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Loan Program

Over 160M in Micro and Macro loans

Designed by Black professionals and financial experts, FACE prides itself on offering one of the most innovative lending plans in the country. Below is a breakdown of the different types of loans we offer.



Black Entrepreneurship Loan Fund

The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program (BEP), is a partnership between FACE, the Government of Canada, the BDC and private sector financial institutions. The Fund will provide loans of up to $250,000 to support Black business owners and entrepreneurs across Canada and lay the foundation for future success and long-term change.

The loan program will fund start-ups (to a maximum of $50,000) and existing businesses under two programs; the micro loan pilot program and macro loan program.

All applicants applying to the micro or macro loan programs will need to provide the following documents with their application:

-Business plan
-Financial statement and projections
-Up to date income tax returns and notice of assessment 
-Personal Statement of Affairs (template available)

Click here for more information on required application documents and tools that can help.

Micro Loan Pilot Program

10k to 25k

About our Micro Loans

Alterna Savings and Vancity credit unions are partnered with FACE to deliver a micro-loan pilot program, administering micro-loans ranging from $10,000 to $25,000 in Ontario and British Columbia. Credit unions have long served underserved entrepreneurs, helping them become economically and socially empowered. Alterna Savings (Ontario) and Vancity (British Columbia) will fulfill approved loans in their respective provinces.

Macro Loan Program

25k to 250k

About our Macro Loans

FACE, in partnership with  the Government of Canada and the Business Development Bank of Canada (BDC), will administer a macro-loan program with loans ranging from $25,000-$250,000. The Government of Canada has committed 30M to be adjudicated by FACE for loans ranging between $25,000-$100,000.  BDC has committed $130M of its capital to partner with FACE to fund loans from $100,000-$250,000 and act as a fulfillment agent for the loan fund.

Terms & Conditions

Is the Black Entrepreneurship Loan right for me and my business?

These loans are for Canadian Black-owned small and medium sized businesses.

From $10,000 Up to $250,000

We offer loans up to $250,000 to be used for capital investments and working capital.

Flexible Terms

Our interest rates are an average of 5.95%.

Up to 12 months postponement of principal payments.*

*Conditions may apply.

Micro loan requirements for Alterna Savings and Vancity

Loan amount:
– $10,000-$25,000

Fees and interest rates:
– Prime +3%
– Administration fee $100 (once approved; can be deducted from loan proceeds)

– Interest only up to 12 months

Repayment terms:
– Up to 5 years

– Detailed business plan
– 24 months projected cashflow
– Business registration


What businesses are considered start-ups?

FACE considers any business as a start-up if it has been operating for at least three (3) months and has less than twelve (12) months of consecutive sales.

What businesses are considered scale-ups?

FACE considers any business as a scale-up if they have been in operations for more than 18 months and are able to provide their historic financial statements (T2).

Who is eligible under the Black Entrepreneurship Loan Fund?

To be eligible for a loan, an applicant must:

Who is eligible under the Black Entrepreneurship Loan Fund?

Eligible businesses may include start-ups and existing for-profit small businesses in Canada. Such businesses can be corporations or sole proprietors, and for-profit social enterprises and cooperatives. Businesses must have a business plan, business registration, and recent financial statements or financial projections.

Any Black business owners and entrepreneurs with questions, are encouraged to reach out to FACE for further details.

What businesses are not eligible under the Loan Fund?

Not-for-profit organizations are not eligible for loans.

What is eligible for financing under the Loan Fund?

Loans can be used for:

Loan Breakdown

Start-up: A business operating for at least three (3) months but with less than twelve (12) months of consecutive sales.

Scale ups(existing businesses): A business operating for more than 18 months and able to provide their historic financial statements (T2)

Step 1
Register on the FACE platform.
Step 2
Upload the required documents onto our platform.
Step 3
Your documents will be initially reviewed by our Lending support analyst.
Step 4
Once approved by the lending service analyst, your file will then be analyzed by our Entrepreneurship Loan Officer (ELO).
Step 5
Once approved by the ELO, it will then be reviewed by the Ad-hoc committee for a final approval.
Step 6
Our ELO will communicate with you in the next steps.
Step 7
Loan funds are released.

**NOTE: Both start-ups and scale-ups need to provide 2-3 year financial projections.
For more information, see our FAQ page.


Up to 50k

If you are a start up, funding released will be up to $50K.

Existing Businesses

Up to 250k

If you are an existing business, funding released will be up to $250K.