Prime Minister Justin Trudeau sits alongside HXOUSE co-founder Ahmed Ismail, as he meets with Black entrepreneurs at HXOUSE in Toronto, Wednesday, Sept. 9, 2020. THE CANADIAN PRESS/Cole Burston

Trudeau announces cash for loans, support to Black Canadian entrepreneurs

The new program will include $53 million for Black business organization to help entrepreneurs access funding

The federal government is creating a new national program to help Black Canadians get business loans with national banks.

Prime Minister Justin Trudeau says the COVID-19 pandemic has disproportionately affected Black Canadians and put a spotlight on inequality in Canada.

The new program will include $53 million for Black business organization to help entrepreneurs access funding, mentorship, financial planning and business training.

Another $6.5 million will go to collect data on the state of Black entrepreneurship and identify the barriers preventing Black Canadians from succeeding in business.

Ottawa and eight major financial institutions are also creating a loan program to fund Black entrepreneurs with loans between $25,000 and $250,000.

Support for Black businesses was one of the requests in a June letter penned by the Parliamentary Black Caucus calling on governments across Canada to immediately address systemic racism.

The Canadian Press

EntrepreneursRacial injustice

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C. salmon farms challenge activists’ demands for site closures

News reporting also unfair, inaccurate and distorted

Tofino considers beach fire ban after tumultuous summer

“It’s a juggling act, constantly.”

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

Vancouver Island Indigenous leaders supportive of B.C.’s new plan for old forest preservation

More than 260,000 hectares in Clayoquot Sound mapped for immediate old growth harvesting deferral

HISTORY COLUMN: Reflecting on the 32nd anniversary of Canada’s apology to Japanese-Canadians

Japanese-Canadians an integral part of Tofino and Ucluelet’s history.

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

‘Bonnie’ and ‘Henry’ among latest litter of service dog puppies

B.C. Alberta Guide Dogs names two pups after provincial health officer

B.C. VOTES 2020: Few solutions offered for ‘out of control’ camping

B.C. Liberals, NDP spend millions as problem keeps growing

Most Read