Propelling Black Entrepreneurship Program with TD Bank
Business Listing Tool and Knowledge Center with Interac
EDC-Coralus Growing Global Cohorts Program
Black Innovation Zone at Collision 2023
Ecosystem Partners
About FACE
FACE is a national, bilingual, Black-led non-profit organization focused on providing resources and information to the Black community across Canada and accelerating wealth creation for Canadians of African descent.
In partnership with the Government of Canada, FACE created a Black Entrepreneurship Loan Fund to help Black business owners with access to capital investments, working capital, or additional business resources for expansion. FACE has several other major partners that help further the mission of providing Black Canadians with the necessary resources, knowledge, and confidence to operate successfully as Black entrepreneurs and thrive as a community across the nation.
To drive generational wealth powered by sustainable economic resources, capacity, and strategic partnerships. Our Mission
To be the catalyst for Black generational wealth creation. Our Vision
Executive Summary
The 2023/2024 fiscal year was marked by achievements and strategic advancements for FACE Coalition, reflecting its unwavering commitment to empowering Black-owned businesses and fostering economic growth in Canada.
Leadership within the organization saw a notable transition, with Rustum Southwell assuming the role of Chairman of the Board of Directors, succeeding Louis-Edgar JeanFrançois. Jean-François continues to provide valuable insights and guidance as Past-Chair, ensuring continuity and stability within the Board.
From a financial perspective, FACE Coalition has made significant strides. It approved 176 loans, amounting to $15.7 million, with 152 loans, amounting to $12.9 million successfully disbursed during the 2023/2024 fiscal year.
Since its inception in 2021, the organization has approved $52.9 million and disbursed $38.4 million in loans. This financial support has been instrumental in not only helping businesses survive, but also in fostering innovation, expansion, job creation, and contributing to the Canadian economy.
The economic landscape of the year presented significant challenges, with high interest rates, increased unemployment levels and inflation impacting household income and subsequently business investments. However, FACE Coalition demonstrated resilience and adaptability, maintaining robust lending activities despite these hurdles.
Strategically, FACE Coalition launched the Black business listing map in partnership with Interac Corp., which showcases over 8,000 Black-owned businesses nationwide. Additionally, the organization developed a comprehensive Knowledge Centre on its new website, offering essential resources for financial literacy and business development. These initiatives are part of a broader strategy to give Black entrepreneurs the tools and visibility they need to succeed.
FACE Coalition established the Credit Risk Adjudication Subcommittee (CRAS) to enhance its loan decision processes. This subcommittee plays a critical role in refining the internal loan decision framework. It focuses on meticulous risk assessment, ensuring the integrity and sustainability of lending activities.
Operationally, FACE Coalition made significant strides in strengthening organizational capacity. It established a new Marketing and Stakeholder Engagement Department, bolstered client support operations and upgraded its technology infrastructure and cybersecurity practices.
“The financial support from FACE in 2022 propelled me to new heights, enabling me to acquire essential equipment to enhance service efficiency and maintain a robust cash flow.”
- Matar Diouf, MSD Prestige
Looking ahead, FACE Coalition remains committed to supporting Black businesses, driving economic growth, and promoting financial inclusion.
Message from the Chairman of the Board of Directors
I am honoured and privileged to become only the second person to serve as Chair of the Board of Directors of FACE Coalition. That path is made easier as I build on the exceptional leadership of my predecessor, Louis-Edgar Jean-François, who continues to serve on our board as Past-Chair, giving us access to his invaluable insights and dedication.
Our journey over the past year has been one of resilience, strategic innovation, and unwavering commitment to our mission.
In collaboration with our dedicated team, visionary partners, and the entrepreneurs we serve, we have achieved remarkable milestones. Our focus on empowering Black-owned businesses has translated into tangible impact. During the year, we approved 176 loans totalling over $15.7 million to deserving entrepreneurs, demonstrating our commitment to supporting entrepreneurs and fostering economic growth across Canada.
These funds have not only fueled businesses but also ignited dreams and entrepreneurial aspirations. Beyond our financial achievements, our strategic partnerships have been instrumental in promoting economic growth.
An example is the upgrade to our Black Owned Business InterFACE (BOBI) to include a Black business listing map launched with our partners, showcasing over 8,000 Black-owned businesses nationwide. Additionally, our new website and Knowledge Centre provide essential resources for financial literacy and building business competencies and confidence among entrepreneurs. We continue to be guided by the principles of financial inclusion, support for underserved communities, and sustainable economic development, and we remain committed to empowering entrepreneurs while fostering economic growth.
The stories of resilience and innovation that we collect in the community continue to inspire us to enhance our efforts and expand our reach, which we have done extensively during the year with the opening of our regional offices across the country and engaging and meeting with entrepreneurs in Face-to-Face.
