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 Marjorie Michel, Minister of Health, on behalf of the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), kicked off Small Business Week by highlighting a renewed investment of $189 million for the Black Entrepreneurship Program (BEP). This funding will keep capital flowing, expand advisory supports, and deepen research so more Black-owned businesses can start, scale, and succeed.
Since its launch, the BEP has already supported nearly 24,000 Black entrepreneurs across Canada with 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 opportunity for Black business owners. This includes expanding geographic coverage of the Ecosystem Fund through the Regional Development Agencies.
Minister Michel also announced that the Federation of African Canadian Economics (FACE), administrator of the Black Entrepreneurship Loan Fund, and the Business Development Bank of Canada (BDC) have reached an agreement to continue their collaboration 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 as a key economic initiative supporting Canada's Black Justice Strategy.
