Prime Minister Justin Trudeau speaks during a press conference as he unveils plans for greater support for Black businesses, at HXOUSE in Toronto, Wednesday, Sept. 9, 2020. (The Canadian Press/Cole Burston)

Canadian government announces financial support for Black owned businesses

The Canadian government has committed to supporting Black entrepreneurs and business owners across the country to recover from the COVID-19 pandemic and grow their businesses by launching Canada’s first ever Black Entrepreneurship Program.

According to an announcement from Canadian Prime Minister Justin Trudeau on Wednesday, nearly $93 million of funding will come from the Canadian government over the next four years, and $128 million of funding will come from eight Canadian financial institutions. 

 “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,” Trudeau said in a press release

“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,” he added.

The Black Entrepreneurship Program will include up to $53 million to support Black business owners access funding, mentorship, financial planning and business training. 

Up to $33.3 million will go towards the new Black Entrepreneurship Loan fund that will provide loans between $20,000 and $250,000 for Black business owners.

The program also includes up to $6.5 million to create a Black entrepreneurship Knowledge Hub to collect data on Black entrepreneurship in Canada, and help identify barriers of success and opportunities for growth for Black entrepreneurs

The government of Canada said that they are working closely with Black business owners and Black-led organizations so that the new program reflects the realities and needs of Black Canadians, as well as create opportunities so they can recover from the economic impact of COVID-19. 

“For too long, Black entrepreneurs and business owners have faced systemic barriers to their success, and the COVID-19 pandemic has had a disproportionate effect on them,” said Canada’s Minister of Small Business, Export Promotion and International Trade, Mary 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.”

According to a press release, details on the process to apply for the fund and eligibility will be released in the coming weeks.  

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