This annual report details our performance, initiatives, impact, and future direction. FACE Coalition remains steadfast in advancing the course of African Canadians' economic empowerment and acting as a catalyst for generational wealth creation. We hold ourselves to the highest standards of integrity and ethical conduct in all our activities and are committed and dedicated to transparency and accountability. Our annual report emphasizes our dedication to these values.
I extend my heartfelt thanks to our board members, management and staff team, stakeholders and partners, and entrepreneurs who trust us as their financial partners. We are not just funding businesses but fueling dreams and building a prosperous future for all.
At FACE Coalition, we are excited about the future and confident in our collective ability to meet it with innovation, integrity, and a steadfast commitment to our mission.
Thank you for your continued support and belief in the FACE Coalition.
Respectfully submitted,
Rustum Southwell Chairman, Board of Directors
Message from the CEO
As we reflect on the 2023/2024 fiscal year, we are reminded of the remarkable resilience and adaptability our organization has demonstrated in the face of considerable economic challenges. The economic landscape has been shaped by stringent monetary policies, rising interest rates, and fluctuating inflation. Yet, amid these challenges, FACE Coalition has not only persevered but thrived, continuing to empower and uplift the Black business community across Canada.
Our journey this past year has been one of our unwavering commitments to fostering economic inclusion and supporting entrepreneurial growth. With immense pride and gratitude, I present our 2023/2024 annual report detailing our impact on the Black business community and our outlook for the future.
Economic Overview
The year 2023 marked a period of significant economic turbulence for Canada, characterized by a sustained tight monetary policy environment.
The Bank of Canada's decision to raise the key interest rate to 5.0% in July 2023 and maintain this level throughout the year was aimed at curbing the high inflation rates that had peaked at 8.1% in June 2022. By February 2024, inflation had impressively reduced to 2.8%, falling within the Bank's target range of 1% to 3%.
However, this monetary tightening had other repercussions. Activity slowed in 2023 as the impact of the Bank of Canada's aggressive rate hike campaign took effect. Households, whose debt represents around 182% of disposable income, were particularly sensitive to interest rate rises and limited their discretionary expenditures. The contribution of business investment spending was also limited because of the high interest rates. Consequently, consumption, which accounts for 55% of GDP, was sluggish during the year.
In March 2024, with Black communities disproportionately affected by these job losses, underscoring the deep-seated socioeconomic inequalities that persist and highlighting the urgent need for targeted interventions and support.
Canada’s population grew significantly in 2023, driven mainly by immigration, providing some support for economic demand. However, this demographic dynamism brought challenges, particularly in the housing sector.
While inflation is expected to remain within the Bank of Canada's target range in 2024, the Bank anticipates a rate-cutting cycle later this year, which could potentially strengthen household and business spending in the latter half of the year as financial pressures ease, albeit moderately.
Easing the monetary policy would also support residential investment, which has weakened over the past two years. Public sector spending is expected to make a positive contribution, with most levels of government showing little inclination to reduce expenditure.
Relatively favourable terms of trade and commodity exports will help mitigate the slowdown in economic activity. Despite these mitigating factors, the Canadian economy has remained flat, with some economists suggesting that the significant population growth has been the key factor preventing an economic decline.
Our Response to the Economy
FACE Coalition has showcased resilience, adaptability, and a proactive approach to support our community in response to these economic challenges. We redefined our loan decision framework to recognize the heightened financial risks in this economic climate. We established the Credit Risk Adjudication Subcommittee (CRAS), which has been instrumental in refining our internal loan decision processes.
This subcommittee ensures a meticulous and robust risk assessment, enhancing our overall risk management and control systems. This strategic move has enabled us to maintain the integrity and sustainability of our lending activities.
Moreover, we initiated a business process improvement during the year, migrating to more advanced and robust platforms.
This transition was not merely a technological upgrade but a strategic enhancement of our operational capabilities. By adopting cutting-edge platforms, we improved our efficiency, streamlined our operations, and positioned ourselves to better serve our clients and stakeholders in an ever-evolving economic landscape.
We also invested in our human capital by hiring new employees across various departments to support these changes. These new team members brought diverse skills and perspectives, which have been critical in driving innovation and sustaining our growth trajectory. Their contributions have been invaluable in helping us navigate the complexities of the current economic environment and better serve our community.
“There is a privilege in being able to attend a secondary institution, have a social network - that's social capital.
Some people don't have that but they still have the entrepreneurial spirit. Now they can access a resource like FACE for example and get that. And that helps to level the playing field.”
Brandon Gonez, Gonez Media
Our Performance
Despite the economic headwinds, FACE Coalition achieved remarkable performance milestones in the 2023/2024 fiscal year. We approved $15.7 million in loans and successfully disbursed $12.9 million, reflecting our unwavering commitment to supporting Black entrepreneurs during these challenging times. These numbers are more than just financial metrics; they represent our steadfast dedication to empowering Black businesses, enabling them to thrive and contribute to the broader Canadian economy.
