The Afro-Entrepreneurs Fund is aimed exclusively at businesspeople from a black community in Quebec who run a company.
Since all industry segments are covered, a broad range of projects qualify for funding from the Afro-Entrepreneurs Fund: growing businesses in a variety of fields that include the manufacturing, processing, retail and service industries.
The Afro-Entrepreneurs Fund provides funding to small businesses in the form of a direct loan of from $50,000 to $500,000.
In some cases guarantees are required, depending on the type of project and level of risk. They consist of, for example, guarantees backed by the funded assets, if the assets have a resale value.
Loan recipients must repay the loan granted by Afro-Entrepreneurs Fund in periodic instalments, usually monthly. They must also agree to provide regular financial updates.
Special arrangements may be made regarding the term of the loan, repayment frequency and amount, and use of the funding, depending on the company’s needs.