The Government of Canada has announced a $189 million renewal of the Black Entrepreneurship Program, aimed at expanding funding, research, and mentorship opportunities for Black business owners nationwide. The investment aims to enhance access to capital, strengthen support networks, and sustain progress toward achieving economic inclusion.
On October 20, 2025, the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), announced a renewed federal investment of $189 million to support Black entrepreneurs across Canada. The announcement, made in Toronto as part of Small Business Week, marks a continuation of the government’s Black Entrepreneurship Program (BEP), first launched in 2021.
The renewed funding will be distributed over five years, from 2025 to 2030, with a focus on expanding access to capital, enhancing advisory supports, and deepening research into the state of Black entrepreneurship in Canada. According to Innovation, Science and Economic Development Canada, the initiative aims to ensure that more Black-owned businesses can start, scale, and thrive in communities nationwide.
Since its inception, the BEP has supported more than 24,000 Black entrepreneurs through training, mentorship, and networking opportunities. The program’s Loan Fund has already approved over $70 million in financing, contributing to business growth and job creation across the country.
Under the renewed framework, the program’s three core components—the Loan Fund, the Knowledge Hub, and the Ecosystem Fund—will continue to operate collaboratively to address systemic barriers to entrepreneurship. The Ecosystem Fund, administered through Canada’s regional development agencies, will expand its reach to ensure more equitable access to business resources across different regions.
Minister Valdez also announced that the Federation of African Canadian Economics (FACE), which administers the Black Entrepreneurship Loan Fund, will continue its collaboration with the Business Development Bank of Canada (BDC) to improve access to loans of up to $250,000 for eligible entrepreneurs.
The funding allocation includes:
- Up to $105.4 million for regional development agencies to deliver the National Ecosystem Fund.
- Up to $67 million for the Black Entrepreneurship Loan Fund to support access to capital.
- Up to $7.5 million for the Knowledge Hub to continue data-driven research and analysis of Black entrepreneurship in Canada.
Minister Valdez emphasized the broader economic and social impact of this renewal, noting that empowering Black entrepreneurs contributes directly to innovation, job creation, and stronger local economies. The program also aligns with the federal government’s wider efforts to address systemic barriers through initiatives such as Canada’s Black Justice Strategy.
“When Black entrepreneurs can access capital, mentorship, and reliable data, they turn ideas into jobs and community prosperity,” said Minister Valdez. “This $189 million investment to renew the Black Entrepreneurship Program will help more Black entrepreneurs start up, scale up, and build a stronger economy for all Canadians.”
The Black Entrepreneurship Program remains a cornerstone of the federal government’s approach to building a more inclusive and resilient economy. Through sustained investment and partnerships, it aims to strengthen the ecosystem supporting Black business owners and ensure that the benefits of economic growth reach all communities across the country.
Associated links
