Trudeau announces cash for loans, support to Black Canadian entrepreneurs
OTTAWA -- 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
- Many Black-owned businesses deemed ineligible for government aid
- Ontario government appoints Black reviewer for Peel school board anti-Black racism review
- Peel school board anti-Black racism review under fire for not having a Black reviewer
- Ontario Launching New Program for Black Youth
- Ontario Now Has its First Anti-Black Racism Strategy
- Drugs found at kids playland, 19 from Brampton busted as international trafficking ring smashed, police release all names
- Ontario premier Doug Ford in isolation
- One of the best pho places in Mississauga is closing permanently
- Mississauga and Brampton residents can expect changes to garbage collection
- Mississauga and Brampton businesses will be ordered closed if COVID-19 cases found