New investments in the federal government’s Black Entrepreneurship Program are coming to Atlantic Canada.
Atlantic Canada Opportunities Agency Minister Sean Fraser announced $6.8 million in funds for eligible organizations through the program’s Ecosystem Fund.
It’s part of $189 million in funding announced in October.
The money will be used to strengthen black-led non-profit organizations in the region.
“This funding will give more business owners access to the capital, training and support they need to grow and create jobs in our communities,” Fraser said in a statement.
Funding is now available, and eligible organizations have until Dec. 12 to submit an expression of interest to ACOA.
Eligible recipients under the program are incorporated black-led non-profit organizations that have at least two-thirds of leadership and governance self-identify as black; focus their mission, programming and outcomes on supporting black communities, and; have the capacity and experience to deliver high-impact business support.
The funding can be used for a variety of activities, including incubator and accelerator programs, community outreach and capacity-building, and initiatives to support the participation of the black community in entrepreneurship.
Secretary of State for Small Business Rechie Valdez said when black entrepreneurs can access capital, mentorship and reliable data, they turn it into jobs and community prosperity.
The Black Entrepreneurship Program provides financing and advisory services to black entrepreneurs across Canada, along with data and research on the challenges and opportunities for black entrepreneurs and business owners.
To date, it’s supported more than 24,000 black entrepreneurs nationwide, approving 801 loans worth more than $70.6 million.
