The COVID-19 pandemic has exacerbated existing systemic barriers faced by Black entrepreneurs and small and medium-sized business owners in Canada. We need to do more to support them and address anti-Black racism.
The Prime Minister, Justin Trudeau, has announced investments of up to nearly $221 million in partnership with Canadian financial institutions (including RBC, BMO Financial Group, Scotiabank, CIBC, National Bank, TD, Vancity, and Alterna Savings) to launch Canada’s first-ever Black Entrepreneurship Program. This program will help thousands of Black business owners and entrepreneurs across the country recover from this crisis and grow their businesses.
The program will include:
- up to $53 million to develop and implement a new National Ecosystem Fund to support Black-led business organizations across the country.
- up to $33.3 million in support through the new Black Entrepreneurship Loan Fund that will provide loans for Black business owners and entrepreneurs.
- up to $6.5 million to create and sustain a new Black Entrepreneurship Knowledge Hub that will collect data and help identify Black entrepreneurs’ barriers to success and their opportunities for growth.
The Government of Canada will continue to support Black entrepreneurs and create opportunities for Black-owned businesses so that they can recover from the economic impacts of COVID-19 and grow in the months and years to come.
Word of the Day:Entrepreneur: a person who operates a business, a business person