FedDev Ontario invests over $1.3 million to support nearly 170 Black youth entrepreneurs and create 70 new jobs
Black entrepreneurs grow Canada's economic and cultural landscape. As we work to address the barriers to success that they face, the Government of Canada is proud to support projects that celebrate talented Black Canadians in our communities and help them succeed. Investing in the potential of Black Canadians is a priority for our government.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of over $1.3 million for the Federation of Black Canadians (FBC) so it can enhance its services to support and mentor more Black youth and young adult entrepreneurs.
With this investment through the Black Entrepreneurship Program (BEP) Ecosystem Fund, the FBC will provide tools and resources to 170 Black youth entrepreneurs across multiple regions, including the Greater Toronto Area, Montréal and Edmonton, supporting them to successfully launch and grow their businesses. The impact of these resources and support is monumental as young entrepreneurs across the country will have a higher chance of success and opportunity to contribute to the Canadian economy.
As part of this project, the FBC will work in collaboration with University of Toronto Scarborough, the BRIDGE, the Black Founders Network and other partners to research and survey the Black community in Ontario, Alberta and Quebec to determine the needs, obstacles and structural challenges faced by Black youth entrepreneurs and design tailored programming based on findings. Programming will include a four-month entrepreneurial program focused on business planning, finance, risk management, legislation and commercialization to support the success of Black entrepreneurs.
Through this investment, FBC will also create a 12-month mentorship program that offers one-on-one mentorship opportunities with leaders from the Black community, focused on managing debt, technology, brand and business development, stress and mental health.
Today's investment will support the creation of 70 full-time jobs and reinforce the Government of Canada's commitment to uplifting Black entrepreneurs in Canada. Including today's announcement, the Government of Canada has announced over $50 million for 23 Black-led not-for-profit organizations through the BEP Ecosystem Fund in southern Ontario. These investments play a crucial role for so many small businesses across southern Ontario as they provide the means necessary to help them to grow.
