The United States can learn a little something about inclusion from its Canadian attic-dwellers. Earlier this week, Canada’s federal government, through its Innovation, Science and Economic Development (ISED) agency, announced the renewal of the Black Entrepreneurship Program with a $189 million investment.
While DEI initiatives are rolled back in the US and in some departments around Canada, the business world seems to understand the value of Black entrepreneurship, providing opportunities for those companies to survive amid an economic downturn for the middle class.
Organizations like the Federation of African Canadian Economics (FACE) have praised the financial push.
“The Black Entrepreneurship Program is a cornerstone example of how a country— particularly a G20 nation — can prioritize national prosperity through inclusion,” FACE CEO, Tiffany Callender, told Yahoo.
The investment “sends a powerful message that Canada is committed to advancing economic equality for Black and underrepresented communities.”
In the past few years, organizations across various industries have taken advantage of the loan program. Most recipients are organizations that work with a number of small businesses, distributing to their patrons as the needs arise.
The Black Entrepreneurship Alliance (BEA) and the Black Creek Community Health Centre received $3 million under the BEP’s Ecosystem fund, supporting nearly 180 ventures, creating over 80 jobs, and generating almost $2.2 million in revenue. And that’s just one organization.
The success of funds like this relies on organizations that have direct contact with the needs of their business communities. And while these do exist in the states, it feels as if their time is coming to an end sooner rather than later.
The country isn’t perfect, but Canada is still attempting to push the continent forward when it comes to advancing Black businesses
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