Written by: Tricia
The Honourable Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism), highlighted the vital contributions of Black entrepreneurs to Canada’s economy and reaffirmed the federal government’s commitment to supporting their success.
Black entrepreneurs play a key role in building businesses, creating jobs and driving innovation in communities across the country. Their work strengthens Canada’s economy and helps position it for long-term growth in an increasingly competitive global landscape.
To support this momentum, the Government of Canada has renewed the Black Entrepreneurship Program, backed by a $189 million federal investment. The program helps Black entrepreneurs start, grow and scale their businesses, while addressing persistent barriers to accessing capital, networks and opportunities.
“Black entrepreneurs are building businesses, creating jobs and driving innovation in communities across Canada. Their success strengthens our economy and helps position Canada for long-term growth. That is why our government has renewed the Black Entrepreneurship Program, with a significant federal investment of $189 million. This funding is helping more Black entrepreneurs start, grow and scale their businesses, while continuing to address barriers to capital, networks and opportunity”.
Since its launch in 2021, the Black Entrepreneurship Program has supported more than 24,000 Black entrepreneurs through mentorship, training and financing. Through the Black Entrepreneurship Loan Fund, over $70 million in financing has been approved across more than 800 loans, enabling businesses to expand into new markets, create jobs and contribute to a stronger Canadian economy.
The government also recognizes that many Black entrepreneurs continue to face systemic barriers, particularly Black women and 2SLGBTQI+ entrepreneurs, who often encounter compounded challenges when seeking access to capital and growth opportunities. Black History Month provides an opportunity to reflect on the impacts of systemic barriers and anti-Black racism that continue to limit economic participation.
As Minister of Women and Gender Equality and Secretary of State for Small Business and Tourism, Minister Valdez reaffirmed her commitment to advancing economic inclusion and ensuring Black entrepreneurs have the tools they need to compete, scale and succeed.
“This work recognizes the realities that many Black entrepreneurs continue to face, particularly Black women and 2SLGBTQI+ entrepreneurs, who often encounter compounded barriers when seeking to access capital and growth opportunities. During Black History Month, we reflect on the systemic barriers and anti-Black racism that continue to limit economic participation. Addressing these challenges is essential to building a fair and competitive economy that works for everyone.
As Minister of Women and Gender Equality and Secretary of State for Small Business and Tourism, I remain committed to advancing economic inclusion and ensuring Black entrepreneurs have the support they need to succeed. When Black entrepreneurs thrive, communities thrive, and together, we will continue building a stronger Canada.”
When Black entrepreneurs thrive, communities thrive—and together, Canada continues to build a fairer, more inclusive and more prosperous economy for everyone.
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