Approved Loans since inception
$52.9 million
Approved Loans since inception
590 loans
Since our inception, we have approved $52.9 million in loans and disbursed $38.3 million. The significant increase in the past year alone, with 176 loans approved and 152 disbursed, underscores our relentless commitment to fostering entrepreneurial growth and economic inclusion. Each loan represents a story of resilience, innovation, and potential, and we are proud to be a part of these journeys. Our financial support has helped businesses survive and innovate, expand, and create jobs, thereby contributing to the overall economic health of our communities.
Disbursed Loans since inception
$38.3 million
Disbursed Loans since inception
450 loans
Our support center has been a critical component of our operations. During the year, we managed over 10,000 inbound and outbound calls to assist and guide our clients.
We also sent over 21,000 emails, ensuring continuous communication and support. To address operational backlogs, we cleared all pending applications and introduced a 90-day follow-up strategy for applicants, focusing on active applicants to streamline our processes.
Additionally, we received and concluded four appeals during the year, demonstrating our commitment to fair and transparent processes. We met our Service Level Agreement (SLA) by 94%, reflecting our dedication to efficiency and client satisfaction. Furthermore, we launched an outreach project to reach out to over 11,000 businesses that had created profiles on our platform but had not continued with their applications, reaffirming our commitment to proactive engagement and support.
Supporting the Black Business Community
Our commitment to the Black business community extends far beyond financial support. This year, we were proud to partner with Interac Corp. to launch an innovative Black business listing map. This initiative is a significant step towards economic empowerment, providing a userfriendly platform for Canadians to discover, shop, and support over 8,000 Black-owned businesses nationwide. This map is more than just a directory; it is a testament to the vitality and diversity of Black entrepreneurship in Canada, fostering greater visibility and patronage of Blackowned enterprises.
In addition to this initiative, we established a comprehensive knowledge centre platform explicitly tailored for Black entrepreneurs. This platform offers resources on essential topics such as financial literacy, business planning, marketing strategies, and leadership development. By equipping Black entrepreneurs with the knowledge and tools they need, we are fostering a more inclusive and vibrant business ecosystem.
We designed these resources to empower entrepreneurs at every stage of their journey, from startup to scale-up, ensuring they have the necessary support and guidance to succeed in a competitive market.
We also actively engaged with the community through hosting and attending approximately 75 events nationwide. These events ranged from those organized by FACE Coalition to others where we were invited to speak about the Black Entrepreneurship Loan Fund (BELF).
Future Outlook
As we look ahead, we remain steadfast in our vision and optimistic about our future impact. The economic landscape will undoubtedly present new challenges and opportunities, and we are committed to continuing our adaptive and innovative approach. Our focus will remain on supporting Black businesses and entrepreneurs, driving economic growth, and promoting prosperity for all Canadians of African descent.
We envision a future where our efforts contribute to a more equitable and thriving economy, where Black-owned businesses are integral to Canada's economic fabric. We will continue to advocate for policies and initiatives promoting financial inclusion and addressing Black entrepreneurs' unique challenges.
Our strategic initiatives, such as expanding our loan programs and developing new partnerships, are designed to create sustainable growth and long-term impact.
Our dedication to making a meaningful difference is unwavering. Through our collective efforts, we can foster a brighter, more inclusive future for future generations. Together, we will navigate the economic landscape, support our communities, and build a stronger, more inclusive Canada. We invite you to join us on this journey as we continue championing the cause of Black entrepreneurship and economic empowerment.
Thank you for your continued support and belief in our mission.
Tiffany Callender Chief Executive Officer
In some instances, we participated as guests in engaging directly with the Black business communities, increasing awareness and understanding of the BELF. These engagements have been invaluable in fostering connections, sharing insights, and promoting the resources available to Black entrepreneurs.
Operations Management
The 2023/2024 fiscal year was a year of significant growth and strategic enhancement for FACE Coalition. Our efforts to bolster organizational capacity, optimize resource allocation, and expand outreach initiatives have underscored our commitment to economic empowerment and robust community engagement.
Staffing
Recognizing the critical role of human resources in achieving our mission, FACE Coalition has focused on strengthening its workforce this year. A key achievement was establishing the Marketing and Stakeholder Engagement Department, a vital component in connecting with our diverse stakeholders and driving outreach programs.
Marketing and Stakehold er Engagement Department
Director
An experienced Director with a background in marketing, advocacy, and public relations leads the department, providing strategic vision and expertise.
Manager
The Manager supports the Director by ensuring the efficient execution of departmental initiatives and overseeing daily operations, facilitating seamless coordination within the team.
Outreach Officers
Four Outreach Officers strategically positioned nationwide form the backbone of our community engagement efforts. Their presence in different regions ensures localized and effective stakeholder interactions, enhancing our ability to address the unique needs of various communities.
Marketing and Communication Efforts
FACE Coalition has made substantial strides in marketing and communication, focusing on raising awareness, promoting our mission, and engaging a broader audience.
