The Federation of African Canadian Economics (FACE) released its 2022/2023 annual report marked by significant growth.

The national and bilingual, Black-led non-profit organization focuses on providing resources and information to the Black community across Canada to effect wealth creation for Canadians of African descent.

The annual report highlights some impressive achievements. The loan portfolio demonstrated impressive growth, with the number of loans approved increasing by 45% from $15.18M to $22.03M at the end of the 2022/2023 fiscal year.

The breakdown shows Western Canada (Alberta, British Columbia, Manitoba, and Saskatchewan) loan increases from $2.4M to $4.2M (81%); Quebec from $4.1M to $8.5M (107%), and Ontario from $6.1M to $7.8M (27%).

The organization increased its workforce by 51% 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,” said FACE CEO Tiffany Callender.

“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.”

According to Rechie Valdez, Minister of Small Business, “In its second year of operations, FACE has demonstrated tremendous success in helping break down barriers for Black entrepreneurs across the country.”

FACE has supported over 9,000 Black business owners since its inception.