The Federation of African Canadian Economics (FACE) has announced it has distributed $22.03 million in loans to Black-owned businesses to transform the landscape for entrepreneurship.

As stated in its annual report, the figure represents a 45 per cent increase from $15.18 million in 2022. The loan amount disbursed also increased 112 per cent from $8.17 million to $17.23 million as of March 31, 2023.

“We are excited to report these exceptional performance results, which reflect our commitment to empowering Black entrepreneurs and facilitating generational wealth creation within the Black Canadian community. Our dedication to fostering innovation, promoting diversity and inclusion, and providing access to capital continues to drive the success of Black-owned businesses in Canada,” Tiffany Callender, CEO of FACE, said in a statement.

The FACE loans had a regional impact, with Western Canada (Alberta, British Columbia, Manitoba, and Saskatchewan), Quebec, and Ontario experiencing substantial growth in approved loans, with increases from $2.4 million to $4.2 million (81 per cent), $4.1 million to $8.5 million (107 per cent), and $6.1 million to $7.8 million (27 per cent), respectively, from the first fiscal year. Loan disbursements in these regions also increased from $0.9 million to $2.5 million (146 per cent) in Western Canada, $2.4 million to $7.4 million (203 per cent) in Quebec, and $3.3 million to $5.7 million (74 per cent) in Ontario.

The leading sector was manufacturing, followed by professional, scientific and technical services, administrative and support, waste management and remediation services. According to the annual report, retail trade ranked fourth, and accommodation and food services ranked fifth.

Moreover, the organization increased its workforce by 51 per cent in the second fiscal year to accommodate the growing Black Entrepreneurship Loan Fund demand. A chief operations officer, Ken Birch, was appointed in November 2022, and new hires were strategically distributed across regions in Canada to expand the organization’s reach, a release reads.

Some events that led to success and growth for the organization included Salon International De La Femme Noire, Startup Fest, Small Business Week in Toronto, and the Conscious Economics Women’s Conference, among others.

Callender was also accepted into the Forbes Business Council, an exclusive global networking organization of successful business owners and leaders.

“In its second year of operations, FACE has demonstrated tremendous success in helping break down barriers for Black entrepreneurs across the country to get the financing they need to grow, succeed and achieve their goals,” Minister of Small Business Rechie Valdez said. “Our government’s Black Entrepreneurship Program, including the Black Entrepreneurship Loan Fund, has supported over 9,000 Black business owners. I want to thank FACE for its work in supporting Black entrepreneurs, and I look forward to seeing more positive results in the future.”