Reaching More Black Business Owners and Entrepreneurs
This year's key objective was to enhance our engagement with Black business owners and entrepreneurs nationwide. Our targeted marketing and communication strategies have yielded impressive results:
Outreach Initiatives: Through 24 dedicated outreach programs and partnerships, we have connected with many Black entrepreneurs, providing them with resources, support, and collaboration opportunities.
Workshops: We organized nine info sessions workshops focused on business development, sustainability practices, and financial literacy, tailored to the needs of Black business owners.
These efforts have expanded our network and empowered Black entrepreneurs, contributing to economic growth and sustainability.
“Thanks to funding obtained from FACE, JamFit now has the resources to develop a robust marketing plan and bring their innovative ideas to life.”
- Lisa Sharpe, Jamfit Ebergy Studio
Community Events
Our Outreach Officers organized and participated in numerous community events, fostering direct interaction with stakeholders and gathering valuable feedback. These events included:
Salon international de la femme noire – Montréal
Salon International de la Femme Noire celebrates the achievements and contributions of Black women across various fields and features a marketplace showcasing Black-owned businesses. FACE Coalition managed an exhibition booth at this event.
Collision - Toronto
Collision is one of the most anticipated global tech conferences. It brings together a dynamic mix of entrepreneurs, startups, and industry leaders from around the globe. The conference featured over 30,000 attendees, and FACE Coalition showcased the BELF at the Black Innovation Zone of the conference.
African Canadian Business Chamber Summit BCVancouver The African Canadian Business Chamber Summit BC brought together entrepreneurs, industry leaders, and policymakers for insightful discussions, networking opportunities, and knowledgesharing sessions. The CEO of FACE Coalition delivered the keynote address. The summit served as a vital platform for fostering economic growth and collaboration within the African Canadian business community, contributing to the economic landscape of British Columbia.
Elevate Festival – Toronto FACE Coalition was present at the Elevate Festival in Toronto and sponsored a group of entrepreneurs to attend and seize valuable networking opportunities with potential clients and investors.
Startupfest - Montréal Startupfest attracts thousands of entrepreneurs, investors, and innovators eager to explore the future of startups and entrepreneurship. FACE Coalition participated in Startupfest, renowned for its unique blend of informative sessions, pitch competitions, and informal networking events. These gave us valuable opportunities to connect with emerging entrepreneurs and BELF candidates.
City of Toronto Business Financing Summit - Scarborough At the Small Business Financing Forum, hosted by the City of Toronto Small Business Centre and attended by over 50 entrepreneurs, FACE Coalition participated as an exhibitor and panellist, showcasing the BELF and sharing insights into business financing options.
Africa Development Network (ADN) Diaspora Impact Summit – Ottawa The Diaspora Impact Summit, organized by ADN, brought together global leaders, influencers, and changemakers to address pressing issues facing the African diaspora community and its impact on development across the continent. FACE Coalition participated as an exhibitor at this event and engaged with entrepreneurs.
The Forum Entrepreneur Summit – Toronto Sponsored by the Scotiabank Women Initiative, The Forum Entrepreneur Summit brought together over 100 career and entrepreneurial women from diverse backgrounds. FACE Coalition was invited as an exhibitor to engage with Black entrepreneurs and explain its support.
Africa Development Network (ADN)
Entrepreneurial Contest–Ottawa The ADN Bilingual Entrepreneurial Contest featured 50 entrepreneurs pitching their business ideas for a $1,000 grant. FACE Coalition played a significant role as a panellist and jury member, presenting its loan programs and engaging in a Q&A session.
Conseil Économique et Social d’Ottawa Carleton (CÉSOC) Knowledge Sharing Session - Ottawa CÉSOCO hosted a knowledge-sharing session for Black entrepreneurs in the Ottawa Carleton region.
FACE Coalition was invited to share information about the BELF and other business funding opportunities.
Southwestern Ontario Black Entrepreneurs Network (SWOBEN) Summer Expos - Windsor At the 2023 SWOBEN Summer Expo in Windsor, FACE Coalition had the opportunity to discuss the BELF opportunity with Black Entrepreneurs in Southwestern Ontario.
Centre d’Encadrement pour Jeunes Femmes Immigrantes (CEJFI) Global Summit on Innovative and Inclusive Women's Entrepreneurship by 2030–Montréal
FACE Coalition hosted a workshop on financing to showcase funding opportunities for Women entrepreneurs and contribute to inclusive women entrepreneurship by 2030.
Network of Nigerians in Canada (NNC) Summit & Cultural Night – Brampton FACE Coalition participated as a panellist at the Network of Nigerians in Canada Black History Month event. NNC hosted about 50 Black entrepreneurs and allowed FACE Coalition to talk about the BELF and engage with potential beneficiaries of the loan fund.
