Canada Extends Black Entrepreneurship Program with Up to $189 Million in Funding
The Government of Canada announced today a five-year extension of the Black Entrepreneurship Program (BEP), committing up to $189 million in funding to support Black business owners across the country.
The renewal, running from 2025-2030, was unveiled by the Honourable Rechie Valdez, Canada’s minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), during Small Business Week in Toronto. “This is going to help small businesses start, scale and grow their business,” Valdez stated. The program aims to address systemic barriers that have historically limited access to capital for Black entrepreneurs, impacting their ability to contribute fully to the Canadian economy.
Since its launch in 2021, the BEP has assisted over 24,000 Black entrepreneurs through mentorship, training, networking, and loan funding. The Black Entrepreneurship Loan Fund (BELF), administered by the Federation of African Canadian Economics (FACE), has already approved more than $70 million in financing. FACE will continue to partner with the government to ensure entrepreneurs have access to crucial capital. “If you have incredible ideas as a Black entrepreneur, our government has your back,” Valdez added. For more information on small business resources, visit Innovation, Science and Economic Development Canada.
Tiffany Callender, Co-founder and CEO of FACE, expressed gratitude for the continued commitment, noting the program’s importance during current economic challenges. “Today is a testament to the work that was done: a government that believes that community can guide solutions and can fully contribute to Canada,” Callender said. She emphasized the need to prioritize Black entrepreneurship in key sectors like construction and infrastructure development, pointing to the innovation and businesses already existing within the community. This funding is expected to help Black entrepreneurs build sustainable businesses and contribute to national economic growth, as detailed in a recent report on Canadian small business statistics.
Officials stated the renewed funding will help Black entrepreneurs lay the foundation for long-term success and accelerate their growth within the Canadian marketplace.
