September 2020

Justin Trudeau Announces $221 Million Loan Program for Black Entrepreneurs

Canadian Prime Minister Justin Trudeau has announced a new multi-million dollar program specifically for Black Canadians. .The program will help Black entrepreneurs get business loans with national banks. .We've heard very clearly from the Black community that economic empowerment is an essential step toward breaking down those barriers and creating true success …, Justin Trudeau, via CBC. $93 million will come directly from the federal government. .$53 million of that federal money will go toward increasing access to funding, mentorship, business training and financial planning services. .$33 million will go directly toward funding loans. An additional $6.5 million will go toward collecting data pertaining to the current state of Black entrepreneurship in the country. .The remaining $128 million of the program will be contributed by eight Canadian financial institutions. That funding will be used to provide loans between $25,000 and $250,000to Black business owners.