Resources for Black Entrepreneurs
It's Black History Month and we are proud to support Black entrepreneurs in the Grey Bruce region. It’s important to reflect on how we can better empower Black entrepreneurs because although we’d like to think Canada is a fair and equal country, there are still barriers to success that disproportionately affect Black entrepreneurs today.
According to a 2021 study conducted by Abacus Data, over ¾ of survey respondents said being Black makes it harder for them to succeed as entrepreneurs. Here are some of the most common challenges cited:
Accessing funding — 75% of respondents said it would be difficult to find $10,000 to support their business.
Trusting banks — less than 20% of respondents said banks would treat them fairly and equitably due to their race.
Finding a supportive network — over 50% of respondents said they don’t know how to find mentors, support, or advice to help them in difficult situations.
In an effort to combat these barriers, there has been a recent influx of programs and resources. Here is a list of some of them to check out:
Black Entrepreneur Program by the Black Opportunity Fund
One organization entrepreneurs can seek is the Black Opportunity Fund, a Black-led non-profit organization that strives for sustainable funding for Black-owned businesses and startups. The Black Opportunity Fund partnered with CIBC and The Canadian Black Chamber of Commerce (CBCC) to provide the Black Entrepreneur Program, which includes up to $200,000 in loans, $2,000 in grants, and 1 year of CBCC-led training and education. Plus, you don’t need to be a CIBC client to apply!
Additionally, the Black Opportunity Fund will launch a lending program in April, so stay vigilant for more details in the near future!
Black Entrepreneur Startup Program by Futurpreneur
Futurpreneur partnered with RBC and BDC to launch their Black Entrepreneur Startup Program and provide up to $60,000 in loans and 2 years of mentorship, along with resources, networking opportunities, and follow-on financing. This means that participants could earn up to $40,000 after 2 years of mentorship, depending on their level of success in the program.
Black Entrepreneur Business Loan by RBC
RBC is also providing a separate business loan to assist Black-owned businesses and startups. Known as the Black Entrepreneur Business Loan, this funding opportunity could provide up to $250,000 to Black entrepreneurs and business owners alongside the Black Entrepreneur Startup Program by Futurpreneur — choosing one doesn’t disqualify the other.
Black Business Global by the Black Business Association of BC
Black Business Global is an online directory of Black-owned businesses throughout Canada that anyone could access. Despite being new, it is a great resource to connect with and support other Black entrepreneurs, especially since admission is free. Additionally, customers could use the website to find and buy from Canadian Black-owned businesses directly.
Black Owned Business Directory from UPlift Black
UPlift Black is a non-profit organization that aims to “UPlift” the Black community in Simcoe County and help individuals rise from systemic racism. One of their many resources is the Black Owned Business Directory, which is convenient for many local entrepreneurs or customers wanting to support other Black entrepreneurs in their region.
Black Entrepreneurship Loan Fund from FACE
FACE is a Black-led non-profit organization that partnered with the Federal Government of Canada to provide the Black Entrepreneurship Loan Fund up to $250,000 for Black-owned businesses and $50,000 for Black startups.
Despite the fund’s appeal, there have been several legitimate concerns raised about its application process, including invasive questions, lack of clarity of application requirements, and poor communication. However, the option is still open for those still interested in signing up and receiving some funding from it.
We hope this list is useful for those in need of support and as always, our programs and services are available to any entrepreneur in the Grey Bruce region regardless of race, ethnicity, religion, gender identity, or sexual orientation.
Please be aware that this is not a comprehensive list of every support for Black entrepreneurs and that we may have missed a few additional resources.