Black Enterpreneurship. Image credit: Pixaby
#Canada; #BlackEntrepreneurship; #Ecosystem; #SmallBusiness; #EconomicDevelpment
Ottawa/CMEDIA: In celebration of Black History Month today Mary Ng, Minister of International Trade, Export Promotion, Small Business, and Economic Development, announced new recipients of Black Entrepreneurship Ecosystem Fund support.
She was joined by Greg Fergus, Parliamentary Secretary to the Prime Minister and to the President of the Treasury Board and Chair of the Parliamentary Black Caucus; Nadine Spencer, CEO of the Black Business and Professional Association; Tiffany Callender, CEO of the Federation of African Canadian Economics; and Arielle Kayabaga, Member of Parliament for London West.
Keeping in mind the immense contributions of Black Canadian business owners and entrepreneurs to the Canadian economy, while continuing to face systemic racism and obstacles in their businesses further exacerbated by the COVID-19 pandemic, the Government of Canada introduces its first-ever Black Entrepreneurship Program of a $265 million investment to support the long-term success of Black entrepreneurs and business owners in overcoming their barriers.
Minister Ng announced that 10 more Black business organizations will receive investments totaling more than $23 million from the National Ecosystem Fund to strengthen their entrepreneurship ecosystem. Leaders from these organizations joined the conversation with Minister Ng to share the work they are doing to support Black entrepreneurs from coast to coast to coast.
- The Tribe Network
- The Fabienne Colas Foundation
- Côte des Neiges Community Association Inc.
- Audace au Féminin
- Centre d’encadrement pour jeunes femmes immigrantes
- Réseau des Entrepreneurs et Professionnels Africain
- Orijin village
- The Afro-Heritage Association of Sudbury
- BIPOC Foundation
- Canadian Imperial Advantage
The Ecosystem Fund, with an overall investment of $100 million, has already approved funding of $92 million for 38 Black-led organizations across the country in providing mentorship, networking, financial planning, and business training for Black entrepreneurs.
“Black entrepreneurs are critical to Canada’s economy. The recipients joining our National Ecosystem Fund network are doing crucial work to support Black entrepreneurs across the country and building capacity to ensure success for years to come,” said Mary Ng in a news release.
- The Black Entrepreneurship Program is a partnership between the Government of Canada, Black-led business organizations, post-secondary or other accredited educational institutions, and financial institutions. Program funding includes:
- up to $100 million for the National Ecosystem Fund, including $50 million from Budget 2021;
- $160 million for the Black Entrepreneurship Loan Fund, which will provide loans of up to $250,000 to Black business owners and entrepreneurs; and
- up to $5 million for the Black Entrepreneurship Knowledge Hub, which will conduct qualitative and quantitative research and collect data on the state of Black entrepreneurship in Canada and help identify Black entrepreneurs’ barriers to success as well as opportunities for growth. Carleton University and the Dream Legacy Foundation have partnered to establish the Knowledge Hub.