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

Ootischenia man fined for driving vehicle held together by bungee cord

Vehicle also had improper plates and no insurance

Rossland resident Aerin Bowers completes 19-km swim along Christina Lake

Bowers said her dad inspired her to complete the epic adventure

Without federal aid, the future of B.C. air transport is bleak

Air traffic remains down 75 to 85 per cent

Community comes together to create outdoor classroom at Kootenay school

Brent Kennedy Elementary has a new learning space thanks to an inspired teacher Kalesnikoff Lumber

Up to 90 people forced to evacuate Sandman Inn in Castlegar on Monday night

A heating appliance in hotel started to burn dust and caused smoke alarm to go off

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Horgan blasts B.C. Greens for refusing youth overdose detention

Lack of support key to B.C. election call, NDP leader says

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

Grand jury indicts police officer in Breonna Taylor death

Officer Brett Hankison was charged with three counts of wanton endangerment

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

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

First 8 months of fatal overdoses in B.C. have now exceeded 2019 death toll

Nine people died every two days in August, BC Coroners Service data shows

Attorney General of Canada defends Kelowna Mountie involved in rough arrest

Tyler Russell filed a lawsuit against Const. Siggy Pietrzak in June of this year

Most Read