Black Entrepreneurship Knowledge Hub (BEKH) Research Symposium 2023 – Ottawa
FACE Coalition’s CEO was a panellist at the BEKH Research Symposium to discuss FACE Coalition’s contribution to reinforcing the Black entrepreneurship ecosystem for continued innovative financing models for Black entrepreneurs.
ANE Global Entrepreneurs City Connect – Oakville
This networking event, organized by ANE Global, allowed Black entrepreneurs in Oakville to connect. FACE Coalition representatives met and engaged with various entrepreneurs and representatives of the Small Business Hub of Halton Region.
Black Business Professional Network Black Youth Excellence Awards–Fredericton
FACE Coalition sponsored the Black Youth Excellence Awards, organized by the Black Business Professional Network in New Brunswick. It also had the privilege of sponsoring the Black Entrepreneurship Award, given to a local artist who is paving the way for advocacy in wellness and business in New Brunswick.
Casa Foundation Black Excellence Night–Gatineau FACE Coalition, at the Black Excellence Night organized by Casa Foundation's Black Advisory Hub, presented the BELF and answered questions from the black entrepreneurial audience.
Black Canadian Women (BCW) in Action Business Expo – Edmonton FACE Coalition’s CEO delivered the keynote address at the Black Canadian Women (BCW) in Action Business Expo, which celebrated the achievements of Black women in Western Canada's business industry.
FACE Coalition and Interac Corp. Celebrating Black Owned Businesses – Montréal Amid Black History Month, FACE Coalition and Interac Corp. cohosted an event to celebrate Black Entrepreneurs and their contribution to the community. This event gave entrepreneurs in the greater Montreal area a unique opportunity to connect with FACE Coalition and Interac Corp., fostering meaningful engagement and support within the local business ecosystem.
Black Women Business Network (BWBN) Black Women Business Exhibit – Virtual FACE Coalition’s CEO had the opportunity to deliver the keynote address at the BWBN Black Women Business Exhibit pre-event, where she shared her journey as a black female entrepreneur.
FACE Coalition’s Networking with Funders – Halifax FACE Coalition hosted a networking event for black entrepreneurs in Halifax. This event, the first hosted by FACE in Halifax, allowed FACE and Black entrepreneurs to engage and network.
FACE Coalition Networking with Funders – Pictou County FACE Coalition hosted an informal networking event with entrepreneurs in Pictou County. This event allowed FACE Coalition to connect with the community personally and hear what they need and where they are in their entrepreneurial journeys.
Public Service and Procurement Canada (PSPC)
Small Business Information Expo (SBIE) – Ottawa FACE Coalition participated in the Small Business Information Expo (SBIE), which focused on Black-owned or led businesses and was organized by PSPC in partnership with Futurpreneur. The event provided entrepreneurs with a one-stop shop to connect with service providers, business support, and funding organizations.
to continue
Black Business Initiative (BBI) Award Gala – Halifax FACE Coalition participated in the BBI Award Gala. It was an opportunity
engagement with Black entrepreneurs in the Atlantic Canada region.
Change Maker Innovation
Hub Knowledge Sharing Session - Ottawa
The Change Maker Innovation Hub (CMIH) organized a knowledge-sharing session with BDC and FACE Coalition. The event, which Black entrepreneurs attended, focused on funding support tailored for Black entrepreneurs in Canada.
ANE Global Knowledge Sharing Session – Virtual FACE Coalition, in collaboration with ANE Global, co-hosted an engaging webinar tailored for Black entrepreneurs. The webinar provided a comprehensive walkthrough of the new FACE Coalition website's business listing mapping tool, knowledge center, and opportunity finder.
The community of entrepreneurs of Ivory Coast Knowledge Sharing Session– Virtual FACE Coalition, in collaboration with the Ivory Coast's entrepreneurial community, hosted a knowledge-sharing session with entrepreneurs of Ivorian origin in Canada. The session provided practical advice to help participants prepare effectively for loan applications and access the BELF.
Groupe 3737 Elevate Program Knowledge Sharing Session – Montréal
FACE Coalition attended the Groupe 3737 Elevate program, which was aimed at helping black entrepreneurs increase their revenue and market share, create jobs, and access financing. FACE Coalition had the opportunity to share about the BELF.
Nigerian Canadians for Cultural, Educational and Economic Progress (NCCEEP) Knowledge Sharing Session - Virtual FACE Coalition teamed up with the Nigerian Canadians for Cultural, Educational and Economic Progress (NCCEEP) for their transformative entrepreneurship initiative, Sokoni. This workshop hosted Black entrepreneurs in the NCCEEP's Sokoni program and allowed FACE Coalition to share insights on the BELF and the business funding opportunities and support it offers.
Liberian Association of Canada (LAC) Knowledge Sharing Session – Edmonton The workshop organized by LAC was designed to provide a platform for entrepreneurs to network and gain information about funding and business support. During the informative session, FACE had the opportunity to present detailed insights into our loan program, shedding light on the various aspects and benefits it offers to aspiring entrepreneurs.
