Filaction launches the FONDS AFRO-ENTREPRENEURS

Montreal
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Filaction launches the FONDS AFRO-ENTREPRENEURS, a $1 million investment fund destined exclusively for Afro-Québec businesspeople. Filaction, the Fonds pour l’investissement local et l’approvisionnement des fonds communautaires (fund for local investment and support of community funds), today launched the FONDS AFRO-ENTREPRENEURS, destined exclusively for Afro-Québec businesspeople heading companies at the startup phase or that have been in existence for less than 5 years. This $1 million investment fund offers Afro-Québec entrepreneurs improved access to funding, along with guidance services to assist them in promoting their businesses’ projects. Filaction is providing twothirds of the Fund’s capital and will ensure its management.

The Fund was originally set up by the Ministry of Economic Development, Innovation and Export Trade (MDEIE) jointly with Filaction. It was created in response to a 2006 government study on entrepreneurship within Québec’s Black communities. The task force report clearly demonstrated the extent to which access to sources of funding is more difficult for these young “Afro-enterprises,” which have little or no credit history.

Filaction is proud to be contributing to the economic development of Afro-Québec communities and encouraging stimulus projects. The FONDS AFRO-ENTREPRENEURS is designed to offer a concrete response to the needs of Afro-Québec businesspeople, providing them with a flexible financing instrument and professional support during the initial years of their businesses’ existence. Moreover, the rationale for the Fund dovetails perfectly with the mission of Filaction, which is to promote entrepreneurship in Québec and, in so doing, stimulate the creation of permanent, high-quality employment. “We are confident that the creation of the FONDS AFRO-ENTREPRENEURS will lead to positive, sustainable benefits, not only within Québec’s Black communities, but throughout the province,” said Mr. Joël Lebossé, Director of Filaction.

The FONDS AFRO-ENTREPRENEURS is meant to complement the action of other organizations that play a similar crucial role in promoting the success of Afro-Québec entrepreneurship, and which will be working very closely with the Fund. They are the Young Haitian Chamber of Commerce (www.jcch.ca), Chantier d’Afrique du Canada (www.chafric.ca) and the Côte-des-Neiges Black Community Association Inc. (www.cdnbca.org). Pursuant to a contract with the Government of Québec, these entrepreneurial support organizations will play a very important role, acting as an interface between Québec’s Black communities and various services or initiatives dedicated to providing assistance and support to Québec entrepreneurs. The partner organizations will also provide support to businesspeople in their respective communities, including guidance in preparing FONDS AFRO-ENTREPRENEURS loan applications.

The announcement of the creation of the FONDS AFRO-ENTREPRENEURS was made at a ceremony attended by Mr. Raymond Bachand, Minister of Economic Development, Innovation and Export Trade, Minister of Tourism and Minister Responsible for the Montréal Region, and Ms. Yolande James, the Minister of Immigration and Cultural Communities.

Filaction, created on the initiative of Fondaction CSN, provides Québec companies and micro-credit funds with a part of the capital required to reach their economic and social development objectives (www.filaction.qc.ca).

Copyright ® 2012 Tous droits réservés, Fonds afro-entrepreneurs.