The Federation of African Canadian Economics says it disbursed $12 million in loans to Black-owned businesses during the 2024–2025 fiscal year, according to its annual report released recently, marking continued growth in lending activity under the Black Entrepreneurship Loan Fund.
The report shows FACE Coalition approved $14.1 million in loans during the year, with $12 million ultimately disbursed, narrowing the gap between approvals and disbursements to 15 per cent, the organization said. FACE described the figure as the lowest approval-to-disbursement gap since its inception.
Lending activity and milestones
FACE said the results reflect ongoing efforts to provide capital, advisory services and partnerships to Black entrepreneurs across Canada. The annual report covers activity for the 2024–2025 fiscal period.
Since the launch of the Black Entrepreneurship Loan Fund and up to the period covered by the report, FACE said it has approved $67.1 million in loans and disbursed $50.4 million. The organization said that funding has supported nearly 600 Black-owned businesses nationwide.
Tiffany Callender
“Every loan disbursed is more than a financial transaction–it’s an investment in innovation, resilience, and community growth.” This report reinforces FACE’s vision and mission through the Black Entrepreneurship Loan Fund, as we work alongside our partners and funders to strengthen the economic fabric of Black communities across Canada. Each dollar represents a step toward equity, opportunity, and generational wealth,” said Tiffany Callender, CEO of FACE.
Black Entrepreneurship Program context
The annual report release also included comments from the federal government highlighting the role of the Black Entrepreneurship Program and FACE’s participation in it.
Rechie Valdez
“The Black Entrepreneurship Program continues to demonstrate that an inclusive economy is strong economy. Building on its previous successes, the program has now supported more than 24,000 Black-owned businesses. One of the key objectives of BEP was to break down access to financing barriers, and FACE continues to deliver. To date, it has approved more than $71 million in support of over 800 loans, showing the Loan Fund is filling a key gap in the market. These businesses are growing, creating thousands of jobs and making significant contributions to Canada’s economy. Congratulations to FACE on their impressive results,” said Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism).
Report availability
The 2024–2025 annual report is available online, the organization said.
FACE Coalition is based in Montreal and operates nationally. The annual report outlines loan approvals and disbursements tied to its mandate of supporting Black-owned businesses through financing and related supports.
The organization said the latest figures bring total disbursements under the Black Entrepreneurship Loan Fund to more than $50 million since the program’s launch, marking a funding milestone cited in the report.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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