Toronto, Ontario – October 20, 2025
Canada is investing once again in the future of Black entrepreneurship — and it’s big news worth celebrating.
The Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State for Small Business and Tourism, kicked off Small Business Week by announcing a renewed investment of $189 million in the Black Entrepreneurship Program (BEP).
This investment is designed to help Black entrepreneurs across Canada start, grow, and sustain their businesses — creating jobs, driving innovation, and strengthening communities from coast to coast.
Since its launch in 2021, the BEP has supported over 24,000 Black entrepreneurs through mentorship, training, networking, and access to capital. The program has already approved more than $70 million in loans, helping hundreds of Black-owned businesses bring their ideas to life.
This new round of funding will ensure that support continues to grow. The Loan Fund, Knowledge Hub, and Ecosystem Fund — the three core components of BEP — will keep working together to expand opportunities and strengthen local business networks.
Regional development agencies will also help broaden the reach of the Ecosystem Fund, making sure more communities benefit from this important initiative.
Minister Valdez also confirmed that the Federation of African Canadian Economics (FACE) and the Business Development Bank of Canada (BDC) will continue their partnership, ensuring easier access to financing for Black entrepreneurs nationwide.
“When Black entrepreneurs have the tools and capital they need, they build businesses that fuel our economy and enrich our communities,” said Minister Valdez. “This renewed investment will help more Black business owners start up, scale up, and create lasting impact.”
Beyond business growth, this investment also supports Canada’s broader commitment to tackling systemic barriers and anti-Black racism, and aligns with the Black Justice Strategy.
This renewed commitment — $189 million over five years (2025–2030) — means more than just numbers. It means more dreams realized, more businesses opened, and a stronger, more inclusive Canada built by the creativity and resilience of Black entrepreneurs.
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