Federal Government Allocates $221 Million to Launch Black Entrepreneurship Program
Prime Minister Justin Trudeau was in Toronto on Wednesday where he made a funding announcement to launch a Black Entrepreneurship Program.
The federal government along with financial institutions will invest nearly $221 million to launch the program.
The program will provide up to $53 million to develop and implement a new National Ecosystem Fund to support Black-led business organizations across the country.
It will help Black business owners and entrepreneurs access funding and capital, mentorship, financial planning services, and business training.
$33.3 million will be allocated to support the new Black Entrepreneurship Loan Fund that will provide loans of between $25,000 and $250,000 for Black business owners and entrepreneurs.
RBC, BMO Financial Group, Scotiabank, CIBC, National Bank, TD, Vancity, and Alterna Savings, will make up to $128 million available in additional lending support.
$6.5 million is promised 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. The Hub will be run by Black-led community and business organizations, in partnership with educational institutions.