FACE Coalition's 2023/2024 Annual Report Highlights $15.7 Million in Loan Approvals

MONTREAL, Nov. 7, 2024 /CNW/ - The Federation of African Canadian Economics (FACE) is proud to announce the results of its 2023/2024 Annual Report, marking significant milestones in empowering Black entrepreneurs and fostering economic growth in Canada. With a mission to create Black generational wealth, FACE approved $15.7 million in loans this fiscal year, reinforcing its commitment to financial inclusion and supporting Black-owned businesses.

During the 2023/2024 fiscal year, FACE disbursed $12.9 million across 152 loans to Black entrepreneurs despite challenging economic conditions. Since its inception in 2021 to the end of the 2023/2024 fiscal year, FACE has approved $52.9 million in loans which has grown to over $60 million as of October 2024, supporting innovation, job creation, and economic expansion within Black communities.

As FACE continues its mission, the organization looks forward to expanding its reach, fostering more partnerships, and strengthening its support for Black entrepreneurs. FACE remains dedicated to creating an inclusive economic landscape for Black Canadians, driving sustainable growth, and promoting long-term economic empowerment.

"As we reflect on the accomplishments of the past year, we are proud of FACE's continued commitment to empowering Black entrepreneurs across Canada. Despite economic challenges, we have remained steadfast in providing vital support to help businesses grow, innovate, and contribute to the Canadian economy. Our partnerships and strategic initiatives are not only building businesses but also fostering lasting change." 

– Tiffany Callender, CEO, FACE

"Our government's Black Entrepreneurship Program is proof that an inclusive economy is also a thriving economy. The results speak for themselves – BEP has supported nearly 16,000 Black-owned businesses, has approved over $60 million in accessible loans for Black entrepreneurs, has broken down barriers for Black entrepreneurs in accessing financing, and has created thousands of jobs. Through BEP, FACE is providing critical financing to support the growth of Black entrepreneurs across Canada. Congratulations to FACE on their impressive results!"

– The Honourable Rechie Valdez, Minister of Small Business

For more information on the FACE 2023/2024 annual report, please visit www.facecoalition.com.

SOURCE The Federation of African Canadian Economics

Media Contact: Augustine Fischer, Director, Communications and Stakeholder Engagement, Email: [email protected], Phone: [phone]