FACE celebrates Outstanding performance in its 2nd year, advancing Black Entrepreneurship and Generational Wealth

Press Release – CNW | The Federation of African Canadian Economics (FACE) released its 2022/2023 annual report showcasing its commitment to driving generational wealth, economic empowerment, and strategic collaborations within the Black community.

In a fiscal year marked by significant growth and impactful initiatives, FACE achieved notable milestones, transforming the landscape of Black entrepreneurship in Canada. The FACE loan portfolio demonstrated impressive growth, with the number of loans approved increasing by 45 percent from CDN$15.18 million (US$11.03 million) as of March 31, 2022, to CDN$22.03 million (US$ 16.01 million) at the end of the 2022/2023 fiscal year. The loan amount disbursed also increased significantly by 112 percent from CDN$8.13 million (US$5.90 million) at the end of the first fiscal year to CDN$17.23 million (US$12.52 million) as of March 31, 2023.

The FACE loans had a regional impact, with Western Canada (Alberta, British Columbia, Manitoba, and Saskatchewan), Quebec, and Ontario experiencing substantial growth in approved loans, with increases from CDN$2.4 million (US$ 1.74 million) to CDN$4.2 million (US$3.05 million) – (81 percent); CDN$4.1 million to CDN$8.5 million (107 percent), and CDN$6.1 million (US$4.43 million) to CDN$7.8 million (US$5.67 million) – (27 percent), respectively, from the first fiscal year. Loan disbursements in these regions also increased from CDN$0.9 million (US$0.65 million) to CDN$2.5 million (US$1.82 million) – (146 percent) in Western Canada, CDN$2.4 million (US$ 1.74 million) to CDN$7.4 million (US$5.38 million) – (203 percent) in Quebec, and CDN$3.3 million (US$2.4 million) to CDN$5.7 million (US$4.14 million) – (74 percent) in Ontario.

The organization increased its workforce by 51 percent in the second fiscal year to accommodate the growing Black Entrepreneurship Loan Fund demand. A Chief Operations Officer was appointed, and new hires were strategically distributed across regions in Canada to expand the organization’s reach, engage with the community, and improve operational efficiency.

“We are excited to report these exceptional performance results, which reflect our commitment to empowering Black entrepreneurs and facilitating generational wealth creation within the Black Canadian community. Our dedication to fostering innovation, promoting diversity and inclusion, and providing access to capital continues to drive the success of Black-owned businesses in Canada.” – Tiffany Callender, CEO of FACE.

“In its second year of operations, FACE has demonstrated tremendous success in helping break down barriers for Black entrepreneurs across the country to getting the financing they need to grow, succeed and achieve their goals. Our government’s Black Entrepreneurship Program, including the Black Entrepreneurship Loan Fund, has supported over 9,000 Black business owners. I want to thank FACE for its work in supporting Black entrepreneurs, and I look forward to seeing more positive results in the future.” – The Hon. Rechie Valdez, Minister of Small Business.

FACE is celebrating its achievements and looking forward to the future. The organization plans to expand its presence in regions across Canada, conduct vital research initiatives, and continue to empower the Black business community.

The annual report can be accessed here.

About FACE: FACE is a national and bilingual, Black-led non-profit organization focused on providing resources and information to the Black community across Canada to accelerate wealth creation for Canadians of African descent. In partnership with the Federal Government of Canada, FACE created a Black Entrepreneurship Loan Fund in 2021 to help Black business owners with access to capital investments, working capital, or additional business resources for expansion.

Source: The Federation of African Canadian Economics