FACE and the federal government blamed the low number of approvals for the Black Entrepreneurship Loan Fund on missing paperwork
The federal government’s Black Entrepreneurship Loan Fund has only approved about 100 out of 16,000 applications, a situation that has caused financial distress for some of those waiting for funds.
Canada’s big six banks almost came together to help Black entrepreneurs – but then they went their separate ways But Black entrepreneurs who have spoken to The Globe and Mail say they have submitted what was asked of them and have gone months without being able to reach anyone at FACE about the status of their applications.
Ten months later, Mr. Ganiyu said his application still hasn’t been processed. He is now carrying debt and waiting to purchase critical equipment for his business, such as new freezers for meat. Ms. Lindow said in the suit that she then entered into contracts for goods and services worth a total of $210,390 but became concerned when the loan funds never arrived in her account. She said she was told in August that the loan officer was no longer handling her case and, in late September, she was finally told that FACE would not issue the loan. Ms.
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