Black Entrepreneur Startup Program (BESP)
Black Entrepreneur Startup Program (BESP) is a financing and loans offered by Futurpreneur for entrepreneurs and small businesses in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador).
A tailored program for young Black entrepreneurs ages 18-39 providing up to $75,000 in inclusive startup loan financing (up to $50,000 from Futurpreneur funded by RBC, plus up to $25,000 from BDC), up to two years of mentorship delivered by a team with lived experience, networking opportunities, resources, and follow-on financing of up to $40,000.
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Program details
The Black Entrepreneur Startup Program (BESP), launched in March 2021 and funded by RBC with additional loan financing from BDC, is specifically designed to address the systemic credit and capital access barriers faced by young Black entrepreneurs. The program is delivered by a dedicated team with their own lived experience. BESP provides $5,000 to $75,000 in inclusive startup loan financing: up to $50,000 from Futurpreneur (funded by RBC) and up to $25,000 from BDC. Participants also receive up to two years of one-on-one mentorship, access to a Canada-wide network of Black entrepreneurs, and business planning tools and resources. A distinctive feature is the availability of up to $40,000 in follow-on financing (funded by RBC) based on the first two to three years of successful business performance. The program includes more inclusive financing criteria, with adjusted credit adjudication recognizing systemic barriers to credit faced by Black entrepreneurs. The Futurpreneur loan portion charges RBC's prime rate + 3% (capped at 9% if prime exceeds 6%), with interest-only payments in the first year and a five-year term.
Who qualifies
Must self-identify as Black. Must be a Canadian citizen or permanent resident aged 18-39 physically residing in Canada. Business must not yet be operational or have been operating full-time for 24 months or less. When there are only two partners, the business must be majority Black-owned (>50%). When there are more than two partners, the business must be at least 25% Black-owned. Intersectionality is welcomed (e.g., those who identify as Black and Indigenous). All general Futurpreneur eligibility criteria also apply.
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