The Government of Canada is continuing its investment in entrepreneurship equity with a major program extension of up to $189 million in funding for Black business owners. 

On Monday, Honourable Rechie Valdez, Canada’s minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), kicked off Small Business Week in Toronto by announcing a five-year renewal of the Black Entrepreneurship Program (BEP) running from 2025-2030. 

“This is going to help small businesses start, scale and grow their business,” Valdez explained to Now Toronto.

“What excites me the most is that we’re investing in their ideas – the creative innovation of Black entrepreneurs… Our government is really happy to continue to support Black entrepreneurs across the country.”

Initially launched in 2021, the BEP has helped more than 24,000 Black entrepreneurs in Canada to date, through mentorships, training, networking, and primarily loan funding. Working alongside key components of the program, like the Knowledge Hub and the Ecosystem Fund, the Black Entrepreneurship Loan Fund (BELF), distributed by the Federation of African Canadian Economics (FACE), has approved more than $70 million in financing since its inception.

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Valdez confirmed that FACE will continue its partnership with the Canadian government on ensuring that Black entrepreneurs will have access to much-needed capital. 

“This is a message to say, if you have incredible ideas as a Black entrepreneur, as a former entrepreneur myself, our government has your back, and we’re going to continue to support you and build that inclusive economy so that we can empower Black entrepreneurs and help support our Canadian economy as a whole.” 

FACE Co-founder and CEO Tiffany Callender expressed gratitude for the government’s continued commitment to addressing the barriers Black-owned businesses face when seeking funding, challenges often rooted in systemic bias, limited networks, and unequal access.

“Today is a testament to the work that was done: a government that believes that community can guide solutions and can fully contribute to Canada,” Calendar said to Now Toronto. 

“The Carney government’s commitment to this program at this time, when we’re facing a lot of economic challenges and barriers, proves that Canada does believe in equity through diversity.”

FACE has supported thousands of Black-owned businesses across a range of sectors including food, skincare, health, and tech. Looking ahead, Callender emphasized a need to prioritize industries that directly contribute to national growth.

“When we’re looking at construction, when we’re looking at rebuilding infrastructure for the country and looking at building home first, Canada has everything that it needs to strengthen itself – intergovernmental and interprovincial trade – there’s so many things that we can get into, and Black entrepreneurs need to be at the forefront of that, because they have the businesses, they have the innovation, and now they have the capital support,” she said. 

Callender says the renewed funding will help Black entrepreneurs lay the foundation for long-term, sustainable businesses.

“Black entrepreneurs have always existed. What we have now is a targeted, adapted approach to help them to accelerate their growth,” Callender added.