Banks, government organizations and community groups across the country are offering resources and support for Black-owned businesses
If you’re a Black entrepreneur or business owner looking for financing, mentorship, networking or just to get your name out there, here are five organizations worth looking into.
Black Business BC offers organizational and strategic support as well as mentorship and networking opportunities for Black entrepreneurs. Its loan application support program includes prep for seeking a loan and launching your business, plus post-launch resources like marketing development, professional services support and business directory listings.
Futurpreneur’s Black Entrepreneur Startup Program provides $5,000 to $60,000 in startup loan financing and up to two years of mentorship for Black entrepreneurs aged 18 to 39. The program (funded by RBC with additional loan financing from BDC) also offers an interactive business plan writer, cash flow template, networking opportunities and up to $40,000 in follow-on financing.
Royal Bank of Canada made a commitment in June 2020 to fund $100-million worth of small business loans to Black entrepreneurs. Its program includes loans of up to $250,000.
The Federation of African Canadian Economics’ (FACE) Black Entrepreneurship Loan Fund provides loans to Black business owners and entrepreneurs across Canada. Its Macro Loan Program offers $25,000 to $250,000, while the new Micro Loan Pilot Program offers $10,000 to $25,000. To apply, business owners must submit a business plan, up-to-date financial statements, two to three years of financial projections, up-to-date T1 and T2 income tax returns with notices of assessment and a Personal Statement of Affairs (for which FACE offers a template).
Afrobiz is like a Yellow Pages for Black businesses: it’s a directory of Black-owned companies throughout the country. Along with the directory, the Afrobiz website features an online marketplace and information about its affiliate network.