Black entrepreneurs in Canada face a range of systemic and financial challenges that make it harder for their businesses to thrive compared to others. A key challenge is access to funding—many Black-owned businesses struggle with securing loans and investments due to biases in lending institutions, lack of generational wealth, and limited collateral. According to Statistics Canada, Black-owned businesses tend to be smaller and have lower profit margins than those owned by other racialized groups. These factors create significant hurdles in scaling and sustaining Black-owned businesses in Canada.
Top Grant and Funding Opportunities for Black-Owned Businesses in Canada
Despite these chalenges, several grants and funding programs are available to help Black entrepreneurs succeed. Below are some of the top options:
1. Black Entrepreneurship Program (BEP) – Government of Canada
The Government of Canada’s Black Entrepreneurship Program (BEP) is investing $265 million over four years to support Black business owners. The program includes:
- The BEP Ecosystem Fund ($100 million) to help Black-led organizations provide business support. More info
- Black Entrepreneurship Loan Fund offering up to $250,000 in loans along with access to training, mentorship, and networking opportunities. Apply here
2. Black Opportunity Fund (BOF)
The Black Opportunity Fund provides grants and funding to Black entrepreneurs, focusing on business education, capacity-building, and community development. More info
3. Futurpreneur’s Black Entrepreneur Startup Program
Designed for Black entrepreneurs aged 18-39, this program offers:
- Loans from $5,000 to $60,000
- Two years of mentorship
- Networking opportunities and business resources.
- Apply here
4. RBC Black Entrepreneur Program
Royal Bank of Canada (RBC) provides loans of up to $250,000 for Black business owners. The program aims to help with business expansion, startup costs, and financial stability. More info
5. BKR Capital – Black-Led Venture Capital Fund
BKR Capital is Canada’s first venture capital fund focused on investing in Black-led startups, particularly in the technology sector. More info
6. DMZ’s Black Innovation Programs
DMZ (Toronto Metropolitan University’s tech incubator) offers Black entrepreneurs mentorship, networking, and business development support, specifically for tech startups. More info
7. Black Business Ventures Association
Various grant opportunities for Black-owned businesses. More info
8. Elevate Black Business Project
Through the Elevate Black Business Project, funded by the Federal Economic Development Agency for Southern Ontario (FedDev), the CBCC is able to provide entrepreneurs, new and seasoned, the resources and opportunities to scale their businesses. More Info
9. Business Development Canada for Black-Owned Businesses
Business Development Canada has several support systems for black-owned businesses: More info
10. Local & Regional Grants
Many cities and provinces offer grants and funding initiatives for Black entrepreneurs. These programs change frequently, so it’s important to check with local business development centers and government agencies for the latest funding options.