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MONTREALFeb. 1, 2022 /CNW Telbec/ – As Black History Month begins, the Federation of African Canadian Economics (FACE) invites Canadians to celebrate the history and heritage of Canada’s black communities. This is a formidable opportunity to revisit the history of black Canadians and to pay homage to Canadians of African descent who have built Canada and who have made it a country where everyone has an equal chance to flourish and to achieve their dreams.

“Black History Month is a wonderful opportunity to celebrate the black communities’ history, heritage, and many contributions to Canada’s social and economic development. We still have many things to learn about the way African Canadians made Canada a more just and prosperous country”

–         Tiffany Callender, Chief Executive Officer of FACE

Black History Month is also an opportunity to remind Canadians that black entrepreneurs still face numerous systemic obstacles, notably in terms of accessing financial resources and services. According to an Abacus Data survey, three out of four black entrepreneurs say that they have difficulty accessing financing because of their skin colour.

To fight these obstacles, FACE, the government of Canada and the BDC have created the Black Entrepreneurship Program. With an investment of 160 M$, this fund provides black entrepreneurs with resources and services that they would not necessarily have access to.

“Black entrepreneurs face systemic obstacles that make it difficult for them to achieve their professional goals. Therefore FACE codeveloped the Black Entrepreneurship Loan Fund which provides black entrepreneurs with services that take into account their socio-economic realities”

–          Tiffany Callender, Chief Executive Officer of FACE

With this fund, black entrepreneurs now have access to loans up to 250 000 $ as well as services that are tailored to their needs and take into account their reality. It is worth noting that, since its creation, the fund has granted 11,7 M$ in loans to black entrepreneurs working in all sorts of economic sectors.

FACE invites Canadians to celebrate Black History Month and in particular economic initiatives that allow blacks to achieve their goals, to create wealth and to contribute to Canada’s prosperity.

About FACE

The Federation of African Canadian Economics is a coalition of Black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent. In 2020 FACE was created to address the needs of Black business owners and entrepreneurs who were economically devastated during the pandemic.

The founding organizations included Africa Centre, Black Business Initiative, Black Business and Professional Association, Côte-des-Neiges Black Community Association Inc, and Groupe 3737.

FACE is anchored in the commitment of its founding organization which synthesizes over 100 years of experience diligently serving Black Canadians with respect, integrity and purpose.

SOURCE The Federation of African Canadian Economics

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