Mr. Speaker, the Black Entrepreneurship Program, or BEP, builds on the broader Government of Canada commitment to address systemic barriers and racism against Black Canadians. The three pillars of the BEP were developed in consultation with Black Canadian communities to reflect the realities and needs of Black Canadians and is managed by Black led organizations to create stronger economic opportunities for Black Canadian business owners and entrepreneurs.
With regard to (a), the number of applicants that have submitted complete applications to the Black Entrepreneurship Program Loan Fund as at May 31, 2023 was 3,679.
With regard to (i) of part (b), the $160 million allocated to the Black Entrepreneurship Loan Fund is composed of two amounts: $30 million in Government funding through a contribution agreement with the Federation of African Canadian Economics, or FACE; and $130 million commitment of funds by the Business Development Bank of Canada, or BDC, to the Black Entrepreneurship Loan Fund. The $130 million are BDC funds, not appropriations, that are allocated as required when loans are approved.
As at May 31, 2023, the total amount of loans disbursed was $27,623,585. Government and BDC funds are part of this total.
With regard to (i) of part (b), the average loan amount as at May 31, 2023 was $90,351.
With regard to (c), the following regional development agencies, or RDAs, are delivering the BEP Ecosystem Fund in their respective regions: the Atlantic Canada Opportunities Agency, or ACOA; the Economic Development Agency of Canada for the Regions of Quebec, or CED-Q; the Federal Economic Development Agency for Northern Ontario, or FedNor; the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario; Prairies Economic Development Canada, or PrairiesCan; and Pacific Economic Development Canada, or PacifiCan.
Several metrics will be used to determine the ecosystem fund’s performance, which will be measured annually. These may include the number and value of projects approved by the ecosystem fund; the growth in the number of clients served; and the number of under-represented groups supported by the ecosystem fund, such as women and youth. These metrics are in addition to RDAs’ robust due diligence requirements related to project management, finance and reporting, such as analyzing the project’s viability and conducting a thorough client evaluation. Overall results from the BEP Ecosystem Fund will be included in each RDA’s Departmental Results Framework and will contribute to their shared core responsibility to support economic development in each region of Canada.