The Government of Canada has once again taken a strong step toward building an inclusive economy by expanding funding for Black entrepreneurs across southern Ontario. On October 20, 2025, The Honorable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced renewed funding through the Black Entrepreneurship Program (BEP) Ecosystem Fund.

This new phase of investment focuses on supporting Black-led not-for-profit organizations that provide essential services to Black business owners, including mentorship, networking, financial literacy, and business training. The goal is clear: to strengthen the entrepreneurial ecosystem and create long-term, sustainable economic growth across communities.

About the Black Entrepreneurship Program Ecosystem Fund

The Black Entrepreneurship Program Ecosystem Fund is part of the larger $189 million Black Entrepreneurship Program (BEP), designed to eliminate systemic barriers that limit access to capital and business resources for Black Canadians.

With funding available through 2030, this renewed support empowers community organizations to:

• Develop and expand mentorship and leadership programs.
• Offer financial planning and advisory services.
• Facilitate networking opportunities to connect entrepreneurs with investors and industry leaders.
• Strengthen training and digital innovation programs to help Black-owned businesses grow in a competitive market.

This funding model helps ensure that Black entrepreneurs in southern Ontario not only start new ventures but also have the tools and resources to scale their businesses sustainably.

Key Details of the Funding Initiative

Since its inception, the Black Entrepreneurship Program has supported over 24,000 entrepreneurs, funding 801 loans worth more than $70.6 million, making it one of Canada’s most successful diversity-driven economic programs.

Empowering Entrepreneurs, Strengthening Communities

During the announcement, Minister Solomon praised the resilience of small businesses and highlighted the importance of equity in economic policy. “The Black Entrepreneurship Program Ecosystem Fund is an important resource for Black-led businesses in southern Ontario. Together, we are building a more inclusive and resilient entrepreneurial ecosystem that empowers innovation and strengthens communities,” said Minister Solomon.

Minister Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), echoed this sentiment, emphasizing how access to resources drives real change:

“When Black entrepreneurs gain access to capital, mentorship, and data, they turn ideas into jobs and community prosperity.”

This investment is not only financial but also social, aimed at reducing inequality, supporting innovation, and ensuring equal opportunities for entrepreneurs of all backgrounds.

Why This Funding Matters for Southern Ontario

Southern Ontario is home to one of Canada’s largest concentrations of Black-owned businesses, spanning industries such as technology, retail, food services, and creative arts. However, many of these businesses face challenges in accessing financing, mentorship, and digital infrastructure. The Ecosystem Fund directly addresses these barriers by channeling resources to local organizations that work closely with entrepreneurs, ensuring support reaches those who need it most.

Benefits of the BEP Ecosystem Fund

• Strengthens economic inclusion and diversity in Canada’s business landscape.
• Encourages skills development and digital innovation.
• Boosts community-level job creation and entrepreneurship.
• Enhances access to funding and business mentorship opportunities.

By investing in inclusive growth, the Government of Canada is reinforcing its vision of a one-economy-for-all where every entrepreneur, regardless of background, has the opportunity to thrive.

How to Apply for Funding

Eligible southern Ontario organizations can now apply through FedDev Ontario’s official website. Applications are open to:

• Not-for-profit organizations supporting Black entrepreneurs.
• Community groups and incubators are working in business training and mentorship.
• Educational and research institutions that facilitate innovation and entrepreneurship.

Applicants are encouraged to review the eligibility criteria, funding timelines, and proposal requirements before submission.

Building a Stronger, Inclusive Future for Black Entrepreneurs

The expansion of the Black Entrepreneurship Program Ecosystem Fund in southern Ontario reaffirms Canada’s vision of an equitable economy driven by innovation, diversity, and opportunity.

By empowering Black entrepreneurs with financial tools, mentorship, and knowledge, this initiative not only supports business success, it strengthens communities and fuels national growth.

At ImmigCanada, we celebrate every step that moves Canada closer to a more inclusive and dynamic future. Stay connected with us for the latest immigration and economic updates that shape opportunities for newcomers and entrepreneurs across the country.