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Vol. 25 No. 12 December 2021
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The KEEPING YOU IN TOUCH WITH NEWS FROM HOME AND LOCAL COMMUNITY ISSUES
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The Federation of African Canadian Economics (FACE) is partnering with a growing network of business advisory experts to help Black Entrepreneurs create thriving businesses By Emmanuel Ayiku, Toronto, ON
In an interview with the Ghanaian News, FACE CEO Tiffany Callender made this known. FACE, a coalition of Black-led organizations with a mission to support Black business owners, was selected by the federal government to implement the $160 million loan program in partnership with several financial institutions. Since August last year, FACE has approved over $10 million in loans through the fund. The Black Entrepreneurship Loan Fund, administered by FACE, now connects Black business owners with three companies that offer business support services and business training. MNP, one of Canada’s largest national accounting, consulting and tax firms, has agreed to provide services that will include a pro bono element, as well as business training services. Deloitte and marketing and sales software company HubSpot are the other two companies providing their expertise to Black entrepreneurs. Callender says the growing number of businesses partnered with FACE strengthens their commitment to empowering Black entrepreneurs by providing access to funding, mentorship, financial planning and business training. “These partnerships are part of a desire to offer more than just loans. While access to capital is important, having access to resources, knowledge, and expertise will amplify the impact of this capital.” According to Callender, Black Canadian business owners and entrepreneurs face systemic barriers in starting and growing their businesses, and the COVID-19 pandemic has further exacerbated this. A recent study from the Black Business and Professional Association (BBPA) revealed that
of what we’re doing here in terms of our partnerships — providing support and guidance to entrepreneurs to get them to the state where they are ready.” Callender says proper due diligence is vital and that the loan approval process takes time, but it is important to ensure the longevityof this historical fund. Notably, FACE started in 2020 at the beginning of thepandemic to help Black-owned businesses. According to Callender, FACE looked at the emergency programs rolling out from the Federal government, particularly CEBA and noticed the criteria of eligibility to access emergency loans were difficult and confusing. “We knew that it would not reach out to Black businesses. Why? Because we understood that there is a strange and difficult relationship that exists Tiffany Callender between Black founders and owners with financial COVID-19 has impacted its members harder than institutions, we are underrepresented in those members of the Canadian Federation of Independent institutions as clients as well as human resources.” Business (CFIB). For example, just 10 per cent of Black Business and Professional Association Today, in partnership with the Government of Canada, businesses were fully open during the height of the FACEcontinues to create opportunities for Blackpandemic, compared to 20 per cent of CFIB member owned business with its Black Entrepreneurship Loan businesses. On top of that, 80 per cent of BBPA Fund, notably the fund helps Black business owners member businesses reported not having cash flow with access to capital investments, working capital, or additional business resources for expansion. On compared to 30 per cent of CFIB members. top of that, FACE partnered with several other major With access to information, support, resources, organizations to help further its mission of providing networking opportunities, mentoring and financial Black Canadians with the resources, knowledge, backing, Black entrepreneurs will be better positioned and confidence to operate successfully as Black to manage and operate successful businesses through entrepreneurs. the pandemic and beyond, Callender says. FACE Amplifying wealth for Black Canadians.For “Many Black business entrepreneurs are not prepared more information: website: www.facecoalition.com to take on a commercial loan, and that’s a huge part info@facecoalition.com | 1(855)560-FACE (3223).