Growing an inclusive economy is essential to building Canada strong. When Black entrepreneurs have the tools to start and grow companies, they create jobs, drive innovation and strengthen local communities.
Today, the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), kicked off Small Business Week by announcing a renewed investment of $189 million in the Black Entrepreneurship Program (BEP). This funding will keep capital flowing, expand advisory supports and deepen research so more Black-owned businesses can start up, scale up and succeed.
Since its launch, the BEP has already supported more than 24,000 Black entrepreneurs across Canada through mentorship, training and networks, while the Loan Fund has approved more than $70 million in financing. These businesses are hiring, exporting and innovating in communities nationwide.
With the renewed funding, the BEP's three components (the Loan Fund, the Knowledge Hub and the Ecosystem Fund) will continue working together to unlock opportunities for Black business owners. The Ecosystem Fund's geographic coverage will also be expanded through the regional development agencies.
Minister Valdez also announced that the Federation of African Canadian Economics (FACE), which administers the Black Entrepreneurship Loan Fund, and the Business Development Bank of Canada (BDC) have reached an agreement to continue their collaboration on supporting Black entrepreneurs' access to capital.
In addition to its direct economic benefits, the renewed BEP will continue to advance the federal government's efforts to address anti-Black racism and systemic barriers, including by acting as a key economic initiative supporting Canada's Black Justice Strategy.
