Government of Canada Launches Black Entrepreneurship Knowledge Hub to Address Systemic Barriers

Strategic Insights -

The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced the launch of the Black Entrepreneurship Knowledge Hub, a key component of the Black Entrepreneurship Program designed to support the long-term success of Black entrepreneurs and business owners. The Knowledge Hub, established through a $5 million investment from the government, will conduct research and collect data on Black entrepreneurship in Canada, identifying barriers to success and opportunities for growth.

As part of the Black Entrepreneurship Program, a $400 million investment aims to address long-standing barriers faced by Black Canadian business owners and entrepreneurs. The program includes the National Ecosystem Fund, the Black Entrepreneurship Loan Fund, and the Black Entrepreneurship Knowledge Hub.

Carleton University and Dream Legacy Foundation have been chosen to establish the Black Entrepreneurship Knowledge Hub, with a regional hub to be created across the country. The Hub will work collaboratively with community organizations to co-develop research on Black entrepreneurship, including a mapping of the Black entrepreneurship ecosystem.

Key Takeaways:

  • The Black Entrepreneurship Program is a $400 million investment to support the long-term success of Black entrepreneurs and business owners.
  • The program includes the National Ecosystem Fund, providing up to $104.7 million for services and support to Black entrepreneurs and business owners.
  • The Black Entrepreneurship Loan Fund will provide loans of up to $250,000 to Black business owners and entrepreneurs.
  • The Black Entrepreneurship Knowledge Hub, established through a $5 million investment, will conduct research and collect data on Black entrepreneurship in Canada to identify barriers to success and opportunities for growth.
  • Carleton University and Dream Legacy Foundation have been chosen to establish the Black Entrepreneurship Knowledge Hub, with a regional hub to be created across the country.

Statistics:

  • $400 million investment in the Black Entrepreneurship Program
  • Up to $104.7 million for the National Ecosystem Fund
  • Up to $291 million for the Black Entrepreneurship Loan Fund
  • Up to $6.5 million for the Black Entrepreneurship Knowledge Hub
  • $51.7 million from Budget 2021 for the National Ecosystem Fund
  • 3 pillars in the Black Entrepreneurship Program: National Ecosystem Fund, Black Entrepreneurship Loan Fund, and Black Entrepreneurship Knowledge Hub

Sources:

  • Government of Canada
  • Black Entrepreneurship Program
  • Black-led business organizations
  • Post-secondary educational institutions
  • Financial institutions
  • Euclid Infotech Pvt. Ltd.
  • Contify.com