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Cabinet officials

Breaking Down Barriers: Canada's Black Entrepreneurship Program Exceeds Expectations

Strategic Insights

— 1 min read

The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, highlighted the achievement of important milestones for the Black Entrepreneurship Program, which has helped more than 5,000 Black business owners and entrepreneurs access mentorship, business training, and financing since its launch in 2021. The program's three components, including the Black Entrepreneurship Loan Fund, the National Ecosystem Fund, and the Black Entrepreneurship Knowledge Hub, have demonstrated significant success in addressing systemic barriers faced by Black Canadians in starting and growing their businesses.

Key Takeaways:

  • The Black Entrepreneurship Program has helped more than 5,000 Black business owners and entrepreneurs access mentorship, business training, and financing since its launch in 2021.
  • The Black Entrepreneurship Loan Fund has provided financial support to hundreds of Black-owned businesses through loans totalling more than $30 million.
  • The National Ecosystem Fund has helped more than 5,000 Black entrepreneurs get mentorship, business training, and financial planning advice to grow their businesses.
  • The Black Entrepreneurship Knowledge Hub has begun delivering key research and data to identify barriers to success and opportunities for growth for owners of new and existing Black businesses across the country.
  • The program is part of a whole-of-government approach to address systemic barriers in the financing and entrepreneurship ecosystems.
  • The program is demonstrating that these barriers can be overcome, with ongoing work focused on addressing gaps identified through research and data.

Statistics:

  • More than 5,000 Black business owners and entrepreneurs have accessed mentorship, business training, and financing through the Black Entrepreneurship Program since its launch in 2021.
  • The Black Entrepreneurship Loan Fund has provided loans totalling more than $30 million to hundreds of Black-owned businesses.
  • The National Ecosystem Fund has helped more than 5,000 Black entrepreneurs access mentorship, business training, and financial planning advice.
  • The Black Entrepreneurship Knowledge Hub has held its first research symposium in November 2022.

Sources:

  • "Black Entrepreneurship Program" by the Government of Canada
  • "Speech by Minister Mary Ng" by the Government of Canada
  • "Black Entrepreneurship Program Exceeds Expectations" by Al Bawaba
  • "SyndiGate Media Inc."

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