Liberian Association of Canada (LAC) Business Forum Knowledge Sharing Session – Winnipeg
The LAC Business Forum in Winnipeg was a highly engaging and gratifying event. Organized by the Liberian Community in Winnipeg, it provided a platform for members and black entrepreneurs in the community to network and access information about funding opportunities, particularly the FACE and loan programs.
Tribe Network Financial Literacy Knowledge Sharing Session - Virtual FACE Coalition and other funding organizations shared information about funding opportunities with entrepreneurs seeking funding for their business ventures.
for small businesses, and the audience was primarily made up of entrepreneurs.
African Center Business Support Workshop Knowledge Sharing Session – Winnipeg The Business Support Workshop was a Branding Masterclass organized by the Africa Center in collaboration with FACE Coalition. The workshop was specifically designed
Client Support
FACE Coalition Support Centre has been instrumental in providing assistance and guidance to our stakeholders. The Support Center hired and trained three new Customer Service Representatives. These new hires have bolstered our ability to provide timely and practical support to our clients, ensuring their needs are met with the highest level of service.
Key metrics from our contact center include:
Outreach Projects
FACE Support Center (FSC) undertook a comprehensive outreach initiative to engage individuals who created accounts on the FACE Coalition platform but did not proceed with their loan applications. The FSC team contacted 11,056 candidates nationwide, offering personalized support and guidance to help them navigate the loan application process. This proactive approach aimed to empower aspiring entrepreneurs, ensuring they have the necessary resources and confidence to pursue their business ventures successfully.
“With the loan obtained through FACE, Kobotrade invested in new software, automating online transactions and expanding their operations. From inception to expansion, FACE has been an indispensable partner on Kobotrade's journey.”
- Okwy Ozowalu, Kobotrade Inc.
Application Review
To manage applications more efficiently, we introduced a 90-day follow-up strategy focusing on active applicants who have submitted applications. This initiative ensures that we maintain continuous engagement and support for our applicants, enhancing the overall effectiveness of our programs.
Key outcomes included:
Pending Applications Reviewed New Applications Reviewed
Operational Efficiency
FACE Coalition has significantly enhanced its operational efficiency in 2023/2024 through strategic technological upgrades and robust cybersecurity measures. Transitioning from Google Docs to the Microsoft Office Suite has streamlined our document management and collaboration processes.
We partnered with Protexxa, a B2B SaaS cybersecurity platform, to initiate a comprehensive cybersecurity program, ensuring our employees and client data are safeguarded against cyber threats.
These advancements reflect our commitment to leveraging technology to improve operational performance and maintain a secure, efficient working environment.
Governance
Amidst the dynamic landscape of the 2023/2024 fiscal year, FACE Coalition navigated with unwavering commitment and strategic foresight, exemplifying resilient governance at every turn. As stewards of our collective mission, the Board of Directors meticulously steered the organization towards its objectives, ensuring transparency, accountability, and efficacy in all endeavours.
Under their astute guidance, FACE Coalition remained steadfast in its pursuit of fostering inclusive communities and advocating for equitable access to resources. Through intelligent financial management and prudent decisionmaking, the Board ensured the optimal allocation of resources, maximizing impact across all initiatives.
Throughout the tumultuous economic landscape of 2023, FACE Coalition demonstrated unparalleled resilience, adaptability, and proactive engagement in supporting our community. In response to the heightened financial risks posed by these challenges, the organization undertook a comprehensive reevaluation of our loan decision framework, a pivotal and proactive step in safeguarding the interests of our stakeholders and ensuring the sustainability of Black business ventures.
This endeavour led to the establishment of the Credit Risk Adjudication Subcommittee (CRAS), constituted by qualified and experienced internal management level full time employees.
This proactive measure has been pivotal in refining our internal loan decision processes. With a meticulous focus on risk assessment, the CRAS ensures the utmost scrutiny and diligence in evaluating potential lending opportunities, bolstering our risk management and control systems.
The Board of Directors has established robust governance frameworks to ensure the highest standards of integrity and compliance, safeguarding the trust that FACE Coalition’s stakeholders and partners place in the organization.
To strengthen its governance practices, the Audit and Risk Committee expanded to include the past Chair, ensuring continuity in risk management and compliance discussions. The Board has consistently upheld the highest ethical standards for all members, actively monitoring relationships and actions within the public and private sectors that could impact the organization’s integrity and reputation. In addition, discussions have commenced around recruiting new board members to enhance expertise and representation, with an emphasis on broadening the skill matrix at the governance level.
The Board also successfully completed its first chairperson transition cycle, establishing the role of Past Chair on the executive Board to ensure the seamless transfer of corporate knowledge and to support succession planning across the Board of Directors.
Performance Results
In the 2023/2024 fiscal year, FACE Coalition continued to make significant strides in providing financial support to the black community, with $15,746,900 in loans approved and $12,998,804 disbursed as of March 31, 2023, spanning 176 applications approved and 152 applications disbursed.
