Startup loans
For Black entrepreneurs.
Borrow
Up to $25,000 through FACE¹
Best part
Get funding, networking, advice, mentorship and education.
In partnership with FACE.
FACE administers the Black Entrepreneurship Loan Fund, supporting Black entrepreneurs with access to capital as a foundation for long-term and generational wealth creation.
Why our startup loans stand out.
Inclusive approval
Qualify as a startup, pre-revenue, based on the strength of your experience and your idea, instead of only your credit score.
Advice and support
Connect with FACE for business planning advice, accounting and legal support, and technical help with finances, taxes, training and education.
Financial flexibility
Make interest-only payments for up to 12 months†. You can also pay off all or part of your loan at any time, with no fees.
Loan details.
| Loan size | Up to $25,000 |
| Loan type | Term loan or combination of term loan and operating line of credit |
| Interest charged | Vancity Prime± plus 3%† |
| Repayment period | 5 years |
A term loan is repaid over a specific period of time by making payments on both the principal and interest. A line of credit (also known as an operating loan) requires the loan-holder to repay only the interest on the outstanding loan balance each month. A line of credit is limited to a maximum of 25% of the total approved amount.
Get inspired.
How will you use your small business or startup loan? Here are a few ideas to get you started:
- Working capital
- New production and services
- Business expenses
- New tools or equipment
- Leased office space
- Research and development that leads to commercialization
- Pre-commercial and commercial product development
- Market development
Whatever your vision, we’re here to help you bring it to life.
Apply now through FACE.
The black entrepreneur loan application and detailed eligibility requirements are available from FACE’s website.
Find a business account manager
Browse by location, language, and other details— and pick your preferred account manager.
Schedule a call
Let us do the introductions. Choose a time that works for you, and a team member will call you to answer your questions.
Tools to build your business.
The Federation of African Canadian Economics (F.A.C.E) is a coalition of black-led organizations dedicated to stimulating economic growth and creating generational wealth for Canadians of African Descent. F.A.C.E is the legal entity that will be the Agent for the government contribution to enable the activation of the Black Entrepreneurship Loan Fund. It is an incorporated body of Black Business Support organizations (BBSOs) with representation across Canada. F.A.C.E is the initial entry point for all Black Owned Enterprises (BE) wishing to avail themselves to loans from $10,000 to $25,000 under this program. Applicants may be eligible for additional financing up to $75,000 under the Startup and Growth Loan.
The annual percentage rate (APR) is compounded monthly, not in advance, APR assumes no fees or charges apply. If additional fees and/or charges apply, the total Cost of Credit and APR would increase. This product, its features and advertised interest rates may change at any time and may be withdrawn by Vancity at any time for any reason without prior notice to the member.
The Vancity Prime rate represents a variable rate of interest announced by Vancity from time to time as its Prime Lending Rate and Prime rate for interest earned on select accounts. Rate subject to change without notice.