Last year was marked by economic uncertainty, from tariffs to inflation, and in turn, that tightened access to capital. But Black entrepreneurs across Canada continued to do what they’ve always done: build anyway.
According to the Federation of African Canadian Economics (FACE) Coalition, that momentum is no accident. It’s the result of investment, trust, and a growing nationwide ecosystem designed to close the long-standing gaps in equity.
FACE Coalition has released its 2024–2025 annual report, highlighting continued progress in expanding access to capital for Black entrepreneurs across Canada.
Founded in 2021, the national, bilingual non-profit has quickly become a cornerstone of Black entrepreneurship in Canada, administering the federal Black Entrepreneurship Loan Fund (BELF) and ensuring Black-owned businesses have access to loans, working capital, and the advisory support needed to grow.
“The Black Entrepreneurship Program continues to demonstrate that an inclusive economy is strong economy,” Minister of Women and Gender Equality and Secretary of State, The Honourable Rechie Valdez, said. To date, it has approved more than $71 million in support of over 800 loans, showing the Loan Fund is filling a key gap in the market. These businesses are growing, creating thousands of jobs and making significant contributions to Canada’s economy.”
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In the last fiscal year, the organization approved $14.1 million in loans and disbursed $12 million, marking its smallest approval-to-disbursement gap since launching. Reduced to 15 per cent, it signals a working system that gets money into entrepreneurs’ hands faster, when they need it most.
Since administering the BELF, FACE has approved $67.1 million in loans and disbursed $50.4 million, supporting nearly 600 Black-owned businesses by Mar. 31, 2025 across Canada – spanning multiple industries, regions, and languages.
While the numbers are impressive, it only tells part of the story. FACE’s work sits at the intersection of economics and equity, responding to decades of structural barriers that have made access to financing disproportionately difficult for Black entrepreneurs. Traditional lending models have often failed to recognize the realities and potential of Black-owned businesses. FACE was created to change that.
“Every loan disbursed is more than a financial transaction — it’s an investment in innovation, resilience, and community growth,” FACE Coalition CEO Tiffany Callender said to Now Toronto. “This report reinforces FACE’s vision and mission through the Black Entrepreneurship Loan Fund, as we work alongside our partners and funders to strengthen the economic fabric of Black communities across Canada. Each dollar represents a step toward equity, opportunity, and generational wealth.”
Beyond capital, the organization prioritizes advisory services, partnerships, and long-term sustainability to ensure businesses aren’t just launched, but positioned to last. It’s a strategy that acknowledges what many entrepreneurs already know: funding without support isn’t enough.
Investing in Black entrepreneurs isn’t charity. It’s smart economic policy, with ripple effects that benefit workers, families, and local economies for years to come.
FACE Coalition’s 2024–2025 report isn’t just a look back, but a portrait of what’s possible when access to capital is treated as a right rather than a privilege. And if the last year is any indication, Black entrepreneurship in Canada isn’t slowing down — it’s just getting better resourced.
For more information on FACE, head to the organization’s website.