The organization's concerted efforts to bridge the gap between approved loans and actual disbursements have yielded promising results. This fiscal year witnessed a notable reduction in the gap, dwindling from 46% in the 2021/2022 fiscal year to 22% by the end of the 2022/2023 fiscal year and further narrowing to 17% by the conclusion of the 2023/2024 fiscal year.
However, it's crucial to acknowledge the external economic factors influencing these outcomes. This year's reduced loan disbursement mirrors the prevailing economic conditions, characterized by high interest rates and sluggish consumption rates.
Despite these challenges, the FACE Coalition remains steadfast in providing vital financial assistance and fostering resilience within the Black business communities.
“This funding played a crucial role in starting our business, and our experience with FACE provided me with hope and encouragement, showing us that dreams of business ownership was indeed attainable.
-
Debbie Vaillancourt, The Opus Café and Catering
Partnerships
FACE Coalition, in managing the Black Entrepreneurship Loan Fund (BELF), collaborates with various members of the Black Entrepreneurship Program. This includes working alongside Black ecosystem organizations across different provinces to assist entrepreneurs in developing business plans and acquiring financial expertise.
Since the fund's inception, FACE Coalition has gained support from partners with diversity programs that resonate with its mission and values. These partners have played a crucial role in providing access to pertinent information and resources for loan applicants, significantly enhancing the effectiveness of the fund.
Additionally, FACE Coalition has fostered and fortified relationships with local governments, non-profit organizations, and private sector entities, thereby broadening its reach and amplifying its impact.
Government of Canada
The Black Entrepreneurship Loan Fund, a key component of the Black Entrepreneur Program, emerged from a partnership involving FACE Coalition, the Government of Canada, the Business Development Bank of Canada (BDC), and private sector financial institutions. The Government of Canada committed $30 million to FACE Coalition to offer loans ranging from $25,000 to $100,000 to support Black business owners and entrepreneurs throughout Canada. This initiative aims to lay the groundwork for future success and effect long-term changes for Black entrepreneurs.
Business Development Bank of Canada (BDC)
Business Development Bank of Canada (BDC) committed $130 million to the Black Entrepreneurship Loan Fund to finance loans ranging from $100,000 to $250,000. In addition to providing funding, BDC offers advice, administrative support, and loan servicing, including the disbursement of funds. As Canada’s bank for entrepreneurs, BDC also provides tools and free resources to Black business owners. FACE Coalition, acting as the executing agent for the loan fund, is responsible for the arbitration related to the program, including the receipt and processing of loan applications. This collaboration ensures comprehensive support for Black entrepreneurs, from securing funding to accessing essential business resources.
Alterna Savings and Vancity
Alterna Savings and Vancity Credit Unions partnered with FACE Coalition on the microloan aspect of the Black Entrepreneurship Loan Fund. The microloans, ranging from $10,000 to $25,000, are available only in Ontario and British Columbia. Credit unions have a long history of supporting underserved entrepreneurs, helping them achieve economic and social selfsufficiency. In this microloan program, Alterna Savings administers the approved loans in Ontario, while Vancity handles the loans in British Columbia, continuing its commitment to empowering local entrepreneurs.
Partnership Initiatives
Propelling Black Entrepreneurship Program with TD Bank
In the year under review, the Propelling Black Entrepreneurship program sponsored by TD Bank empowered Black entrepreneurs by providing bursaries for creating comprehensive business plans, financial statements, and tax filings. These bursaries enable entrepreneurs to access professional expertise from business consultants MNP and Dunn Pierre Barnett and Company Canada Ltd. (DPBA). The Program significantly impacted 457 Black entrepreneurs across Canada, underscoring the pressing need for support within this demographic. Of these, 21 received grants ranging from $2,500 to $5,000, aiding essential business document preparation. Additionally, 275 entrepreneurs benefited from financial literacy workshops. Community engagement was robust, with social media outreach reaching over 5,500 individuals and the program’s website attracting 1,630 views from 1,006 unique users. The regional distribution of applicants included 24% from Western Canada, 5% from Atlantic Canada, 59% from Ontario, and 15% from Quebec, reflecting diverse geographical representation.
Business Listing Tool and Knowledge Center with Interac
Interac Corp. (Interac) partnered with FACE Coalition (FACE) to launch a comprehensive Black business listing map, enabling Canadians to discover, shop, and support over 8,000 Black-owned businesses across the country. In addition to the business listing map, Interac and FACE created a knowledge centre platform designed to help Black entrepreneurs build financial confidence. This platform offers resources on a variety of crucial topics, including financial literacy, business planning, marketing, and leadership.
