Black History Month: A guide to resources supporting Black entrepreneurs in Canada

February is Black History Month, a moment to celebrate the resilience, talent and leadership of Black entrepreneurs across Canada. Their businesses are shaping communities, strengthening local economies, and driving innovation in sectors ranging from technology to food services and professional consulting. 

A national study published in 2024 captured the voices of more than 2,300 Black entrepreneurs, offering one of the clearest pictures yet of their experiences and ambitions across the country. In Ontario alone, about 3.5 per cent of small businesses were identified as Black‑owned in 2024, reflecting a rise in visibility and economic participation. Yet many Black founders continue to face significant barriers, with 75 per cent reporting challenges accessing traditional bank loans. 

Black History Month is an opportunity to acknowledge this progress and highlight the resources that can help Black business owners overcome obstacles and achieve long‑term success.

1. Black Entrepreneurship Program (BEP) - Government of Canada

The Black Entrepreneurship Program is one of the most significant federal supports for Black‑owned businesses in Canada. It was created to reduce long‑standing barriers related to financing, mentorship, and data accessibility. The program has three components that work together: a loan fund, a national ecosystem fund, and a knowledge hub.

The federal government renewed the program in 2025 with a $189 million investment. This renewal is intended to help entrepreneurs gain access to capital, as well as advisory supports and mentorship delivered through Black‑led ecosystem partners. 

2. Black Entrepreneurship Loan Fund

The Black Entrepreneurship Loan Fund helps close the financing gap that many Black founders experience when working with traditional lenders. Through the Federation of African Canadian Economics (FACE), entrepreneurs can apply for loans of up to $250,000.

FACE offers macro‑loans in partnership with the Business Development Bank of Canada. It also provides guidance during the application process and support services that help business owners strengthen operations and improve financial literacy. 

3.FACE - Ecosystem Supports

FACE is more than a loan administrator. It serves as a national business resource hub. Entrepreneurs can connect to Canada’s largest directory of Black‑owned businesses and explore tools, workshops and community programming designed to support long‑term growth.

Its programs encourage collaboration and capacity building. They also reinforce the importance of economic empowerment and generational wealth within Black communities.

4.Futurpreneur- Black Entrepreneur Startup Program (18 to 39)

Young entrepreneurs often face the biggest challenges when it comes to accessing startup capital and experienced mentorship. Futurpreneur’s Black Entrepreneur Startup Program supports founders between the ages of 18 and 39.

Participants can access approximately $60,000 to $75,000 in startup financing, depending on the funding stream. The program includes up to two years of one‑on‑one mentorship and access to a national network of Black founders. Futurpreneur also offers business planning tools and learning resources that help entrepreneurs build financial and operational confidence.

5. RBC - Black Entrepreneur Program and Business Loan

RBC supports Black founders through educational resources, workshops, and capital solutions. The RBC Black Entrepreneur Program includes a business loan of up to $250,000 for eligible entrepreneurs.

The bank also provides business planning tools, cash‑flow guidance and access to learning programs such as the Rock Your Business Plan workshop series. These supports help founders strengthen their financial readiness and improve long‑term sustainability. 

6. BMO - Business Within Reach: BMO for Black Entrepreneurs

BMO’s Business Within Reach program is designed to reduce systemic barriers and expand access to capital for Black business owners. Entrepreneurs may be eligible for loans of up to approximately $150,000, depending on individual circumstances.

The program includes educational resources, coaching and community partnerships that help entrepreneurs improve financial management and prepare for expansion. BMO also collaborates with organizations that support Black founders in building long‑term business capacity. 

7. Black Opportunity Fund (BOF) and BOF Capital

The Black Opportunity Fund is a community‑led charitable organization that mobilizes capital to support Black‑led businesses and non‑profits. BOF provides grants, business education and partnership programs that address social and economic disparities.

Its investment arm, BOF Capital, is working on large‑scale investment initiatives, including a proposed $100milliongrowth fund for Black businesses. These efforts aim to increase access to equity investments and reduce long‑standing gaps in wealth, ownership and market participation.

8. DMZ - Black Innovation Programs and Black Innovation Summit

The DMZ at Toronto Metropolitan University offers a series of programs focused on helping Black tech founders build skills and grow their companies. The Black Innovation Programs include virtual learning modules, mentorship and priority access to DMZ’s pre‑incubator and incubator streams.

The Black Innovation Summit is a major national event that highlights the achievements of Black tech founders. It also provides access to investment and grant opportunities through a competitive pitch process.

9. Black Business and Professional Association (BBPA)

The Black Business and Professional Association supports entrepreneurs through a wide range of training and capacity‑building programs. Its offerings include business readiness workshops, marketing and financial literacy training and mentorship programs for young professionals.

The BBPA also operates its long‑running National Scholarship Program, which helps build future leadership pipelines and supports the next generation of Black professionals and entrepreneurs. 

10. Angel Investors Ontario - Resources for Black Founders

Angel Investors Ontario provides a resource hub that helps Black founders navigate early‑stage funding and investor networks. The listings include organizations such as Rep Matters and DMZ’s Black Innovation Programs. These groups help founders learn about investment readiness, venture capital pathways and community‑based supports.

For entrepreneurs in Ontario who plan to pursue investment rounds, this resource hub can serve as a strong entry point into the province’s early‑stage funding ecosystem. 

Supporting the future of Black entrepreneurship

Black entrepreneurs across Canada continue to drive innovation, job creation and community prosperity. These ten resources offer practical support in areas that matter the most. This includes capital access, mentorship, training, national visibility and long‑term business development.