All Canadians deserve an equal chance to succeed. Canada’s first-ever Black Entrepreneurship Program will provide nearly $221 million in targeted supports to strengthen our Black-owned businesses, and help towards their future success.

These supports include:

• up to $53 million to develop and implement a new National Ecosystem Fund to support Black-led business organizations across the country access funding and capital, mentorship, financial planning services and business training
• up to $33.3 million in support through the new Black Entrepreneurship Loan Fund that will provide loans of between $25,000 and $250,000 for Black business owners and entrepreneurs.
• The Government of Canada is also partnering with financial institutions, including RBC, BMO Financial Group, Scotiabank, CIBC, National Bank, TD, Vancity, and Alterna Savings to make up to $128 million available in additional lending support.
• up to $6.5 million to create and sustain a new Black Entrepreneurship Knowledge Hub — run by Black-led community and business organizations, in partnership with educational institutions — that will collect data on the state of Black entrepreneurship in Canada and help identify Black entrepreneurs’ barriers to success as well as opportunities for growth.

The Government of Canada will continue to support our Black entrepreneurs, and help create opportunities for Black-owned businesses so that they can recover from the economic impacts of COVID-19 and grow in the months and years to come.