EDC-Coralus Growing Global Cohorts Program
In 2023-2024, FACE Coalition participated as a key resource in the Export Development Canada (EDC)-Coralus Growing Global cohorts' program. This initiative supports women and non-binary Canadian business owners interested in expanding internationally. FACE Coalition provided vital information on business funding, including guidance on accessing the Black Entrepreneurship Loan Fund (BELF), ensuring entrepreneurs had the support and resources needed to pursue global growth opportunities.
FACE Coalition partnered with the Black Innovation Zone to provide a dynamic platform for Black entrepreneurs to showcase their innovative products and services at Collision 2023. This collaboration, driven by a collective of Black-led organizations, enhanced visibility and support for Black founders, investors, and professionals in Canada. This exposure connected these entrepreneurs with potential customers and investors and provided invaluable opportunities for business growth.
“FACE made it really easy as it should and they gave a lot of support, which, you know, made us feel comfortable going through the process.“
- Kyla Bolden, Wizkid Learning Transcription
Black Innovation Zone at Collision 2023
Ecosystem Partners
Africa Centre Entrepreneurship Empowerment Program
Africa Centre’s Entrepreneurial Support initiatives are committed to fostering a thriving business community in Western Canada by addressing systemic barriers that hinder the prospects of aspiring Black entrepreneurs. The program equips entrepreneurs with the skills and support they need to launch and grow successful businesses.
Africa Development Network (ADN)
The Africa Development Network (ADN) focuses on empowering Afro-descendant communities through various initiatives, including entrepreneurship, leadership, and community development. Their flagship program, the Center of Excellence in Entrepreneurship for Afro-Descendants in Canada, provides training, resources, and support to Black entrepreneurs, aiming to foster economic growth and innovation within the community. The program includes competitions, workshops, and networking events designed to enhance business skills and opportunities.
BCW in Action is a bilingual organization committed to making a difference in the lives of Black Canadian communities living in Western Canada. They provide business information and orientation sessions specifically designed for Black entrepreneurs to help them succeed.
BIPOC Foundation Lift Program
BIPOC Foundation Lift Program supports Black entrepreneurs navigating the complexities of crafting business plans that resonates with lenders. The program provides personalized guidance and mentorship through the process of creating a Business Model Canvas and developing a comprehensive business plan.
Black Business Initiative (BBI)
Black Business Initiative provides training through mentorship, counseling, workshops and courses for Black business owners, Black youth and Black professionals. They connect the Black business community with government and other stakeholders in Atlantic Canada.
Casa Foundation Black Advisory Hub
Casa Foundation’s Black Advisory Hub is committed to fostering economic growth and advancement within the Black community. The Advisory hub offers many resources, including mentorship programs, business development workshops, and networking opportunities. Through collaboration with industry experts and community leaders, the Hub provides tailored guidance and support to help individuals navigate challenges and seize opportunities in their respective fields.
BCW in Action
CESOC (Conseil Économique et Social d’Ottawa Carleton)
CESOC supports Black entrepreneurs through community development initiatives and integration programs, primarily targeting Francophone communities in Canada. They offer various services, including the Integration and Support Program for Francophone Immigrants, which helps new immigrants, including Black entrepreneurs, navigate the business landscape in Canada. This program offers mentorship, business training, and networking opportunities to foster successful entrepreneurship among Black immigrants.
Dream Legacy Foundation
The Dream Legacy Foundation focuses on reducing economic disparity for Black entrepreneurs through innovative programs and initiatives. Their notable program, the Black Innovation Fellowship, provides Black entrepreneurs with access to capital, mentorship, and a supportive network to foster business growth and innovation. The foundation aims to bridge the gap in funding and resources, ensuring that Black entrepreneurs can achieve sustainable success.
Elevation is an innovative program offered by Groupe 3737, designed to empower entrepreneurs and startups with the tools and resources needed to accelerate their growth and success. This program provides participants with access to mentorship, networking opportunities, and specialized workshops tailored to the unique needs of early-stage ventures.
Nigerian Canadians for Cultural, Educational and Economic Progress (NCCEEP) Sokoni Program
The NCCEEP aims to uplift Black entrepreneurs through economic empowerment initiatives. Their primary program, the Business Incubation and Acceleration Program, offers Black entrepreneurs access to business development services, mentorship, and financial resources. The program is designed to support both new and existing businesses, helping them to scale and achieve long-term success.
South-Western Ontario Black Entrepreneurship Network (SWOBEN) Empowerment Squared
Empowerment Squared assists Black entrepreneurs by offering comprehensive support programs aimed at education and entrepreneurship. Their key initiative, the Youth Entrepreneurship Program, provides young Black entrepreneurs with mentorship, business training, and access to resources needed to start and grow their businesses. This program focuses on equipping youth with the skills and knowledge necessary to succeed in the competitive business environment.
Tribe Network
Tribe Network is an entrepreneurship and innovation hub for Black, Indigenous, and People of Colour (BIPOC) with the goal of improving the wellbeing of BIPOC by supporting them to start, build and accelerate high-growth and high-value companies.
