Scotiabank Backs Efforts to Support Black-Led Businesses
In the latest in a series of efforts to support Black-led businesses and Black communities, Scotiabank is proud to support the Government of Canada’s Black Entrepreneurship Program announced on Wednesday. The partnership between the Federal Government, Scotiabank and other Canadian financial institutions will ultimately collectively commit up to $128 million in lending capital for the program’s Black Entrepreneurship Fund.
“The actions we take today can have a long-lasting impact on the communities we serve and represent,” said Dan Rees, Group Head, Canadian Banking, Scotiabank. “This is one important step we will be taking of many to pave the way for a more inclusive society, providing economic opportunities for underrepresented members of the Black community.”
Recognizing the barriers to economic success COVID-19 has placed on Black business owners, the Black Entrepreneurship Program endeavours to get capital into the hands of those business owners and entrepreneurs. The fund will provide access to loans between $25,000 and $250,000, supporting the growth and increasing the potential of Black-led businesses in Canada.
Support for the program is just one of many ways Scotiabank is supporting Black communities. Earlier this year Scotiabank signed the BlackNorth Initiative CEO pledge, which outlines seven goals for organizations aimed at helping to end anti-Black systemic racism and creating opportunities for all of those in the underrepresented Black, Indigenous and People of Colour (BIPOC) communities. Scotiabank President and CEO Brian Porter was also recently named to the BlackNorth Board of Directors.
“We are very proud to participate in Canada’s Black Entrepreneurship Program,” Brian Porter, President & CEO, Scotiabank said. “As an industry, and as a country, we have made significant strides in breaking down barriers and supporting Black communities. I’m looking forward to making even more progress in eliminating racial discrimination, for the benefit of all Canadians.”
In June, Scotiabank also announced a $500,000 commitment to several organizations recognized for their leadership in the fight to eliminate racial discrimination within Canada and the U.S. Scotiabank's contribution will be directed toward providing needed tools and educational resources for those groups most at risk of being subject to individual, institutional and systemic racism, with a focus on Black youth.
Supporting the Black Entrepreneurship Fund is just one way in which Scotiabank continues to elevate its efforts to support Black-led businesses and Black communities.
The full Government of Canada release can be read here. Further details on the program and the loan fund, including how and where to apply, will be made available by the Government of Canada.