The federal government is opening the doors to a loan program that will provide financing to black-owned businesses.
The Black Entrepreneurship Loan Fund will provide loans of up to $ 250,000 for majority black-owned businesses, or entrepreneurs for their startups or existing for-profit small businesses.
Social enterprises, partnerships and cooperative enterprises are also eligible for funding.
The government says applicants must have a company number, a business plan and financial statements, or project plans in the case of startups.
“This loan fund partnership unleashes our extraordinary potential and creates economic prosperity for all Canadians.”
A recent survey of 342 black entrepreneurs, commissioned by the African-Canadian Senate Group, found that three-quarters of respondents said their race makes it harder to succeed in business, with systemic racism, access to capital and the lack of a business network, all cited as obstacles to growth.
