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Entrepreneurs

Canada Invests $189 Million in Black Entrepreneurship Program for Inclusive Economic Growth

Strategic Insights

— 1 min read

The Honourable Marjorie Michel, Minister of Health, on behalf of the Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), announced the renewal of the Black Entrepreneurship Program (BEP) with a significant investment of $189 million. This funding aims to enhance the program's components, including the Loan Fund, the Knowledge Hub, and the Ecosystem Fund, to support Black entrepreneurs across Canada in starting, scaling, and succeeding in their businesses. The BEP has already made a significant impact, supporting nearly 24,000 Black entrepreneurs with mentorship, training, and networks, while the Loan Fund has approved over $70 million in financing to businesses hiring, exporting, and innovating nationwide.

Key Takeaways:

  • The Black Entrepreneurship Program (BEP) receives a renewed investment of $189 million, with the goal of supporting Black entrepreneurs in Canada.
  • The BEP has three components: the Loan Fund, the Knowledge Hub, and the Ecosystem Fund, which will continue working together to unlock opportunities for Black business owners.
  • The program aims to address anti-Black racism and systemic barriers through its economic initiatives and as part of Canada's Black Justice Strategy.
  • The Federation of African Canadian Economics (FACE) and the Business Development Bank of Canada (BDC) have agreed to continue their collaboration in supporting Black entrepreneurs' access to capital.
  • Since its launch, the BEP has supported nearly 24,000 Black entrepreneurs with mentorship, training, and networks.
  • The Loan Fund has approved over $70 million in financing for businesses hiring, exporting, and innovating nationwide.

Statistics:

  • $189 million: The renewed investment in the Black Entrepreneurship Program (BEP).
  • 24,000: The number of Black entrepreneurs supported by the BEP since its launch.
  • $70 million: The amount of financing approved by the Loan Fund for businesses hiring, exporting, and innovating nationwide.
  • 3: The number of components in the BEP (the Loan Fund, the Knowledge Hub, and the Ecosystem Fund).

Sources:

  • Government of Canada News (2) October 20, 2025
  • MIL-OSI Publisher

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