The federal government says new financial supports for Black entrepreneurs and business owners is a first step in its plan to tackle systemic racism, while working to identify barriers to success.
Ottawa says COVID-19 has highlighted and exacerbated existing systemic barriers faced by Black entrepreneurs.
Prime Minister Justin Trudeau announced investments of up to nearly $221 million in partnership with Canadian banks, including up to $93 million from the Government of Canada over the next four years. The program is the first of its kind in Canada.
Trudeau says the ideas and the ability to succeed are all there within the Black community, but access to funding remains an obstacle.
“What this program will do over the coming four years is ensure, by working with financial institutions there is much greater access to capital for these Black businesses, which face systemic barriers and discrimination every single day,” he said,