In the vibrant tapestry of Canadian entrepreneurship, our 2022/2023 Annual Report highlights our commitment to fostering Black business legacies, empowerment, resilience, and lasting impact. As we unveil the pages of the report, we’re pleased to share a narrative of triumph, growth, and the relentless pursuit of accelerating generational wealth within the Black community.
Embarking on this journey, we’re not just showcasing statistics; we’re weaving together stories of entrepreneurs who, through the Black Entrepreneurship Loan Fund (BELF), are breaking barriers and laying the foundation for their Black wealth legacies. This report is a celebration of dreams realized, obstacles overcome, and the transformative power of economic empowerment.
In the 2022/2023 fiscal year, FACE Coalition achieved significant milestones, further solidifying its commitment to empowering Black entrepreneurs across Canada. The amount of loans approved to black entrepreneurs reached an impressive $22,033,389, a substantial increase from the $15,184,951 approved in the previous fiscal year (2021/2022). The amount of loans disbursed in the year grew by 112% from $8, 138,081 to $17, 236,912.
Thrilled by the regional impact of our initiatives, we celebrate substantial growth in approved loans across Western Canada (Alberta, British Columbia, Manitoba, and Saskatchewan), Quebec, and Ontario. Witnessing an 81% increase from $2.4M to $4.2M in Western Canada, a remarkable 107% surge from $4.1M to $8.5M in Quebec, and a solid 27% rise from $6.1M to $7.8M in Ontario. Furthermore, Western Canada saw disbursements rise from $0.9M to $2.5M (146%), Quebec experienced a surge from $2.4M to $7.4M (203%), and Ontario witnessed an increase from $3.3M to $5.7M (74%).
At the end of our second year, FACE Coalition has disbursed $25.4M to 298 black entrepreneurs across Canada. This notable growth reflects the escalating trust and confidence in the loan fund and underscores the increasing recognition of the inherent value and potential within the Black entrepreneurial community.
As we reflect on these achievements, it’s essential to delve into the heart of our mission—the “why” that fuels our work. FACE Coalition is more than an institution; it is committed to building generational wealth for Black Canadians. We believe that economic empowerment is a catalyst for transformative change in individual lives and entire communities. By providing access to funding, we empower Black entrepreneurs to realize their dreams, create thriving businesses, and, ultimately, contribute to the broader economic prosperity of the Black community.
The synergy of increased loan approvals, augmented disbursements, and regional expansion aligns seamlessly with our mission to empower Black entrepreneurs and drive economic prosperity. As we look toward the future, we are fueled by the positive momentum generated in 2022/2023 and remain steadfast in our commitment to fostering a legacy of empowerment within the Black community.
Curious to delve deeper into the meaningful strides we’ve made in empowering Black entrepreneurs across Canada? Uncover the transformative stories, success journeys, and the tangible impact of our loan programs by immersing yourself in our comprehensive 2022/2023 Annual Report. Your journey to understanding the heartbeat of our mission starts here.
If you’re a Black entrepreneur ready to take your business to new heights, FACE Coalition is here to support you on your journey. Explore the possibilities, seize the opportunities, and join us in building generational wealth for the Black community. Apply for our loan program now and pave the way for a brighter, more prosperous future for your business.
