Trudeau announces liquidity for loans and support for black Canadian entrepreneurs

The program will also identify the barriers that prevent Black Canadians from succeeding in business.

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OTTAWA – The federal government is creating a new national program to help black Canadians obtain commercial loans from national banks.

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Prime Minister Justin Trudeau said the COVID-19 pandemic has disproportionately affected black Canadians and highlighted inequalities in Canada.

The new program will include $ 53 million for black business organizations to help entrepreneurs access financing, mentorship, financial planning and business training.

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Another $ 6.5 million will be used to collect data on the state of black entrepreneurship and identify barriers that prevent black Canadians from succeeding in business.

Ottawa and eight major financial institutions are also creating a loan program to finance black entrepreneurs with loans between $ 25,000 and $ 250,000.

Support for black businesses was one of the demands in a June letter from the black parliamentary caucus calling on governments across Canada to immediately tackle systemic racism.