Overview
- The renewal sustains the Loan Fund, Knowledge Hub and Ecosystem Fund to extend capital, mentorship and research supports, after assisting more than 24,000 entrepreneurs since launch.
- Over five years, reported allocations include $67 million for loans, $105.4 million via regional development agencies and $7.5 million for the knowledge hub led by Carleton’s Sprott School and the Dream Legacy Foundation.
- FACE and BDC will continue administering the Loan Fund, which has approved 801 loans worth $70.6 million from a roughly $291 million pool capitalized by Ottawa, BDC and major banks.
- Regional delivery is expanding through development agencies, with Ecosystem Fund applications now open to southern Ontario organizations via FedDev Ontario.
- The government positions the renewal as an economic measure that also supports efforts to address anti-Black racism under Canada’s Black Justice Strategy.