Canada's first-ever Black Entrepreneurship Program
September 11, 2020
Recently, the Government of Canada announced Canada’s first-ever Black Entrepreneurship Program to support Black business owners and entrepreneurs and address longstanding systemic barriers to success. This investment of up to nearly $221 million, including up to $93 million from our government and up to $128 million committed in lending capital from financial institutions, will help thousands of Black business owners and entrepreneurs across the country recover from this crisis and grow their businesses by providing:
- 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 between $25,000 and $250,000 for Black business owners and entrepreneurs; and
- 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.