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Prime Minister Trudeau sets $221M for Black Entrepreneurship Program

Introducing Canada’s first-ever Black Entrepreneurship Program. Prime Minister Trudeau has made history, along with the directions of Black business organizations and Black business owners and organizations.

Canadian Black business owners are getting a cool $221 million business loan program. The goal is to foster growth over the next 4 years. who have been disproportionately affected by the COVID-19 crisis. Trudeau’s plans for the financing to be distributed till 2024. A sum of $93 million is being funded by the government itself. The rest is being bankrolled by Canadian financial institutions.

Government, Banks and Corporate Canada working to build up Black businesses

Trudeau’s funding plan seems well thought out considering that the financial institutions will offer loans ranging between $25,000 and $250,000. The obstacles facing Canadian Black business owners are unknown. As a result, there’s also $6.5 million set aside for research. A total of $53 million will go toward helping Black entrepreneurs access funding, mentorship, financial planning and business training.

Trudeau added that “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… 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,”

Statements from the Minister of Small Business, Export Promotion and International Trade support this plan. Mary Ng, says “the government is taking real action to support Black entrepreneurs.” 

“For too long, Black entrepreneurs and business owners ha≈zfdve faced systemic barriers to their success, and the COVID-19 pandemic has had a disproportionate effect on them,” says Ng. “With Canada’s first-ever Black Entrepreneurship Program, our government is taking real action to support Black entrepreneurs recovering from COVID-19, and empower them to start up, innovate, grow, and succeed. We will continue to do whatever it takes to support all small business owners and entrepreneurs across the country.”

Government and banks partner with community and corporate leaders

Andria Barrett, president of the Canadian Black Chamber of Commerce thestar.com

Since the start of our racial revolution, several organisations like Tech Network, have been launched to fortify Black communities. This organisation aims to bridge gaps in the tech industry. They provide Black professionals with access to sponsorship, skill development and a strong peer network to support their career growth.

According to Betakit, the Tech Network partnered with companies vowing “to create a more reflective, supportive and transformational space for Black tech professionals in Canada.”

Another Canadian initiative called BlackNorth, is purposed with removing systemic barriers for Black-owned businesses. The Coalition of Innovation Leaders Against Racism is a diverse group of senior leaders pledging to create pathways for Black people. The Canadian Black Chamber of Commerce requested $165 million from the government to assist Black business owners who didn’t qualify for assistance.

“Many Black business owners in the country have not been able to get any financing or any funding to support them,” Andria Barrett, president of the Canadian Black Chamber of Commerce, said at a press conference. “We want COVID-19 funding for the Black business community.”

Black businesses are the backbone of the community.

“We need an economic recovery that’s inclusive and equitable for all Canadians,” the prime minster said. “An investment in Black excellence is an investment in economic empowerment, and economic empowerment is an essential part of justice.”

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