Minister Ng provides update on Black Entrepreneurship Program: Black Entrepreneurship Loan Fund accepting applications in May
Black Canadian business owners and entrepreneurs make important contributions to the Canadian economy, yet they continue to face systemic barriers in starting and growing their businesses. This has been further exacerbated by the COVID-19 pandemic. The Government of Canada is working to address these long-standing, systemic barriers with its first-ever Black Entrepreneurship Program.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, alongside the Honourable Bardish Chagger, Minister of Diversity and Inclusion and Youth, and the Honourable Ahmed Hussen, Minister of Families, Children and Social Development, hosted a virtual roundtable discussion and provided an update on the Black Entrepreneurship Program’s third pillar, the Black Entrepreneurship Loan Fund.
As part of the update, Minister Ng highlighted that the Loan Fund will begin accepting applications in May and announced that the government’s investment in the Loan Fund will be administered by the Federation of African-Canadian Economics (F.A.C.E.), a federally incorporated not-for-profit organization. The founding organizations of F.A.C.E. co-designed the Loan Fund in partnership with the government and participating financial institutions.