Black-owned businesses have constantly been fighting an uphill battle against the disadvantages in modern society, but despite all the challenges, they still managed to persevere. The thing is, more and more people are becoming aware of this issue, much so that there is now a sudden rise in mentorship and support initiatives when it comes to black-owned startups.
If you are curious about these valuable resources, look no further than our examples below.
1. Black Entrepreneurship Program
The Black Entrepreneurship Program (BEP) is designed to help Black-owned businesses get started, expand, and create jobs. The Program will provide access to capital, business advice and mentorship and help Black entrepreneurs connect with new markets.
As of now, the Black Entrepreneurship Loan Fund is still open for applications and provides loans of up to $250,000 to Black business owners and entrepreneurs.
2. RBC Black Entrepreneur Program
This program is designed to help Black entrepreneurs access the funding they need to start and grow their businesses. RBC has committed to invest $100 million over the next five years to provide loans of up to $250,000 to Black entrepreneurs. This program will also help level the playing field for Black entrepreneurs who the traditional banking system has historically underserved.
Naturally, it offers a supportive network of experienced peers, advisors, and mentors who can guide and advise Black entrepreneurs as they grow and develop their businesses.
3. Futurpreneur’s Black Entrepreneur Startup Program
The program offers Black entrepreneurs loans of $5,000 to $60,000. To be eligible, entrepreneurs must meet certain criteria.
To qualify for the program, entrepreneurs must be between the ages of 18 and 39, and their business must be less than 12 months old and in full-time operation. The program also supports the purchase of existing businesses or franchises.
It also offers access to resources and networking opportunities with other Canadian entrepreneurs, up to two years of mentorship, and the possibility of funding.
Black-Owned Businesses in Canada That You Can Support Now
a) A Different Booklist
A Different Booklist is a bookstore specializing in books written by authors from the African and Caribbean diaspora and other books from the global south. The store is co-owned by Itah Sadu and Miguel San Vincente and has been open for over two decades.
KinkyCurlyYaki is the best place to go if you’re looking for natural-looking, high-quality hair extensions. Their products are made from 100% virgin human hair and are steam-processed to create curls and kinks that blend perfectly with all types of hair. There are no synthetic fillers, chemicals, artificial shine or sheen added to any of their products, so you can be sure you’re getting the real deal.
As the founder and CEO of her own company, Vivian Kaye has managed to grow the business to over seven figures in revenue. In addition to being a successful businesswoman, Vivian is also a business coach with a focus on e-commerce. Her experience and knowledge in the field allowed her to help others achieve success in their own businesses.
c) London Ivy
Monique London is the owner and creative director of London Ivy. She started the company because she wanted to offer Canadian-made products that would help people achieve beautiful hair and skin.
London Ivy is a beauty and wellness company that helps women feel beautiful without sacrificing their health. Their products are handcrafted and made in Toronto, Canada. They offer skincare and haircare products that are designed to help you achieve clear skin and healthy, hydrated curls.
d) Mary’s Brigadeiro
Mary’s Brigadeiro is a business led by a black woman that is based in Toronto. The mission of the business is to share moments of happiness, joy, and fun with the rest of the world through chocolate creations. The company does this by using Canada’s vast multiculturalism to its advantage.
Brigadeiro is a Brazilian candy made with sweetened condensed milk, butter, cocoa powder, and chocolate. It is handcrafted and made with local ingredients as well.
Overall, various numbers of valuable resources are now available for black-owned businesses in Canada. These resources include funding opportunities, business support services, and networking events. By taking advantage of these resources, black-owned ventures can grow and thrive without worrying about the hindrances in modern society.
Feel free to support some of our suggested black-owned businesses as well, as listed above.
If you are looking for the definitive black businesses directory in Canada, look no further than our platform here at Black Business Global. We are here to support entrepreneurs and small businesses in Canada through education, mentorship, and leadership development. Check out our online directory, and feel free to support some of the most valuable black-owned businesses of today!