Black Entrepreneurship Loan Fund (BELF)

A Black buyer or owner working out how to fund a business may come across this fund. The Government of Canada describes it as the third pillar of the Black Entrepreneurship Program. FACE, a federally incorporated not-for-profit, administers it in partnership with BDC.

What the government pages say

• The fund provides loans to start, grow and maintain a business.
• Start-ups and existing for-profit small businesses are eligible, including sole proprietorships, partnerships and for-profit co-operatives.
• Eligible businesses must be majority owned by a Black Canadian, and not-for-profit organizations are not eligible.
• The fund also has a microlending component.

What to ask

The pages cited here do not say whether loan proceeds can pay for buying a business. Ask FACE whether an acquisition qualifies and how the fund’s loan would sit beside any bank or BDC loan. The backgrounder dates from 2021, so check the current Black Entrepreneurship Program page for present terms. For combining lenders, see stacking CSBFP, BDC and credit union loans and the entry on BDC.