Growing an inclusive economy is a key priority for Canada, as supporting Black entrepreneurs enables the creation of jobs, drives innovation, and strengthens local communities. When Black business owners have access to the tools and resources they need, they can start, grow, and sustain businesses that benefit communities nationwide.
To advance this goal, the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), announced a renewed investment of $189 million in the Black Entrepreneurship Program (BEP) during Small Business Week. This funding will maintain capital flow, expand advisory supports, and deepen research to help more Black-owned businesses start up, scale up, and succeed across Canada.
Since its launch, the BEP has supported over 24,000 Black entrepreneurs nationwide by providing mentorship, training, networking opportunities, and access to financing. The program’s Loan Fund alone has approved more than $70 million in financing, helping Black-owned businesses hire, export, and innovate in communities across the country.
The renewed funding will continue to support the BEP’s three key components—the Loan Fund, the Knowledge Hub, and the Ecosystem Fund—working together to unlock opportunities for Black entrepreneurs. The Ecosystem Fund’s reach will be expanded through regional development agencies, ensuring broader access to services and support across Canada.
Minister Valdez also highlighted ongoing collaboration between the Federation of African Canadian Economics (FACE), which administers the Black Entrepreneurship Loan Fund, and the Business Development Bank of Canada (BDC) to facilitate Black entrepreneurs’ access to capital. Beyond economic impact, the renewed BEP reinforces the federal government’s commitment to addressing systemic barriers and anti-Black racism, forming a central part of Canada’s Black Justice Strategy.
Launched in 2021, the BEP provides financial and non-financial supports, including training, mentorship, networking, and improved access to data for Black entrepreneurs through the Loan Fund, Knowledge Hub, and Ecosystem Fund. The additional $189 million investment over five years will allocate up to $105.4 million to regional development agencies for the Ecosystem Fund, $7.5 million for the Knowledge Hub, and $67 million for the Loan Fund, providing loans of up to $250,000 to Black business owners across the country.
To date, the program has supported over 24,000 Black entrepreneurs, and 801 loans have been approved, representing more than $70.6 million, helping strengthen Canada’s economy while fostering equity, inclusion, and opportunity.
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