FACE COALITION SPEAKS UP ON BLACK FUNDING DELAYS

Derek, Entrepreneurship Relationship Manager with the Federation of African Canadian Economics (FACE), shared insights during the Black Excellence Awards 2024, highlighting the organization’s mission to empower African Canadian businesses and entrepreneurs.

Speaking at the event, Derek emphasized the importance of addressing systemic economic challenges faced by the community. “We had the opportunity to tell the Black community what we do at FACE and also answer questions, while discussing the barriers to business growth such as capital acquisition, education, and access to critical information,” he explained.

When asked about the challenges FACE encounters in providing funding to the community, Derek noted that one major hurdle is applicants not being “loan ready.” Many potential borrowers struggle to understand program requirements, or mistakenly perceive the loans as grants. “We need to raise awareness so people understand what they are applying for,” he said.

Derek also addressed concerns regarding response times. While feedback from the community indicated delays in communication, he assured attendees that significant improvements have been made. “We started small, but now we have strengthened our structures. We have increased our workforce, beefed up loan assessment officers, and enhanced customer experience. As a result, backlogs have been drastically reduced, and feedback will come quickly,” he affirmed.

He encouraged those with pending applications to reach out and follow up: “If you have applied and are waiting, connect with us and give a reminder. We will do the magic for you. We are really happy to help.”

Highlighting the organization’s motivation, Derek shared, “What excites us at FACE is seeing our people access the funds. The government has provided allocations, and our role is to ensure these loans reach the community. Come one, come all, and let’s grow the economy together.”

Apologizing for past delays, Derek concluded, “To anyone who has experienced delays, we sincerely apologize. Over the past six months, our speed in responding to clients has been unprecedented. If anyone is still waiting to hear from us, please raise your hand, and we will sort it out.”