The federal government is pledging millions of dollars to support Black entrepreneurs in Southern Ontario.
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) says it will invest $2.4 million in Toronto’s Black Creek Community Health Centre to support the Black Entrepreneurship Alliance’s (BEA) incubator programs.
The renewed federal investment will support the addition of new BEA programs, including an 11-week business process improvement training program and a 12-week program helping businesses become export-ready, according to FedDev. The funding will also support an annual forum for Black-led businesses to share new ideas.
“Black entrepreneurs are a testament to Canadian ingenuity, and their success is integral to Canada’s future prosperity,” artificial intelligence and digital innovation minister Evan Solomon, who is also responsible for FedDev, said in a statement. “By supporting Black-led businesses and organizations, like the [Health Centre], we are building a stronger economy so that Canada, and Canadians, come out on top.”
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BCCHC is a not-for-profit organization that has been delivering community programs and services to Toronto’s northwest communities since 1989. BCCHC co-created the BEA in 2021 to support Black entrepreneurs alongside York University’s YSpace, the TD Community Engagement Centre, and the Schulich Executive Education Centre.
The BEA provides a two-month venture catalyst program that helps early-stage, Black-owned tech startups validate their ideas. It also runs a four-month investment bootcamp to help entrepreneurs learn about fundraising. Despite its Toronto focus, the BEA accepts applicants from anywhere in Southern Ontario.
BEA claims it has supported 136 ventures that have generated $46 million in revenue and created nearly 1,000 jobs. FedDev said it expects its latest investment to support more than 350 businesses while providing mentorship and training to over 350 professionals across the Greater Toronto Area.
Feature image courtesy Black Entrepreneurship Alliance via LinkedIn.