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

Woman who assaulted downtown Nelson business owner sentenced

Nicole Brown was found guilty of assaulting Linda Randall during an attempted shoplift in 2017

RDCK reduces number of properties under evacuation alert from Talbott Creek Fire to 46

Improved visibility has allowed helicopters to resume water suppression efforts on fire

Art as reconciliation: Ymir artist hosting BC Culture Days event

Damian John will lead a workshop titled Exploring Reconciliation Through Creativity

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 20 to 26

Rabbit Day, Hobbit Day and One-Hit Wonder Day are all coming up this week

Quirky Canadian comedy ‘Schitt’s Creek’ takes Emmys by storm with comedy sweep

Toronto-raised Daniel Levy and Ottawa-born Annie Murphy both got supporting actor nods

181 days gone: Family continues to look for man last seen in RCMP custody 6 months ago

Brandon Sakebow’s last known location was leaving Mission RCMP cell, police say; family has doubts

B.C. unveils new cannabis sales programs to help small, Indigenous growers

Government did not say how it will define small producers, but says nurseries will be included in the policy

B.C. transportation minister will not seek re-election

Claire Trevena has held the position since 2017

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

Young B.C. cancer survivor rides 105-km with Terry Fox’s brother

Jacob Bredenhof and Darrell Fox’s cycling trek raises almost $90,000 for cancer research

B.C. migrant, undocumented workers rally for permanent residency program

Rally is part of the Amnesty for Undocumented Workers Campaign led by the Migrant Workers Centre

Preparations underway for pandemic election in Saskatchewan and maybe B.C.

Administrators in B.C. and around the country are also looking to expand voting by mail during the pandemic

Most Read