The Business Development Bank of Canada (BDC) is spending $250 million to help businesses run by Indigenous or Black people.
This investment is announced while BDC is also creating a new inclusive entrepreneurship team.
The Crown corporation says it is launching a $50 million program that will provide loans and training to businesses that are majority-owned by women, Indigenous and Black entrepreneurs and whose revenues are less than $3 million.
BDC Capital is also launching two new $100 million funds to support businesses led by Indigenous or Black people.
The programs will complement a $500 million women’s fund launched in 2022 that also serves Indigenous and Black women entrepreneurs.
BDC President and CEO Isabelle Hudon says too many business owners from underrepresented groups continue to face the same obstacles as they did a decade ago, or even a generation ago.
“Despite the much progress that has been made, we are simply not moving fast enough,” said Ms. Hudon.
“It’s clear that one-size-fits-all approaches don’t work and, like the business owners we serve, we need to innovate. The initiatives announced today are part of BDC’s efforts to contribute to economic development and increased productivity in the country,” she added.
