Business Challenges and Success
The Canadian federal government has finally done something worth looking at. They have created a new funding program to help Black Canadians starting a business get a business loan with the various national banks.
Prime Minister Justin Trudeau announced the $221 million Black owned business loan program after the long COVID-19 pandemic impacted businesses across Canada and affected Black Canadians and showed the inequality in Canada.
The Black Canadian Loan Funding Program
The total value of the program is set at $221 million over a period of four years, with $93 million of that coming from the federal government and the rest from Canadian financial institutions.
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The new program will include $53 million for Black business organizations to help entrepreneurs access funding, mentorship, financial planning, and business training.
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$6.5 million of the funding will go to collect data on the state of Black entrepreneurs, which will help identify the various barriers that are preventing Black Canadians from succeeding in business.
Ottawa and the eight major banks are also helping create a loan program which will provide Black owned businesses in Canada with small business loans of $25,000 to $250,000, depending on the funding needs, business type, and business plan.
Speak to a Canada Startups funding expert to determine your eligibility and see what you will need to succeed.
This all comes as support for Black businesses, which was one of the requests in a June letter penned by the Parliamentary Black Caucus calling on governments across Canada to immediately address systemic racism.