Federal funding for Black entrepreneurs a 'beacon of hope,' though barriers persist
CTV
Launched in September 2020, Canada's Black Entrepreneurship Program is aimed at helping Black business owners overcome barriers they face navigating financial institutions and entrepreneurship in general. But academics and advocates point out the barriers Black people continue to face while interacting with these institutions.
When Sean Whyte opened a fashion store in early 2020, he had no idea a global pandemic would force him to throw out his business plan within a couple of months.
Whyte's Kelowna business, Grey Hearts Denim, pivoted from selling a range of fashion attire to making denim face masks.
And while finding a way to be productive during a global pandemic was rewarding, Whyte knew he needed help to get his business off the ground again.
So when he heard the federal government was launching the Black Entrepreneurship Program in September 2020, he says he was invigorated.
"It was a beacon of hope for a lot of us," he said.
The federal government said the program was aimed at helping Black business owners overcome barriers they face navigating financial institutions and entrepreneurship in general.
By partnering with Business Development Bank of Canada and financial institutions, nearly $300 million in loans were made available through the program.
