Ottawa officially launched the Black Communities Entrepreneurship Loan Fund on Monday, which will provide loans of up to $ 250,000 to majority black-owned businesses, among other things.
Loan applications can be submitted today through the website of the African Canadian Economic Federation (FACE), which will administer the fund.
“We know that entrepreneurs in black communities have the talent and the ideas to go far,” said Justin Trudeau. Today, with the Black Communities Entrepreneurship Loan Fund, we want to provide you with even more tools to succeed. To build a country that works for everyone, we have to make sure our economy is inclusive. ”
This could grant up to $ 291.3 million, of which $ 33.3 million comes directly from the federal government, $ 130 million from the Development Bank of Canada, and $ 128 million jointly provided by the Royal Bank of Canada, BMO Financial Group, Scotiabank, CIBC, National Bank of Canada, TD Bank, Vancity and Alterna Savings.
New businesses and small businesses already formed will be able to benefit from the program, but also sole proprietorship businesses, social businesses, partnerships and cooperatives, it is said.
Already incorporated businesses must have a registered business number, as well as a business plan and financial statements. New companies will have to present a financial plan.
Small Business, Export Promotion and International Trade Minister Mary Ng said on Monday that names for the fund would be released in the coming weeks.
The Fund is part of the Black Communities Entrepreneurship Program, which was announced in the fall, through which black entrepreneurs could avail themselves of, among other things, mentoring and support for the development of their project.
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