Supporting Black Entrepreneurs

Prime Minister Justin Trudeau has recently announced the country's investment plan of $221 million in order to support Canada’s first-ever Black Entrepreneurship Program.

About The Program

The Black Entrepreneurship Program is aimed to assist black business owners and black entrepreneurs in Canada. The program will work together with organizations led by black individuals in Canada to better understand the needs and hardships that many black Canadians face. Over the next four years, the program intends to assist black businesses and black entrepreneurs by investing:

1. Up to $53 million to develop and implement a new National Ecosystem Fund to support black-led business organizations across the country.

2. Up to $33.3 million in support through the new Black Entrepreneurship Loan Fund that will provide loans between $25,000 and $250,000 for black business owners and entrepreneurs.

3. Up to $6.5 million to create and sustain a new Black Entrepreneurship Knowledge Hub.

What is the Goal?

The program will aim to enhance the Canadian government's current initiatives to address systemic racism. Further steps will be taken to advance Canada’s Anti-Racism Strategy, which was launched in 2019. Canada’s Anti-Racism Strategy was created by the Canadian government for the purpose to take action in fighting racism and discrimination, by exemplifying leadership from government officials, empowering black communities, and building awareness. The Canadian government's goal is to continuously support black entrepreneurs by creating more opportunities for black owned businesses. In addition, the government plans to enhance:

1. Justice reforms

2. Modern policing structures and standards

3. Local community supports for black Canadians

Partnerships

The Canadian government plans to partner with several financial institutions in order to make $128 million available in additional support to the Black Entrepreneurship Program. The financial institutions involved in the program are:

1. RBC

2. BMO Financial Group

3. Scotiabank

4. CIBC

5. National Bank

6. TD Bank

7. Vancity

8. Alterna Savings

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