Canada Prime Minister Unveils Plan To Invest Up To $221 Million For Black Entrepreneurs & Business Owners
Justin Trudeau, Prime Minister of Canada, announced a major move towards moving Black business forward.
The Canadian government recognizes during the COVID-19 pandemic, the existing systemic barriers faced by Black entrepreneurs and small and medium-sized business owners in Canada and is taking a stance to do something about it. A statement on the Prime Minister’s website reads:
Investments of up to $221 million dollars in partnership with Canadian financial institutions – including up to nearly $93 million from the Government of Canada over the next four years – to launch Canada’s first-ever Black Entrepreneurship Program.
Prime Minster Justin Trudeau said,
“The pandemic has shone a light on the inequalities that disproportionately hurt Black Canadians, and has underscored the need to restart our economy in a way that allows all Canadians an equal chance to succeed. That is why today – thanks in part to the leadership, advocacy, and expertise of Black business owners and Black-led organizations – we are announcing Canada’s first-ever Black Entrepreneurship Program. As we move forward, this program will help support Black entrepreneurs and create new opportunities for Black-owned businesses, so they are well-positioned for our economic recovery.”
A news press release for the announcement that 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 of between $25,000 and $250,000 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 on the state of Black entrepreneurship in Canada and help identify Black entrepreneurs’ barriers to success as well as opportunities for growth.
This is a major move for Canada’s Black business owners. Share your thoughts on the new program with us.