The Government of Canada has announced that eligible organizations in southern Ontario can now apply to the Black Entrepreneurship Program (BEP) Ecosystem Fund, aimed at strengthening services for Black entrepreneurs and businesses to foster economic growth. The initiative seeks to reduce barriers for Black Canadian entrepreneurs, providing them with greater access to capital and resources to achieve long-term business success.
The BEP Ecosystem Fund supports not-for-profit organizations in developing or expanding services such as mentorship, networking, financial planning, and business training. With funding secured through 2030, the program empowers Black-led organizations to help entrepreneurs grow their companies and contribute to a stronger, more inclusive economy.
Minister Evan Solomon emphasized that the Ecosystem Fund is a key resource for Black-led businesses in southern Ontario, helping build a resilient entrepreneurial ecosystem that encourages innovation, strengthens communities, and promotes economic inclusivity. Minister Rechie Valdez highlighted that access to capital, mentorship, and reliable data enables Black entrepreneurs to transform ideas into jobs and community prosperity, with the $189 million BEP investment supporting start-ups, scaling businesses, and long-term economic growth.
The BEP provides $189 million over five years to offer financing, advisory services, and research for Black entrepreneurs nationwide. This includes up to $105.4 million for the Ecosystem Fund delivered through regional development agencies, $7.5 million for the Black Entrepreneurship Knowledge Hub to improve research and data on the Black entrepreneurship ecosystem, and $67 million for the Black Entrepreneurship Loan Fund, offering loans of up to $250,000 in partnership with the Business Development Bank of Canada.
Since its launch, the BEP has supported over 24,000 Black entrepreneurs across Canada, approving 801 loans worth more than $70.6 million. The program continues to provide critical resources to help Black-led businesses thrive and strengthen the broader Canadian economy.
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