The Black Entrepreneur's Journal - Vol 2

FACE COALITION

“...(FACE) was created out of a dire need to bridge the wealth gap between Black Canadians and the rest of the population...”

71% of black canadian business owners used bootstrapping to start their business, according to a study by the Canadian Black Chamber of Commerce in 2021. The report also identifies that only 30% of the surveyed respondents from coast to coast feel ‘quite comfortable’ talking to their financial institution about their funding options. This key data highlights the need for support in the Black community across Canada’s borders to support entrepreneurship and wealth creation. The Federation of African Canadian Economics (FACE) was created out of a dire need to bridge the wealth gap between Black Canadians and the rest of the population. Several prominent and Black-led not-for-profit organizations have come together to form FACE Coalition, namely: the Africa Centre, Black Business Initiative (BBI), Black Business and Professional Association (BBPA), Cote des Neiges Black Community Association, and Groupe 3737. The unit created by these organizations fuels the ecosystem that helps FACE achieve its mission to drive generational wealth powered by sustainable economic resources, capacity, and strategic partnerships.

In an effort to reduce the barriers preventing Black Canadian entrepreneurs from accessing capital, FACE has partnered with the Government of Canada and the Business Development Bank of Canada (BDC) to launch the Black Entrepreneurship Loan Fund (BELF), which started accepting applications on the last day of May in 2021. The fund helps Black entrepreneurs with access to capital investments, working capital and additional business resources for expansion through loans of up to $250,000. With the support of the BELF, Canadian Black business owners and entrepreneurs can get the financial support they need to start up, scale up and grow across Canada and the world. Interested applicants can apply for the micro or macro loan programs by submitting their business plan, financial statement and projections, up-to-date income tax returns and notice of assessment and personal statement of affairs. For applicants who do not yet qualify for the loan, there are many organizations and corporations that are available for further guidance through strategic partnerships with FACE, many of them offering pro bono services.

FACE has approved over $10 million in loans and is continuing to work diligently on its key mission to administer the loans. The impact of the program is already felt throughout the country as many Black-owned businesses have received funding.

For more information about the Federation of African Canadian Economics (FACE) and its loan program and options, you can visit www.facecoalition.com. For any questions regarding a loan application, please email info@facecoalition.com or call 1(855)560- FACE (3223). For any press or media requests, please email press@facecoalition.com

“...The impact of the program is already felt throughout the country as many Black-owned businesses have received funding...”

FACE COALITION TESTIMONIALS

Andrew Baah - Apollo Staffing

“the support from FACE means a lot. We have been able to expand and include more nurses and Home Care Associates (HCA). When we applied to the program our receivables sat in the $30,000s we have now doubled that. FACE has really given me a lifeline. It is up to me to use this to spring forward and be successful.

“The loan has given me the opportunity to work as an employee under the company while I get other nurses and health care aids on board. We are providing employment to numerous HCAs and nurses. Aside from that, in the face of thispandemic, there is a greater need for healthcare professionals; we are doing our part to fill vacancies in our various health institutions. My experience engaging with FACE was exquisite; my deepest appreciation to Rodney T.”

Moving forward the goal is to: Expand, expand, expand. The plan is to have a lot of nurses and HCAs working with us. We hope to secure more contracts in the health field and consolidate, then diversify to other sectors in temporary staffing. With this in mind, we will be exploring temporary staffing internationally within the next 2 years.

Myriam Jean-Baptiste and Stevens Charles - LS Cream Liqueur

the face team understood our reality and was dedicated to help us reach our goals. LS Cream Liqueur is expanding and having the support of FACE in this phase was crucial to our growth. Less than 1% of liquor brands are Black owned and we are dedicated to breaking this glass ceiling and continue to build a business with a purpose of generational wealth and legacy, not only for our family but for our community- Myriam & Stevens, LS Cream.