The government of Canada is launching a new national program to help Black Canadians acquire business loans with national banks.
While talking about the program, Justin Trudeau said the COVID-19 pandemic has harshly affected Black Canadians and has put a question mark on inequality in Canada.
When launched, the program will include $53 million for Black business organization to enable business ownerss access fund, mentorship, financial planning and training.
Also, another sum $6.5 million will be earmarked for data collection on the state of Black entrepreneurship and discover the barriers obstructing Black Canadians from succeeding in their businesses.
Ottawa and eight prominent financial institutions are also establishing a loan program which will avail Black entrepreneurs with loans of between $25,000 and $250,000.
Support for Black businesses was part of the requests of a June letter written by the Parliamentary Black Caucus urging governments across Canada to instantly tackle systemic racism.
