The Federation of African Canadian Economics (FACE) has announced it has partnered with TD Bank Group to launch the “Propelling Black Entrepreneurship Program.”

The program will see the non-profit organization and TD offer grants between $2,500 and $5,000 to Black entrepreneurs in Canada. Unique to the program is the support provided to Black founders in the creation of their business and financial documents, including business plans, financial statements, and tax filings, to help improve access to financing.

“There are many challenges for entrepreneurs as they pursue their business ventures, including navigating financial processes and paperwork. These challenges are accentuated for Black entrepreneurs who often also face bias in the financial system," Tiffany Callender, chief executive officer of FACE, said in a statement.

“This program addresses some of these barriers by providing them with tools and advice so they can best manage and present their documents. Our sponsorship by TD helps support these applicants to be able to submit financially strong applications, thereby significantly increasing their chances of securing funding. Moreover, this program is open to all Black business owners interested in applying for loans, even if they have not worked with FACE before,” she added.

Entrepreneurs enrolled will receive training, tools, best practices, and mentorship opportunities related to managing and presenting financial documents and have access to FACE's regional partners and corporate service providers.

Additionally, business owners can “partake in quarterly virtual and/or in-person sessions focused on preparing a strong business case for financing from lenders,” a statement reads.

Since its founding, FACE has raised more than $160 million in funding, including $130 million from the Business Development Bank of Canada (BDC). The organization has distributed $21.7 million to dozens of entrepreneurs across the country, according to the statement.

The Propelling Black Entrepreneurship Program will launch in April 2023. Visit its website to learn more.