Canada Is Creating The Country's First-Ever Black Entrepreneurship Program
This is huge! The Black Entrepreneurship Fund Canada is creating will now help Black business owners across the country.
The federal government, in partnership with Canadian banks, is investing nearly $221 million to launch the country's first-ever Black Entrepreneurship Program.
Justin Trudeau announced that it will support thousands of Black business owners through the economic recovery following the COVID-19 pandemic and into the coming months and years.
$221 million
invested in the program
There will be funding to support three new initiatives: a National Ecosystem Fund, a Black Entrepreneurship Loan Fund and a Black Entrepreneurship Knowledge Hub.
With the National Ecosystem Fund, there will be access to financial planning services and business training.
The second initiative will address systemic barriers to getting loans from financial institutions by making these businesses eligible for loans of up to $250,000.
Then the new Knowledge Hub will identify the barriers standing in the way of Black entrepreneurs and highlight opportunities for future growth.
It will be run by Black-led business organizations in partnership with learning institutions.
Trudeau said that this program wouldn't be possible without the leadership of these kinds of organizations.