BOF Black Business Loan Program

By mmuise
Description:

If you are a Black Canadian entrepreneur with a sustainable business model, who has been declined lending by a Canadian financial institution in the last 2 years, you may qualify to apply for up to $50,000 in financing to help you grow and advance your business.


Comments on Funding:

Funding is a loan between $10,000 and $50,000.

Deadline: Continuous Intake
Eligibility:

The applicant must
1. be organized as a sole proprietorship, partnership, or incorporated/continued under a relevant Canadian federal or provincial corporate statute governing business corporations;
2. if a sole proprietor


a) self-identify as Black;
b) be over 18 years of age at the time the loan application is submitted; and
c) be a Canadian citizen, Permanent Resident or Convention Refugee, with a legal right to work in Canada.
3. if a corporation or partnership, a majority (51% or more) of the shareholders or partners (or shareholders of partners), as applicable, must self-identify as Black and all shareholders, partners (or shareholders of partners), as applicable:
a) be over 18 years of age at the time the loan application is submitted;
b) be Canadian citizens, Permanent Residents or Convention Refugees, with a legal right to work in Canada; and
c) be unable financially to provide a guarantee to or offer collateral on a loan for the applicant.
4. have a web presence, which may include a website and/or social media page;
5. be solvent.
Application Steps:

Applicants must complete the brief online assessment to determine eligibility for the Black Opportunity Fund Loan program.

Documentation Needed:

Applicants must upload their business plan and cashflow projections separately.

Other Things to Note:

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About the author
mmuise