Support renewed for Black-led organizations in Atlantic Canada
From the Atlantic Canada Opportunities Agency (ACOA)
Moncton, NB – Black entrepreneurs are driving innovation, creating jobs and building a stronger, more inclusive Canadian economy. To help them take their businesses to the next level, the Government of Canada is investing an additional $189 million, over five years, in the Black Entrepreneurship Program (BEP), empowering entrepreneurs to access capital, scale up, and unlock new opportunities for growth.
Through this renewed investment, ACOA is delivering $6.8 million in Atlantic Canada to strengthen Black-led non-profit organizations and help more Black entrepreneurs access the tools and support they need to start, grow and succeed in business.
The Honourable Sean Fraser, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency, announced funding for eligible Atlantic Canadian organizations through the Black Entrepreneurship Program (BEP) Ecosystem Fund.
“We are investing $6.8 million through ACOA to help Black-led organizations in Atlantic Canada expand their programs for entrepreneurs. This funding will give more business owners access to the capital, training, and support they need to grow and create jobs in our communities.”
– The Honourable Sean Fraser, P.C., K.C., Member of Parliament for Central Nova, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency
Who can apply?
Eligible recipients under the BEP Ecosystem Fund are incorporated Black-led non-profit organizations that:
- have at least two thirds of leadership and governance self-identify as Black
- focus their mission, programming, and outcomes on supporting Black communities
- have the capacity and experience to deliver high-impact business support
What types of activities are eligible for funding?
Eligible activities include, but are not limited to:
- incubator and accelerator programs
- networking, matchmaking and mentorship opportunities
- community outreach and capacity-building
- initiatives to support the participation of the Black community in entrepreneurship
- other activities that support the objectives of the BEP Ecosystem Fund
This renewed investment also supports the federal government’s efforts to address systemic barriers faced by Black entrepreneurs and improve access to the capital and services needed to grow their businesses.
Quick facts
To date, the Black Entrepreneurship Program (BEP) has supported more than 24,000 Black entrepreneurs across Canada, approving 801 loans representing more than $70.6 million.
The Black Entrepreneurship Program (BEP) provides financing and advisory services to Black entrepreneurs across the country, as well as data and research on the challenges and opportunities for Black entrepreneurs and business owners. It includes three components:
- up to $105.4 million allocated to the regional development agencies (RDAs) to continue delivering the BEP Ecosystem Fund across Canada,
- and up to $7.5 million allocated for the Black Entrepreneurship Knowledge Hub, for research to improve the quality and availability of data on the Black entrepreneurship ecosystem in Canada;
- and up to $67 million allocated for the Black Entrepreneurship Loan Fund to provide loans of up to $250,000, in collaboration with the Business Development Bank of Canada, to Black business owners and entrepreneurs across the country.