The Government of Canada has announced it has awarded a $200 million Black-led Philanthropic Endowment Fund to the Foundation for Black Communities (FFBC).

The FFBC is a Black-focused non-profit organization that provides resources and supports Black communities across Canada. It says it also plans to raise an additional $201 million, according to a statement.

“On behalf of the FFBC Board of Directors, employees, and Black Canadian communities across our nation, we are pleased to accept this endowment from the federal government," Gladys Ahovi, FFBC president and CEO. “The FFBC was honoured to receive overwhelming community support and over 830 letters of endorsement in response to our proposal for the stewardship of the federal Black-led Philanthropic Endowment Fund. We look forward to working collaboratively with other Black-serving organizations to realize projects that directly benefit Black Canadian communities and improve social and economic outcomes.”

Aimed at tackling anti-Black racism and inequities across sectors, the funding aims to fill a gap in Canada’s Black community, which lack financial support and means for economic growth.

The FFBC will leverage its partnerships with the MLSE Foundation, Jumpstart, and Laidlaw to build on the more than $800,000 in grants it has distributed to date. Furthermore, it has signed MOUs with several Black organizations and lenders, including FACE, Groupe 3737, and BKR.

“The Black-Led Endowment Fund is a remarkable opportunity to enhance infrastructure and the economic well-being of Black Canadians. We applaud the leadership of the Foundation for Black Communities for their self-determination and tenacity to steward these resources and advance the work of our ancestors,” Victor Beausoleil, executive director of Social Economy Through Social Inclusion (SETSI), said in a statement. “This is a phenomenal victory for Black communities across Canada. We are resolute in our decision to support this work and rally around FFBC in any way we can.”

From Vancouver to Halifax, and Fort Erie to the north, the funding is expected to make an impact.

“Vancouver Foundation is proud to support the FFBC and their successful bid for the Black-led Philanthropic Endowment Fund. FFBC are leaders in community-informed, participatory grant making and are uniquely positioned to support Black communities across Canada to invest in their own solution-making,” said Kevin McCort, president and CEO of the Vancouver Foundation.