Resources

5 Business Resources for Black Entrepreneurs in British Columbia

Credit: Facebook of the FACE Coalition

Banks, government organizations and community groups across the country provide resources and support for Black-owned businesses

If youIf you’re a Black entrepreneur or business owner looking for funding, mentorship, networking, or just getting your name out there, here are five organizations worth considering.

Black Business BC provides organizational and strategic support as well as mentoring and networking opportunities for Black entrepreneurs. Its loan application assistance program includes preparation for seeking a loan and launching your business, as well as post-launch resources such as marketing development, professional services assistance, and job listings. business directories.

Futurpreneur Canada’s Black Entrepreneur Startup Program offers $5,000 to $60,000 in seed funding and up to two years of mentorship for Black entrepreneurs between the ages of 18 and 39. The program also offers an interactive business plan writer, cash flow template, networking opportunities, and up to $40,000 in follow-on funding.

The Royal Bank of Canada pledged in June 2020 to fund $100 million in small business loans to Black entrepreneurs. Its program includes loans of up to $250,000.

The African Canadian Economic Federation (FACE) The Black Entrepreneurship Loan Fund provides loans to Black business owners and entrepreneurs across Canada. Its macro-loan program offers $25,000 to $250,000, while the new micro-loan pilot program offers $10,000 to $25,000. To apply, business owners must submit a business plan, up-to-date financial statements, two- or three-year financial projections, up-to-date T1 and T2 income tax returns with notice of assessment, and a statement of personal places (for which FACE offers a model).

Afrobiz is like the Yellow Pages of black businesses: it’sa directory of black-owned businesses nationwide. Besides the directory, the Afrobiz website offers an online marketplace and information about its affiliate network.

READ MORE: 5 British Columbia businesses owned by black entrepreneurs