The Government of Canada announced a new program that will support Black Canadian entrepreneurs for the foreseeable future.
The Black Entrepreneur Program will assist thousands of Black business owners across the country. Canada will invest $221 million in partnership with Canadian financial institutions, in addition to $93 million over the next four years, according to a release from Women’s Enterprise Centre.
The initiative includes:
- 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. The Hub will be run by Black-led community and business organizations, in partnership with educational institutions.
Stay tuned to our blog for more information and news that could possibly help you and your business!