30 Days After the Loan Program Launch: An Unprecedented Success for Canada's Black Community!

MONTREAL, June 30, 2021 /CNW Telbec/ - The Black entrepreneurial loan program, which was launched one month ago by the Canadian government and is being administered by the Federation of African Canadian Economics, is experiencing historic success. Indeed, close to 14,000 entrepreneurs answered the call and registered on the platform that was specifically designed to administer the program. 

"Canada's Black entrepreneurs are really thrilled by this new program. The proof is in the number of applications submitted to us that are currently being analyzed. It's historic! We knew that there was overwhelming need, but today we can put a figure on it. We are also very pleased to observe the diversity of profiles which is a testament to the intersectionality that is characteristic of the Black community. Faced with unprecedented popularity, we are deploying significant operational efforts to be on par with our entrepreneurs' ambitions and play an active role in their success," declared Tiffany Callender, CEO of FACE

The data that we have compiled confirms that the financing fund is reaching various segments of the Black business community in the country. The funding applications that were received and are currently being analyzed come from over 3,000 business women, over 1,500 young entrepreneurs (aged between 18 and 30) and at least 1,000 members of LGBTQ communities. 

"More than ever before, the Black business community is mobilized and committed to the development, growth and sustainability of Black-owned businesses. It is that positive leadership, ambition and the combined efforts of Black community leaders throughout Canada that have led to this tremendous success. It is the proof that there is strength in unity," concluded Tiffany Callender.

About FACE 
The Federation of African Canadian Economics is a coalition of Black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent. In 2020 FACE was created to address the needs of Black business owners and entrepreneurs who were economically devastated during the pandemic.

The founding organizations included Africa Centre, Black Business Initiative, Black Business and Professional Association, Côte-des-Neiges Black Community Association Inc, and Groupe 3737.

FACE is anchored in the commitment of its founding organization which synthesizes over 100 years of experience diligently serving Black Canadians with respect, integrity and purpose.

SOURCE The Federation of African Canadian Economics

Yasmine Abdelfadel, [email protected], [phone]