The Canadian federal government has finally done something worth looking at. They have created a new funding program to help Black Canadians starting a business get a business loan with the various national banks.
Prime Minister, Justin Trudeau announced the $221 million Black owned business loan program after the long COVID-19 Pandemic impacted businesses across Canada and affected Black Canadians and showed the inequality in Canada.
The Black Canadian loan funding program
The total value of the program is set at $221 million over a period of 4 years, with $93 million of that coming from the federal government and the rest from Canadian financial institutions ( the banks ).
The new program will include $53 million for Black business organization to help entrepreneurs access funding, mentorship, financial planning and business training.
Time to get started working in your business plan and get the funds you need!
Call 1-800-288-9691 to speak to a small business and funding expert now.
$6.5 million of the funding will go to collect data in the state of Black entrepreneurs which will help identify the various that are preventing Black Canadians from succeeding in business.
Ottawa, and the 8 major banks are also helping create a loan program which will find Black owned businesses in Canada with small business loans of $25,000 to $250,000, depending on the funding needs, business type, business plan..etc
Speak to a Canada Startups funding Expert to determine your eligibility and see what you will need to succeed.
This all comes as support for Black businesses which 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.
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