Black Entrepreneurship Loan Fund

Overview of the Black Entrepreneurship Loan Fund program:

The Black Entrepreneurship Loan Fund (BELF) is a national initiative under the Government of Canada’s Black Entrepreneurship Program (BEP). Managed by FACE (Federation of African Canadian Economics), in partnership with the Business Development Bank of Canada (BDC) and other private institutions, this program aims to close the funding gap faced by Black entrepreneurs. The fund supports both start-ups and existing businesses that are majority Black-owned (at least 51% Black ownership). Loans are designed to promote long-term business success, capital growth, and social inclusion.

Benefits of the Black Entrepreneurship Loan Fund program:

• Access to loans between $10,000 and $250,000.
• Flexible repayment terms and interest-only grace periods (612 months).
• Dedicated support from a team of Black financial professionals.
• Funding can cover capital investments, operating expenses, or receivables.
• Strengthens long-term Black business development and financial inclusion.
• Access to FACEs entrepreneur community, resources, and advisory services.
• Promotes generational wealth creation in Canadas Black business community.

Eligibility criteria of the Black Entrepreneurship Loan Fund program:

• Eligible Individuals:
• Must identify as Black.
• Must be at least 18 years old.
• Must be a Canadian citizen or permanent resident.
• Eligible Businesses:
• Must be majority Black-owned (at least 51% of ownership and voting rights).
• Can be sole proprietorships, partnerships, or incorporated entities.
• Must operate as a for-profit business.
• Not-for-profit organizations are not eligible.
• Business Stages:
• Start-ups: Operating at least 3 months, with under 12 months of sales.
• Existing businesses: Operating for over 18 months with financial history.
• Required Documentation:
• Detailed business plan.
• Financial projections (23 years).
• Historical financial statements.
• Business and personal tax returns (T1/T2 with Notice of Assessment).
• Personal Statement of Affairs.
• Government-issued ID and proof of incorporation.