2SLGBTQI+[1] entrepreneurs make important contributions to the Canadian economy, yet they continue to face systemic barriers in starting and growing their businesses, with 1 in 4 entrepreneurs having faced discrimination or having lost businesses because of their 2SLGBTQI+ ownership.
To address these barriers and build a more inclusive economy for the over 100,000 2SLGBTQI+-owned and ‑operated businesses in Canada, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced that the Government of Canada is investing $25 million to create the world's first ever 2SLGBTQI+ Entrepreneurship Program. The Minister made the announcement at the Global 2SLGBTQI+ Business Summit & Supplier Diversity Forum, held by the CGLCC, Canada's 2SLGBTQI+ Chamber of Commerce.
The 2SLGBTQI+ Entrepreneurship Program will be administered by the CGLCC and includes three main components: the Business Scale-Up program, the Ecosystem Fund and the Knowledge Hub. Together, these will deliver critical business advice, create resources, provide mentorship and collect the data needed to better understand the needs of 2SLGBTQI+ entrepreneurs and the challenges they face.
The Business Scale-Up program will provide funding to strengthen the capacity and program delivery of the CGLCC, the only national 2SLGBTQI+ business-support organization of its kind. Specifically, it will help implement a national mentorship program, enhance access to corporate procurement opportunities, support 2SLGBTQI+ businesses in becoming export ready, and develop a pilot for delivering loans to 2SLGBTQI+ entrepreneurs. The Ecosystem Fund will provide funding to other organizations across the country, especially in underserved communities, to increase their capacity to support 2SLGBTQI+ entrepreneurs. Lastly, the CGLCC will partner with an academic institution in establishing the Knowledge Hub to address gaps in knowledge and data.
The government co-developed the 2SLGBTQI+ Entrepreneurship Program, consulting extensively with the 2SLGBTQI+ entrepreneurship community across the country to create a program by and for the community. Increasing capacity in the entrepreneurship ecosystem to include under-represented groups was identified as the most pressing concern.
This program marks another major step in advancing the Government of Canada's commitment to making sure all Canadians have the opportunity to contribute to a stronger, more competitive economy. It builds on the successes of the Women Entrepreneurship Strategy (WES) and the Black Entrepreneurship Program (BEP), which are helping tens of thousands of under-represented entrepreneurs reach their business goals. It also complements the Federal 2SLGBTQI+ Action Plan to create a more equitable Canada for current and future generations.
The 2SLGBTQI+ Entrepreneurship Program will help close the gaps for under-represented Canadians and build an economy that works for all Canadians.
