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

Regional district funding phased out for Friends of Fintry

Heritage site volunteer group loses $39,000 grant incrementally over next two years

Vernon council boosts O’Keefe Ranch grant

Proposed increase of $75K passed through council by one vote margin

Vernon’s Vasek Pospisil ousted at French Open

Paris has never been kind to Vernon tennis star, now 0-7 at the Grand Slam event

Vernon company scores global award

Rotech Motor Ltd. named ROTAX Engines Distributor of the Year, beating out European powers

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

U.S. Presidential Debate Takeaways: An acrid tone from the opening minute

Here are key takeaways from the first of three scheduled presidential debates before Election Day on Nov. 3

Peachland resident finds severed bear paw on driveway

Tracie Gordon thought it was a Halloween prank, but it turned out to be a real bear paw

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

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

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

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

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

Most Read