Skip to content Skip to footer

Loan Program

Over 160M in Micro and Macro loans

Designed by Black professionals and financial experts, FACE prides itself on offering one of the most innovative lending plans in the country. Below is a breakdown of the different types of loans we offer.



Black Entrepreneurship Loan Fund

The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partnership between FACE, the Government of Canada, the BDC and private sector financial institutions. The Fund will provide loans of up to $250,000 to support Black business owners and entrepreneurs across Canada and lay the foundation for future success and long-term change.

The loan program will fund existing businesses (to a maximum of $250,000) and start-ups (to a maximum of $50,000) under two programs; the micro loan pilot program and macro loan program.

All applicants applying to the micro or macro loan programs will need to provide the following documents with their application:

-Detailed business plan

-Up to date historical financial statements

-2 to 3 years financial projections

-Up to date T1 and T2 income tax returns with notice of assessments

-Personal Statement of Affairs (template available)

Click here for more information on required application documents and tools that can help.

Micro Loan Pilot Program

10k to 25k

About our Micro Loans

Alterna Savings and Vancity credit unions are partnered with FACE to deliver a micro-loan pilot program, administering micro-loans ranging from $10,000 to $25,000 in Ontario and British Columbia. Credit unions have long served underserved entrepreneurs, helping them become economically and socially empowered. Alterna Savings (Ontario) and Vancity (British Columbia) will fulfill approved loans in their respective provinces.

Macro Loan Program

25k to 250k

About our Macro Loans

FACE, in partnership with  the Government of Canada and the Business Development Bank of Canada (BDC), will administer a macro-loan program with loans ranging from $25,000-$250,000. The Government of Canada has committed 30M to be adjudicated by FACE for loans ranging between $25,000-$100,000.  BDC has committed $130M of its capital to partner with FACE to fund loans from $100,000-$250,000 and act as a fulfillment agent for the loan fund.

Terms & Conditions

Is the Black Entrepreneurship Loan right for me and my business?

These loans are for Canadian Black-owned businesses.

From $10,000 Up to $250,000

We offer loans up to $250,000 to be used for capital expenditure, working capital, or leasehold improvements.

Flexible Terms

Up to 12 months postponement of principal payments.*

*Conditions may apply.

Macro Loan Requirements

Loan amount:
– $25,000 to $250,000

Fees and interest rates:
– Subject to borrowers risk rating.

– Interest only up to 12 months

Loan Tenor:
– Up to 7 years

– Detailed business plan
– 24 months projected cashflow
– Business registration
– Up to date personal statement of affairs
– Up to date T1 and T2 income tax returns with notice of assessments
– Up to date historical financial statements

Micro loan requirements

Loan amount:
– $10,000-$25,000

Fees and interest rates:
– Prime +3%
– Administration fee $100 (once approved; can be deducted from loan proceeds)

– Interest only up to 12 months

Repayment terms:
– Up to 5 years

– Detailed business plan
– 24 months projected cashflow
– Business registration
– Up to date personal statement of affairs
– Up to date T1 and T2 income tax returns with notice of assessments
– Up to date historical financial statements


Who is eligible under the Black Entrepreneurship Loan Fund?

Eligible Individuals
Eligible Individuals (shareholders and guarantors) must be:
a) at least 18 years old,
b) identify as black and
c) be at minimum a permanent resident of Canada.

Business Ownership
Eligible Businesses must be majority black owned.
Where there are multiple shareholders: majority shareholdings and voting rights are to favor a black majority of no less than 51%.

Eligible Business Types
1) Sole-Traders,
2) Corporations (Ltd, Inc),
3) Partnerships (limited & non-limited)

What businesses are considered start-ups?

FACE considers any business as a start-up if it has been operating for at least three (3) months and has less than twelve (12) months of consecutive sales.

What businesses are considered existing businesses?

FACE considers any business as existing if they have been in operations for more than 18 months and are able to provide their historic financial statements (T2).

Who is eligible under the Black Entrepreneurship Loan Fund?

Eligible businesses may include start-ups and existing for-profit small businesses in Canada. Such businesses can be corporations or sole proprietors, and for-profit social enterprises and cooperatives. Businesses must have a business plan, business registration, and recent financial statements or financial projections.

