Looking for some good eats? Investing in a new skin care regimen? Maybe you’d like to check out a new fitness centre? Whatever your needs might be, they can all be found in this organization’s Canadian Black business directory!
While best known for supporting Black entrepreneurs through business loan funding, the Federation of African Canadian Economics (FACE) also ensures that these business owners have access to the resources that help businesses on their journey to becoming successful.
BLACK BUSINESS MAPPING TOOL BRINGS BLACK-OWNED BUSINESSES TO YOUR FINGERTIPS
The Black Business Mapping Tool, created in partnership with Interac, is a first-of-its-kind resource at this scale in Canada. This interactive tool connects users with over 8,000 Black-owned businesses across Canada. The tool aims to bridge the gap for Black-owned entrepreneurs who often face barriers in bringing visibility to their products and services on a national scale. The interactive map will also be beneficial for large-scale business owners looking to diversify their supply chains.
But that’s not all! FACE has taken this tool on the road, introducing it to audiences across the country. The tool made a splash at Collision in Toronto, North America’s fastest growing technology conference, and wowed attendees at the Pacific National Exhibition (PNE) in Vancouver. With Black businesses growing each day, it’ll be no time before this tool could be coming to a city near you!
With FACE’s business mapping tool, supporting Black-owned businesses is just a few clicks away. No matter what industry you’re in or looking for, this tool puts thousands of registered Black-owned businesses in the palm of your hand. You could discover the next great skincare brand or construction firm right next door!
The Mapping Tool is part of FACE’s broader mission to uplift Black entrepreneurs across Canada, ensuring they have access to the resources and visibility they need to succeed. This tool is an important step toward breaking down the barriers Black business owners face in reaching a national audience.
Explore Funding with FACE’s Opportunity Finder
Another valuable resource on the FACE website is the Opportunity Finder, a tool for entrepreneurs seeking to explore programs, grants, and funding options tailored to their business needs. This easy-to-use portal allows business owners to browse a variety of opportunities, each with detailed information on available funding and support.
The Opportunity Finder also features an application length scale, giving users a clear understanding of how long each application may take, whether it’s a quick submission or a more detailed process. This transparent feature empowers entrepreneurs to plan their applications efficiently and pursue the opportunities best suited to their business goals.
BLACK ENTREPRENEURSHIP LOAN FUND HELPS BUSINESSES THRIVE
Loan funding is the most essential resource the organization offers through BELF, a dedicated funding stream to give support to Black entrepreneurs in laying the foundation for sustainable businesses.
Designed to support Black business owners who have struggled at various points in their business journey to obtain financing, the fund offers loans ranging from $10,000 to $250,000, depending on the size and stage of the business.
“BELF provides access to much-needed capital that Black entrepreneurs need to expand their businesses, create jobs, and contribute to the broader Canadian economy,” FACE CEO Callender told Now Toronto.
“This initiative aims to break the cycle of underfunding that has historically limited the success of Black-owned businesses,” she added.
Communities banding together on behalf of each other is not a new idea in our country. From the early Dutch establishing farms across the prairies to Islamic communities offering halal home mortgages, all communities within the Canadian mosaic have needed to come together to prosper. FACE was established to continue this tradition, through the support of business owners from the over 125 different countries that make up Canada’s African and Black diaspora.
Aside from BELF, FACE also offers the TD Propelling Black Entrepreneurship Program, giving entrepreneurs bursaries ranging from $2,500 to $5,000 to offset the costs of obtaining professional business services.
FACE has shown its determination in providing an array of opportunities to Black entrepreneurs. Outside of funding, the organization strives to create a sense of community from coast-to-coast, allowing for Black Canadians to tap into a wealth of collective experience, support and opportunity. Through utilizing community, entrepreneurs can connect and expand their professional network with like-minded individuals, who may have also faced similar challenges and obstacles.
In celebration of Black-owned businesses and closing out Small Business Month with a bang, FACE will be holding Innovate, Network & Thrive on Oct. 27th at Black-owned Nice Day Pilates, 8 Eastern Ave., in Toronto. From 1:00 p.m. to 6:00 p.m., the vibrant event will showcase the creativity and innovation of local Black entrepreneurs while also providing opportunities to support and engage with their businesses. Along with a can’t-miss night of networking with industry leaders and business owners, guests can expect a live DJ, delicious food options, and a chance to support over 20 Black-owned vendors.
For more information on FACE and to see all of its resources, click here.
