TD Propelling Black Entrepreneurship Program:
Are you a Black entrepreneur facing challenges in accessing the financing your business needs to thrive? The TD Propelling Black Entrepreneurship Program is here to empower you with the support you need.
Our program offers a grant ranging from $2,500 to $5,000 to offset the costs of obtaining professional business services. We understand that one of the most significant barriers to success for Black entrepreneurs is limited access to financing. That’s why we’re committed to making this journey smoother for you.
With this program, we aim to help Black entrepreneurs get the essential business documentation required for success. These documents, including tax filings, financial statements, and business plans, are crucial in securing the financing your business deserves.
Selected entrepreneurs will have the opportunity to work closely with seasoned service professionals. They will guide you through the process, ensuring that your business documents are not just completed but optimized to enhance your financing prospects.
To be eligible for this program, applicants must meet the following criteria:
- Your Business Must be Operating in Canada for Two Years or Less
- Identify as a Black-Owned Business.
- Your Business Must be Registered with the Canadian Business Registry
- In need of Business Plan, Financial Statements, and/or Tax Filing services.
Deadline to apply to cohort 2 is Monday October 23rd 6pm EST
Join us in breaking down the barriers that have hindered Black entrepreneurs from reaching their full potential. The TD Propelling Black Entrepreneurship Program is your pathway to financial empowerment, growth, and success. Together, we’ll propel your business to new heights.
Q&A
FACE’s Executive Team
Q: What is the Propelling Black Entrepreneurship Program?
A: The Propelling Black Entrepreneurship Program supported by TD Bank is designed to help Black Entrepreneurs who have been in business for two years or less access professional business service from providers to prepare their business and financial documents, including business plans, financial statements, and tax filings to help improve their access to financing.
Q: What are the steps in securing a grant in the Propelling Black Entrepreneurship Program?
A: The steps in securing the grant are:
- Apply to the program.
- If your business meets the program’s criteria, you get invited to attend the mandatory info session.
- All attendees' applications at the info session will be reviewed, and the awards committee will select successful applications.
- Selected applicants will be contacted and connected to professional business service providers.
Q: Is the Program Grant in Cash?
A: The program grant is in cash but will be paid directly to the professional business service provider for the services provided to the beneficiary of the grant.
Q: Can you tell me about the "Mandatory Info Session"?
A: Certainly, during the "Mandatory Info Session," we provide a comprehensive overview of the upcoming weeksprogram, highlighting key milestones, and events, and workshops. We also review FACE Loan application and documentation standards and open the floor to questions and feedback via a stakeholder engagement survey.
Q: What is the composition of the Awards Committee?
A: The awards committee comprises of a representative of TD Bank, the Black Entrepreneurship Ecosystem Partners and FACE Coalition.
Q: What criteria are used to review applications during the "Application Review and Selection" phase?
A: Applications are reviewed based on predetermined criteria, including verifying the existence of the business, confirming that owners identify asre Black, ensuring the company has been in existence for less than two years, and considering factors like nationwide spread and the quality of the business.
Q: How are finalists selected during this phase?
A: Attendees who participate in the mandatory info session are automatically shortlisted. From the shortlisted applicants, an awards selection committee comprising representatives of TD Bank, the Black Entrepreneurship Ecosystem Partners and FACE Coalition experienced entrepreneurs and program coordinators selects a cohort of participants who will advance to the next subsequent phases.
Q: What happens after the finalists are selected?
A: Finalists are notified of their acceptance into the program and provided with details about the program schedule and expectations. For applicants who were not selected, guidance is offered on how to improvinge their business concepts for future opportunities.
Q: Can you explain the purpose of the interaction with the program's professional business service providers?
A: During this phase, finalists can meet with the professional business service providers. This interaction allows them to learn about the firm's areas of specialization, experience, and how they can access their services. Finalists can also share their specific business challenges and, with the professional business service provider, set clear, actionable goals in preparing the documentation for their business.
Q: Why is it a requirement for businesses to have been operating in Canada for the past two years?
A: This criterion is in place to ensure that businesses have a certain level of stability and experience before participating in the program.
Q: Can you clarify what "identify as a Black-Owned Business" means?
A: Identity as a Black-owned business means the business must have Black ownership. The majority shareholding of the company must be Black and operated by individuals of Black heritage.
Q: What is the significance of possessing a Business Registration Number?
A: Having a Business Registration Number helps verify the legitimacy of the business and ensures it is a legally registered entity.
Q: How many businesses are you planning to shortlist in total?
A: We aim to shortlist 25-50 businesses per cohort across different regions to ensure a diverse representation.
Q: Can you clarify the criteria for shortlisting regarding a nationwide spread, quality of the business, and consideration of French?
A: When shortlisting, we aim to select businesses from various regions to ensure a nationwide reach. We also consider the overall quality and potential of the business. Additionally, we take into consider French-speaking businesses to ensure inclusivity and diversity.
Q: What is the amount of the grant?
A: The grant amount for eligible businesses falls between the range of $2,500 to $5,000.
Q: How is the grant amount determined for each business?
A: The grant amount depends on the services you will receive from the professional business service provider you’ve been assigned, and the required services..
Q: What are the primary qualifying factors for this program?
A: The main qualifying factors for this program include:
- Operating a business in Canada for the past two years.
- Identification as a Black-owned business.
- Possession of a Business Registration Number.
- In need of a Business Plan, Financial Statements, and or Tax Filings.
Q: Can you explain why the program focuses on businesses in operation for less than two years?
A: The program prioritizes businesses in their early stages to provide critical support during a crucial growth period. These businesses often face unique challenges and require specialized assistance to succeed.
Q: Are businesses from all industries and sectors eligible?
A: The program is open to businesses from various industries and sectors. Non-profits are ineligible.
Q: Is there a specific credit score requirement for applicants?
A: Your credit score is not considered ,for this program.
