Prime Minister Justin Trudeau sits alongside HXOUSE co-founder Ahmed Ismail, as he meets with Black entrepreneurs at HXOUSE in Toronto, Wednesday, Sept. 9, 2020. THE CANADIAN PRESS/Cole Burston

Trudeau announces cash for loans, support to Black Canadian entrepreneurs

The new program will include $53 million for Black business organization to help entrepreneurs access funding

The federal government is creating a new national program to help Black Canadians get business loans with national banks.

Prime Minister Justin Trudeau says the COVID-19 pandemic has disproportionately affected Black Canadians and put a spotlight on inequality in Canada.

The new program will include $53 million for Black business organization to help entrepreneurs access funding, mentorship, financial planning and business training.

Another $6.5 million will go to collect data on the state of Black entrepreneurship and identify the barriers preventing Black Canadians from succeeding in business.

Ottawa and eight major financial institutions are also creating a loan program to fund Black entrepreneurs with loans between $25,000 and $250,000.

Support for Black businesses 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.

The Canadian Press

EntrepreneursRacial injustice

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Oak Bay couple honoured for 35 years volunteering

Mayor awards distinguished Oak Leaf to Bert and Doris Dinsmore

Hospital foundation president praises generosity of Peninsula residents

Karen Morgan said support during COVID-19, financial and otherwise, has been touching

Meet the Liberal candidate for Oak Bay-Gordon Head

Roxanne Helme about ‘governance, not politics’

New Democrats on Saanich Peninsula still looking to announce candidate

While BC Liberals have nominated Stephen Roberts, New Democrats have not yet announced candidate

Sidney’s Cascadia Seaweed hopes to float to the top of a growing industry

Food products based on seaweed could hit local shelves in spring 2021

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

POLL: Do you agree with the decision to call a provincial election for Oct. 24?

British Columbians will put their social distancing skills to the test when… Continue reading

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

Few are actually restricting the total number of skiers they allow on the hill

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A (virtual) walk around the world by 88-year-old B.C. man

George Doi says it’s simple: ‘I like walking’

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

Horgan, Wilkinson trade barbs over MSP premiums, health care at campaign stops

Horgan called a snap election for Oct. 24 earlier this week

Most Read