Today, the Honourable Rechie Valdez, Minister of Small Business, marked Black History Month by announcing that the Black Entrepreneurship Knowledge Hub (BEKH) is developing a new ecosystem mapping tool designed to help Black entrepreneurs and Black-owned businesses in Canada. This tool will provide data and insight to help ensure Black entrepreneurs have the support they need to start up and scale up their businesses and contribute to an economy that works for everyone.
BEKH's new ecosystem mapping tool will enable Black-owned businesses to tap into a network of resources, support and opportunities, as well as boost their profile among customers and investors, so they can grow and succeed. In addition, the mapping tool will encourage partnerships between businesses and connect them to mentoring and support services.
The new tool will also provide data that can be used to inform future programs and policy on how to best support Black-owned businesses across Canada. The ecosystem mapping tool is expected to be fully operational early next year.
In addition, Minister Valdez highlighted the success achieved by Canada's first-ever Black Entrepreneurship Program (BEP) since its launch in 2021. The Black Entrepreneurship Loan Fund has approved almost $50 million in loans to Black-owned businesses. The National Ecosystem Fund, through its 43 Black-led delivery organizations, has helped almost 9,000 Black entrepreneurs get mentorship, business training and financial planning advice so they can grow their businesses.
BEP is part of a whole-of-government approach to address centuries-old systemic barriers that Black entrepreneurs have faced in growing their businesses and accessing supports. Through tools like the one announced today, BEP will ensure Black-owned businesses can grow and succeed in the months and years to come.
