MONTREAL, Aug. 1, 2024
/CNW/ - The Federation of African Canadian Economics (FACE) proudly
announces the successful disbursement of 500 loans since the
inception of the Black Entrepreneurship Loan Fund (BELF). This
milestone marks a significant achievement in FACE's mission to
support Canada's Black
entrepreneurs who have historically faced challenges accessing the
capital needed to launch or successfully grow their businesses.
Since 2021, when the Canadian government and partners invested
$160 million into BELF, FACE has been
dedicated to building trust among its diverse stakeholders while
administering these funds. Through the effective deployment of
$40 million in loans, Black-owned
businesses across the nation have experienced substantial growth
and economic impact. These loans have facilitated capacity
expansion for recipient businesses, created new jobs, and
contributed to taxable revenue, translating to a return on
investment for Canada.
"Our work to ensure BELF-supported businesses thrive means more
Canadian-made goods and services, driving innovation and meeting
customer needs. It means more jobs in our communities, bolstering
our main streets and rejuvenating our neighborhoods. And it means
more economic activity, enhancing our country's productivity,
retaining our talent, and helping us stay competitive globally,"
said Tiffany Callender, CEO of
FACE.
"Our government's Black Entrepreneurship Program, particularly
the Loan Fund, is paying dividends. More Black business owners are
getting the financing they need to grow their businesses and
succeed in the marketplace. Congratulations to FACE on achieving
this significant milestone," said the Honourable Rechie Valdez,
Minister of Small Business.
About FACE:
The Federation of African Canadian Economics (FACE) is a
national organization dedicated to the economic empowerment of
Black Canadians. FACE works with a vast network of partners to
provide comprehensive support to Black entrepreneurs, ensuring
their success and contributing to Canada's economic growth.
SOURCE The Federation of African Canadian Economics