Toronto, February 20, 2024 – Interac Corp. (Interac) is proud to announce it has partnered with the Federation of African Canadian Economics (FACE) to launch a new business listing map that allows Canadians to find and support more than 8,000 Black-owned businesses across Canada. A first of its kind at this scale, this tool will bridge the gap for Black-owned entrepreneurs who face barriers in bringing visibility to their products and services on a national scale. The interactive map will also be beneficial for large-scale business owners looking to diversify their supply chains.
This tool is part of a new three-year sponsorship with FACE, a Black-led non-profit organization aimed at accelerating wealth creation for the Black community in Canada. In addition to funding the development of the map, the investment from Interac will also help bolster FACE’s overall mission to be the catalyst for Black generational wealth creation.
“We are excited to embark on this transformative partnership with Interac,” said Tiffany Callender, Co-Founder and Chief Executive Officer of FACE. “This alliance signifies a commitment to dismantling barriers and fostering an environment where Black entrepreneurs can thrive. With the support of Interac, including investment in our historic tool mapping Black-owned businesses and knowledge centre, we are addressing the challenges Black Canadians face and creating a roadmap to accelerate wealth creation. Together, we aspire to empower and uplift the vibrant community of Black entrepreneurs, promoting inclusivity and driving positive change across Canada.”
Despite being more likely to start businesses than any other ethnic group, Black entrepreneurs often start with less capital and receive less venture capital funding. A 2021 report commissioned by the African Canadian Senate Group and Senator Colin Deacon on Inclusive Entrepreneurship found that Black entrepreneurs started with just $35,000 on average, compared to over $100,000 for white entrepreneurs. Additionally, less than one per cent of venture capital funding goes to Black founders, making it difficult for them to invest in technology, research, and development.
In line with its community impact commitment, Interac actively collaborates with businesses, organizations, and non-profits to help build financial confidence in Canadians, including diverse small business owners. This includes working alongside organizations such as FACE to bridge resource and education gaps and provide support for entrepreneurs.
“We believe that Canadian entrepreneurs are at the heart of Canada’s economy and our communities. At Interac, we are committed to supporting business owners build their financial and digital confidence so they can stay in charge of their finances and continue to scale,” said Leo Bailey, SMB Director at Interac. “We are excited to support the vital work FACE does to accelerate wealth creation for Black Canadians and look forward to working together to drive positive impact for Black-owned businesses across the country.”
Continuing to build on its commitment to supporting Canadian entrepreneurs, Interac has launched two initiatives over the past year in addition to its sponsorship with FACE. The Dollar One Hub provides resources and tools for entrepreneurs to start and grow their small businesses, while Mindfulness & Money is a community-led program in collaboration with Conscious Economics designed to educate and inspire small business owners in the new economy. Tiffany Callender, Co-Founder and CEO of FACE is one of the core educators of Mindfulness & Money and more than 132,000 Canadians have participated in the program to date. Both initiatives aim to bridge resource gaps and provide support for entrepreneurs, helping them build their financial literacy skills and fueling their long-term business success.
About FACE
FACE is a national and bilingual, Black-led non-profit organization focused on providing resources and information to the Black community across Canada to accelerate wealth creation for Canadians of African descent. In partnership with the Federal Government of Canada, FACE created a Black Entrepreneurship Loan Fund in 2021 to help Black business owners with access to capital investments, working capital, or additional business resources for expansion.
About Interac Corp.
Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money, data, and verification in Canada, security is the core of everything we do. Through our privacy, fraud mitigation, governance, and verification and authentication services, we help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture and corporate citizenship based on the principles of responsibility, diversity, and inclusion. We are proud to be one of Canada’s leading and most trusted financial brands. For more information, visit our website.
For further information: Interac Corp., 416-869-2017, media@interac.ca
Interac is a registered trademark of Interac Corp.
