13 Funding Opportunities for Black Entrepreneurs in Canada
In recent years, there has been a growing recognition of the importance of fostering diversity, equity, and inclusion in entrepreneurship. Black entrepreneurs, in particular, face unique challenges that require targeted support. Thankfully, there are numerous funding opportunities and programs in Canada dedicated to empowering Black business owners. In this blog post, we'll explore some of the key initiatives that aim to provide financial support, mentorship, and resources for Black entrepreneurs across the country.
1. Elevate Black Business Project
The Elevate Black Business Project is an initiative funded by the Federal Economic Development Agency for Southern Ontario (Feddev) and facilitated by the Canadian Black Chamber of Commerce (CBCC). This project offers valuable resources and opportunities for both new and seasoned entrepreneurs looking to scale their businesses. More information can be found here.
2. BDC’s Accelerator Loan Guarantee
The BDC’s Accelerator Loan Guarantee is designed to assist Canadian financial institutions in providing loans to entrepreneurs seeking business expansion and improved cash flow. By supporting businesses in their growth objectives, this program contributes to creating a more diverse, equitable, and inclusive entrepreneurial landscape. Learn more here.
3. Black Entrepreneur Startup Program by Futurpreneur
Futurpreneur's Black Entrepreneur Startup Program is tailored for Black entrepreneurs aged 18-39. This comprehensive program offers startup loan financing, up to two years of mentorship, and access to resources and networking opportunities across Canada. The program is funded by RBC, with additional loan financing from BDC. Explore more here.
4. Black Opportunity Fund (BOF)
The Black Opportunity Fund (BOF) addresses barriers faced by Black entrepreneurs pursuing business education and capacity-building support programs. BOF disburses non-repayable funds to entrepreneurs enrolled in various CBCC programs. For more information, visit here.
5. Black Entrepreneurship Program - Government of Canada
The Black Entrepreneurship Program (BEP), a partnership between the Government of Canada, Black-led business organizations, and financial institutions, invests up to $265 million over four years. This initiative aims to support Black Canadian business owners and entrepreneurs in growing and succeeding. Details can be found here.
6. RBC Black Entrepreneur Program
The RBC Black Entrepreneur Program offers loans of up to $250,000 for eligible Black entrepreneurs in Canada. Whether you are starting, managing, or growing your business, this program provides essential support. Learn more about the application process here.
7. BEP Ecosystem Fund
As part of the Black Entrepreneurship Program, the BEP Ecosystem Fund is an investment of $100 million. It has already approved $92 million in funding to 38 Black-led organizations across the country. Explore more about the Ecosystem Fund here.
8. DMZ’s Black Innovation Programs
The DMZ’s Black Innovation Programs support Black-owned tech startups through their incubator network, providing programming, mentorship, and connections to industry advisors and investors. Find out more here.
9. BKR Capital
BKR Capital is a Canadian venture capital fund exclusively investing in Black-led startups and businesses, with a focus on early-stage disruptive companies in the technology space. Visit their website here.
10. Black Business Association of BC
The Black Business Association of BC offers access to $10,000 loans for Black small businesses and entrepreneurs. They also provide various programs and resources for building supply chains, preparing for trade shows, and maintaining positive mental health as a founder. Learn more here.
11. Black Founders Network
Open to Black-identifying University of Toronto students, the Black Founders Network provides an inclusive community for Black entrepreneurs at all stages. In partnership with U of T’s accelerator programs, they offer access to mentors, investors, and resources. Explore more here.
12. Black Entrepreneurship Loan Fund by FACE
FACE’s Black Entrepreneurship Loan Fund provides loans of up to $250,000 to support Black-owned businesses and entrepreneurs across Canada. Additionally, micro-loans of up to $50,000 are available for earlier stage businesses. Find out more here.
13. Black Opportunity Fund
The Black Opportunity Fund is a community-led Canadian charity committed to creating a healthy and thriving Black Canada. They facilitate access to capital for Black-led businesses and provide grants to Black-led non-profits and charities. Learn more about their mission here.
These funding opportunities and programs play a crucial role in fostering the growth and success of Black entrepreneurs in Canada. By addressing unique challenges and providing targeted support, these initiatives contribute to building a more inclusive and diverse entrepreneurial ecosystem. If you are a Black entrepreneur looking to start or scale your business, explore these opportunities and take the first step toward achieving your goals.
Explore all funding opportunities here.