Minister Michel highlights investments to help Black entrepreneurs start up, scale up, and build Canada’s economy
News release
October 20, 2025 | Montreal, Quebec | Health Canada
Growing an inclusive economy is essential to building Canada strong. When Black entrepreneurs have the tools to start and grow companies, they create jobs, drive innovation, and strengthen local communities.
Today, the Honourable Marjorie Michel, Minister of Health, on behalf of the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), kicked off Small Business Week by highlighting a renewed investment of $189 million for the Black Entrepreneurship Program (BEP). This funding will keep capital flowing, expand advisory supports, and deepen research so more Black-owned businesses can start, scale, and succeed.
Since its launch, the BEP has already supported nearly 24,000 Black entrepreneurs across Canada with mentorship, training, and networks, while the Loan Fund has approved more than $70 million in financing. These businesses are hiring, exporting, and innovating in communities nationwide.
With the renewed funding, the BEP's three components (the Loan Fund, the Knowledge Hub and the Ecosystem Fund) will continue working together to unlock opportunity for Black business owners. This includes expanding geographic coverage of the Ecosystem Fund through the Regional Development Agencies.
Minister Michel also announced that the Federation of African Canadian Economics (FACE), administrator of the Black Entrepreneurship Loan Fund, and the Business Development Bank of Canada (BDC) have reached an agreement to continue their collaboration supporting Black entrepreneurs' access to capital.
In addition to its direct economic benefits, the renewed BEP will continue to advance the federal government's efforts to address anti-Black racism and systemic barriers, including as a key economic initiative supporting Canada's Black Justice Strategy.
Quotes
"The strength of Canada's economy comes from the talent and tenacity of our people. When Black entrepreneurs can access capital, mentorship, and reliable data, they turn ideas into jobs and community prosperity. This $189 million investment in renewing the Black Entrepreneurship Program will help more Black entrepreneurs start up, scale up, and build a stronger economy for all Canadians."
The Honourable Rechie Valdez
Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism)
"By investing in Black Entrepreneurs we are not only building a stronger economy and boosting productivity, we are also improving individual well-being. The Black Entrepreneurship Program helps Black Canadian business owners and entrepreneurs grow their businesses and succeed now and into the future. This funding demonstrates the importance of addressing systemic barriers, so all Canadians can have the opportunity to live their healthiest life possible."
The Honourable Marjorie Michel
Minister of Health
Quick facts
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Launched in 2021, the Black Entrepreneurship Program offers financial and non-financial supports (i.e., financing, training, mentorship, networking) and improves the quality and availability of data targeted to Black entrepreneurs and business owners across Canada through three program components – the Loan Fund, the Knowledge Hub and the Ecosystem Fund.
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To date, it has supported more than 24,000 Black entrepreneurs across the country. Since its launch, 801 loans have been approved representing more than $70.6 million under the Black Entrepreneurship Loan Fund.
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The renewed funding of $189 million is over five years starting in 2025.
Associated links
Contacts
Chris Zhou
Director of Communications
Office of the Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism)
343-551-0457
Chris.Zhou@fegc-wage.gc.ca
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
Media Relations
Public Health Agency of Canada
613-957-2983
media@hc-sc.gc.ca