Black Entrepreneurship Program: 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 business organizations and the Business Development Bank of Canada (BDC). The loan fund is an investment of $160 million to support the success of Black entrepreneurs and business owners.
The fund provides loans of up to $250,000 to support Black business owners and entrepreneurs across Canada and lays a foundation for future success and long-term change.
Offered by Innovation, Science and Economic Development Canada (ISED) and FACE (Federation of African Canadian Economics)
Amount
Up to $250,000
Loans of up to $250,000 (FACE can provide loans of up to $100,000; loans above this amount are risk shared with the Business Development Bank of Canada); applications for amounts of $25,000 and above accepted
Quick eligibility check
Who can apply
Who is eligible under the Black Entrepreneurship Loan Fund?
To be eligible for a loan, an applicant must:
- self-identify as Black or Black-led (majority ownership of >51% by Black Canadians);
- be a legal resident of Canada: i.e. Canadian citizen or permanent resident, or a legal entity owned and controlled by a Canadian citizen or citizens; and
- be a minimum of 18 years.
What businesses are eligible under the loan fund?
Eligible businesses may include start-ups and existing for-profit small businesses in Canada. Such businesses can be corporations or sole proprietors and for-profit social enterprises. Businesses must have a business plan, business registration and recent financial statements or financial projections for start-ups.
Not eligible:
What businesses are not eligible under the loan fund
Not-for-profit organizations are not eligible for loans
About the funding
The fund provides loans of up to $250,000 to support Black business owners and entrepreneurs across Canada and lays a foundation for future success and long-term change.
Previously, the Loan Fund also included a pilot microloan program for Black entrepreneurs and business owners seeking microloans between $10,000 and $25,000 through a collaboration between FACE, Vancity and Alterna Savings. This pilot concluded on March 31, 2025, and has not been extended at this time. However, loan applications for amounts of $25,000 and above continue to be accepted and processed.
How much can be financed and what is the maximum loan amount I can access under the Black Entrepreneurship Loan Fund?
The loan fund offers loans up to $250,000. FACE can provide loans of up to $100,000. Loans above this amount will be risk shared with the Business Development Bank of Canada.
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What is eligible for financing under the loan fund?
Loans can be used for:
- Capital investments–equipment, leasehold improvements, property improvement, office equipment
- Working capital–inventory, payroll, lease payments, accounts management, rent, overhead costs
- Short-term receivable financing (i.e. financing to service a contact)
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| BDC Commercial real estate loan | Loan | Typically starts at $100,000 and can go up to several million dollars | Open |
| BDC Small business loan | Loan | Up to $350,000 per BDC Small Business Loan: up to $100K (up to 6 months interest-only payments, 5-year amortization) or over $100K and up to $350K (up to 12 months interest-only payments, up to 8-year amortization) | Open |
| BDC Working capital loan | Loan | No fixed amount | Open |
| Canada Small Business Financing Program (CSBFP) | Loan, Loan Guarantee | Maximum loan amount of $1.15 million per borrower: up to $1,000,000 for term loans (no more than $500,000 for leasehold improvements and equipment, of which a maximum of $150,000 for intangible assets and working capital costs) and up to $150,000 for lines of credit | Open |
