Minister Valdez marks Black History Month by highlighting the federal government's intention to extend the Black Entrepreneurship Program

OTTAWA, ON, Feb. 6, 2025 /CNW/ - Black Canadian business owners and entrepreneurs play a vital role in Canada's economy, yet they continue to face systemic barriers when it comes to starting and growing their businesses. The federal government is taking action to address these challenges through Canada's first-ever Black Entrepreneurship Program (BEP).

Today, the Honourable Rechie Valdez, Minister of Small Business, met with BEP partners, Black business owners and community leaders to discuss the impact of this historic program and reaffirm the federal government's ongoing support for Black entrepreneurs and business owners.

Since its launch in 2021, BEP has made a tangible difference in supporting Black business owners across the country. The Black Entrepreneurship Loan Fund has approved over $65 million in loans to support more than 700 Black-owned businesses. The National Ecosystem Fund has worked with 43 Black-led organizations to provide mentorship, training and financial advice to nearly 16,000 Black entrepreneurs.

Minister Valdez underscored that the federal government intends to build on this success by investing an additional $189 million to extend BEP for five more years, as announced in the 2024 Fall Economic Statement. This investment will ensure Black entrepreneurs continue to have access to the funding, mentorship and business supports they need to succeed.

Minister Valdez also highlighted a major milestone for Black entrepreneurs—the official launch of the Black Entrepreneurship Knowledge Hub's (BEKH) Ecosystem Mapping Tool, which will take place tomorrow.

This interactive platform will enable Black-owned businesses across Canada to tap into critical resources, mentorship and investment opportunities as well as boost their profile among customers. The tool will also provide valuable data to help shape future government policies and support programs. Since its early rollout in August 2024, the mapping tool has already had a significant impact in boosting visibility and strengthening connections within the Black business community.

BEP is helping Black business owners start, grow and scale their businesses across Canada. Through continued investment, innovative tools like the Ecosystem Mapping Tool, and strong partnerships with Black-led organizations, the federal government remains committed to breaking down barriers and fostering inclusive economic growth.

Quotes

"Black entrepreneurs drive innovation, create jobs and make our communities stronger. That's why our government launched Canada's first-ever Black Entrepreneurship Program—to level the playing field and ensure that Black business owners have the funding, mentorship and resources they need to thrive. With a further $189 million investment, we're reaffirming our intention to support Black-led businesses for years to come."

– The Honourable Rechie Valdez, Minister of Small Business

Quick facts

• The Black Entrepreneurship Program is a partnership between the Government of Canada, Black-led business organizations, post-secondary or other accredited educational institutions, and the Business Development Bank of Canada. It has three components:
  • The $100 million National Ecosystem Fund has funded 43 not-for-profit organizations across the country that are now delivering mentorship, business training and financial planning services to businesses.
  • The $160 million Black Entrepreneurship Loan Fund ($30 million from the government and $130 million from BDC), delivered by the Federation of African Canadian Economics (FACE), provides loans of up to $250,000 to Black business owners and entrepreneurs.
  • The $5 million Black Entrepreneurship Knowledge Hub conducts qualitative and quantitative research and collects data on the state of Black entrepreneurship in Canada to help identify Black entrepreneurs' barriers to success as well as opportunities for growth. Carleton University and the Dream Legacy Foundation have partnered to establish the Knowledge Hub.

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SOURCE Innovation, Science and Economic Development Canada

Contacts: Callie Franson, Senior Communications Advisor and Issues Manager, Office of the Minister of Small Business, [email protected], 613-297-5766; Media Relations, Innovation, Science and Economic Development Canada, [email protected]