Borrow
Up to $25,000 through FACE1
Best part
Get funding, plus networking opportunities, tailored advice, mentorship and education.
Qualify as a startup, pre-revenue, based on the strength of your experience and your idea, instead of only your credit score.
Connect with FACE for business planning advice, accounting and legal support, and technical help with finances, taxes, training and education.
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 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. Administrative fees are waived under the startup loan program for all term loans and for the first year on your line of credit.
How will you use your startup loan? Here are a few ideas to get you started:
The black entrepreneur loan application and detailed eligibility requirements are available from FACE’s website.
Browse by location, language, and other details— and pick your preferred account manager.
Browse our directoryLet us do the introductions. Choose a time that works for you, and a Microloan team member will call you to answer your questions.
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At Vancity, 30% of profits go to change-making initiatives, and portions of your deposits support local businesses like Kasandy, a fair trade store where customers can buy handmade products from artisan entrepreneurs in Kenya and other locations around the world.
View legal details
¹ 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. Rate subject to change without notice.