed $130 million to extend capital to Black entrepreneurs under the Loan Fund. The BDC is a financial Crown Corporation that has been serving ...
Tue, 5 Oct, 2021 at 6:08 PM
What is the micro-loan pilot program?
Alterna Savings and Vancity credit unions be partnering with F.A.C.E. to deliver a micro-loan pilot program under the Loan Fund, administering micro-loans t...
Tue, 5 Oct, 2021 at 6:09 PM
What is the role of the delivery partners at the outset? What about their future role?
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 busine...
Tue, 5 Oct, 2021 at 6:09 PM
Why did the Government of Canada create a Loan Fund specifically for Black Entrepreneurs and business owners?
Black Canadian business owners and entrepreneurs make important contributions to the Canadian economy, yet they continue to face systemic barriers in starti...
Tue, 5 Oct, 2021 at 6:10 PM
Why are personal questions about identity being asked during the in-take section for the loan application?
FACE recognizes that Black Canadian entrepreneurs will include important individuals who have intersectional identities that are important to capture in o...
Tue, 5 Oct, 2021 at 6:10 PM