Funding for Black Business Owners and Entrepreneurs

Funding for Black Business Owners and Entrepreneurs — Hustl Works - Toronto

Black Entrepreneurship Program 

Announced on: 
Available now: Will be announced in a couple of weeks

Type: Grant and Loan

Amount you can claim: Canada’s first every Black Entrepreneurship Program will provide nearly $221 million in partnership with Canadian financial institutions – including up to nearly $93 million from the Government of Canada over the next four years. The program will include: Up to $53 million to develop and implement a new National Ecosystem Fund to support Black-led business organizations across the country. It will help Black business owners and entrepreneurs access funding and capital, mentorship, financial planning services, and business training. Up to $33.3 million in support through the new Black Entrepreneurship Loan Fund that will provide loans of between $25,000 and $250,000 for Black business owners and entrepreneurs. The Government of Canada is also partnering with financial institutions, including RBC, BMO Financial Group, Scotiabank, CIBC, National Bank, TD, Vancity, and Alterna Savings, to make up to $128 million available in additional lending support. Up to $6.5 million to create and sustain a new Black Entrepreneurship Knowledge Hub that will collect data on the state of Black entrepreneurship in Canada and help identify Black entrepreneurs’ barriers to success as well as growth opportunities.

Who is eligible: The Government of Canada  will launch a call for proposals for Black-led organizations to join and help deliver the National Ecosystem Fund for Black entrepreneurs. More details, including eligibility criteria and how to apply, will follow in the coming weeks.

Now go ahead and get sh*t done!

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