Any Black business owners and entrepreneurs with questions, are encouraged to reach out to FACE for further details.

What businesses are not eligible under the Loan Fund?

Not-for-profit organizations are not eligible for loans.

What is eligible for financing under the Loan Fund?

Loans can be used for:

Loan Breakdown

Start-up: A business operating for at least three (3) months but with less than twelve (12) months of consecutive sales.

Existing business: A business operating for more than 18 months and able to provide their historic financial statements (T2)

Step 1
Register on the FACE platform.
Step 2
Upload the required documents onto our platform.
Step 3
Your documents will be initially reviewed by our Lending support analyst.
Step 4
Once approved by the lending service analyst, your file will then be analyzed by our Entrepreneurship Loan Officer (ELO).
Step 5
Once approved by the ELO, it will then be reviewed by the Ad-hoc committee for a final approval.
Step 6
Our ELO will communicate with you in the next steps.
Step 7
Loan funds are released.

**NOTE: Both start-ups and existing businesses need to provide 2-3 year financial projections.
For more information, see our FAQ page.


Up to 50k

If you are a start up, funding released will be up to $50K.

Existing Businesses

Up to 250k

If you are an existing business, funding released will be up to $250K.

Rob G.C. Sobey

Board Member

Rob G.C. Sobey is a corporate director. Mr. Sobey was the President & Chief Executive Officer of Lawton’s Drug Stores Limited from 2006 until his retirement in 2014 after 25 years with Sobeys. He serves as a director of SeaFort Capital and the Institute of Corporate Directors. Mr. Sobey is Chair of the Sobey Art Foundation, a member of the Queen’s Smith School of Business Advisory Board and serves on several foundation and not-for-profit boards. For his work as an Honorary Colonel of the Canadian Army, Mr. Sobey received a Queen Elizabeth II Diamond Jubilee Medal. He holds an undergraduate from Queen’s University, a Master of Business Administration from Babson College, and the ICD.D designation.

Denburk Reid

Board Member

Denburk Reid is the founder of Montreal Community Care Foundation (MCCF). Its mission is to empower youth by developing their leadership skills by using programs, workshops, and events, and by building bridges between communities. As the founder of MCCF, he beliefs that the youth hold the key to Montreal’s future and over the past eight (8) years, its programs have helped hundreds of Montreal youth stay on track, perform community services as well as set and achieve academic and life goals. The organization seeks to empower youth to become engaged citizens and leaders in their homes, schools, and communities. For the past five (5) years, MCCF celebrates and promotes community engagement across Montreal through the Montreal Community Cares Awards.

Along with his role as the founder of MCCF, Mr. Reid is the Founder of Red Rush Basketball & Red Rush Basketball Leadership. He has a passion for empowering youth and meeting them where they are lends to a successful outcome.

Abdikhier Ahmed​

Board Member

Mr. Ahmed is a recognized community leader in the non-profit sector with specializations in immigration and refugee resettlement, poverty reduction, and community empowerment. A dynamic, highly motivated individual with extensive experience in program development and delivery, providing strategic visioning and leadership. Over 10 years’ experience managing programs for non-profit organizations and working with communities and people from diverse socio-economic and cultural backgrounds both locally as well as internationally. Fluently multi-lingual: speaks and writes English, Swahili, Somali and basic Arabic. This experience help guide Mr. Ahmed when he was in the role of Director of Policy at the Office of Canada’s Minister of Families, Children and Social Development.

Mr. Ahmed is currently the Executive Director of Aurora Family Therapy Centre. Aurora is a progressive, non-profit family therapy centre that offers family therapy on a sliding scale; sees clients through services funded by Manitoba Department of Families and Department of Justice; provides community building groups for Newcomers to Canada; hosts a Psycho-Social Settlement Needs Assessment program for incoming refugees; provides summer youth programming for many newcomer communities; supports its own staff and other agencies through vicarious trauma and resilience programming; develops supportive relationships with community partners, and engages in advocacy for accessible community-based therapy services for all. Aurora is in the process of becoming a Centre of Excellence in providing cross cultural therapy from a systemic lens with a special focus on psychological trauma & recovery and community development.