Canada launches its Black entrepreneurs program By Reuters

Sharp says sticking to plans to list Dynabook PC unit

© Reuters.

By Mahad Arale

TORONTO (Reuters) – The Canadian government has teamed up with some of the country’s largest financial institutions to launch a C$221 million ($168 million) program for Black entrepreneurs to access credit and help them bounce back from the pandemic-induced economic slump.

In a joint announcement on Wednesday, Prime Minister Justin Trudeau and Minister of Small Business, Export Promotion and International Trade Mary Ng said Canada would spend nearly C$93 million over the next four years to administer the program.

The rest of the C$128 million would be provided by financial institutions that have partnered with the government for the Black Entrepreneurship Loan Fund.

“With Canada’s first-ever Black Entrepreneurship Program, our government is taking real action to support Black entrepreneurs recovering from COVID-19, and empower them to start up, innovate, grow and succeed,” Ng said.

The government initiative follows a wave of Black Lives Matter protests in both the United States and Canada and calls that Trudeau do more to address deep systemic inequities faced by Black Canadians.

The prime minister himself faced criticism last year after images showing him in brown face makeup at a 2001 “Arabian Nights” party when he was a 29-year-old teacher emerged just weeks before the federal election.

Trudeau later apologized for his actions.

The federal government is teaming up with Vancity, a Vancouver-based financial cooperative, and seven other Canadian financial institutions, including the top banks.

Under the program, Black-led business organizations can access between C$25,000 and C$250,000 through the fund to start a business.

“The pandemic has shone a light on the inequalities that disproportionately hurt Black Canadians, and has underscored the need to restart our economy in a way that allows all Canadians an equal chance to succeed, ” Trudeau said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.