Minister Rechie Valdez announces renewed funding for the Black Entrepreneurship Program to boost capital access, mentorship, and community innovation.
In a significant move toward inclusive economic empowerment, the Government of Canada has renewed its commitment to the Black Entrepreneurship Program (BEP) with a fresh $189 million investment.
The announcement, made in Toronto by The Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), marks a major step in breaking systemic barriers faced by Black entrepreneurs across the country.
“When Black entrepreneurs can access capital, mentorship and reliable data, they turn ideas into jobs and community prosperity,” said Minister Valdez. “This $189 million investment will help more Black entrepreneurs start up, scale up and build a stronger economy for all Canadians.”
Expanding Access to Capital and Mentorship
The renewed investment will fuel three key components of the BEP — the Loan Fund, Ecosystem Fund, and Knowledge Hub — ensuring Black-owned businesses across Canada gain access to the resources they need to thrive.
✅ $100 million will expand mentorship networks, resources, and business accelerators across the country.
✅ $70 million will be directed toward community-led financing through the Black Entrepreneurship Loan Fund.
✅ $7 million will deepen data-driven research to design supports that make the biggest impact.
Since its inception in 2021, the BEP has supported more than 24,000 Black entrepreneurs through mentorship, training, and networking opportunities, while over $70 million in loans have already been disbursed to help businesses grow.
Collaboration and Community Impact
The Federation of African Canadian Economics (FACE), in partnership with the Business Development Bank of Canada (BDC), will continue administering the Loan Fund — ensuring the financing remains accessible and community-centered.
Beyond business, the renewed BEP also plays a crucial role in advancing the Black Justice Strategy, aimed at addressing systemic barriers and promoting equity across Canada.
With Black-owned businesses creating jobs, driving innovation, and strengthening local economies, this investment reaffirms that supporting Black entrepreneurship is not only moral—it’s smart economics.
Quick Facts
- Over 24,000 Black entrepreneurs supported since 2021.
- 801 loans approved under the BEP Loan Fund, totaling $70.6 million.
- $189 million renewed investment will run from 2025–2030.
- Program managed by Innovation, Science and Economic Development Canada (ISED).
Contact Information
To access the Loan Fund, please visit https://facecoalition.com/en. Also, visit https://sprott.carleton.ca/bekh/ for information on the Black Entrepreneurship Knowledge Hub.
For more information about the Black Entrepreneurship Program, please contact:
📩 bep-pecn@ised-isde.gc.ca
