The federal government is injecting $5.6 million into organizations that support Black entrepreneurship in Alberta.
The news: Funding comes via Prairies Economic Development Canada’s (PrairiesCan) Black Entrepreneurship Program (BEP) and will go towards three Alberta-based organizations to support training, mentorship, and business development programming tailored for Black entrepreneurs. Included in the announcement is $2.6 million for the Council for the Advancement of African Canadians (Africa Centre), $1.5 million for The BIPOC Foundation, and $1.5 million for the Black Canadian Women in Action Society (BCW in Action).
From the source: “The Government of Canada is proud to work with the organizations receiving funding … to help remove barriers to success and ensure more Black entrepreneurs have the tools, networks and opportunities they need to start, grow, and scale their businesses,” said Eleanor Olszewski, the minister responsible for PrairiesCan.
Following the thread: Funding comes on the heels of a similar announcement last week in Manitoba, where PrairiesCan invested $3.2 million through the BEP program. Like Manitoba, Alberta’s funding will go toward shoring up resources to help Black-owned startups and entrepreneurs succeed in the Prairies. Funding will support expanding and developing several initiatives and programs aimed at reducing the systemic barriers faced by Black entrepreneurs and expanding access to services. The Africa Centre plans to deliver a province-wide initiative aimed at reducing structural barriers, while The BIPOC Foundation intends to expand its Founders Hub programming. Following suit, BCW In Action will use capital to expand support for Black women specifically through a series of initiatives on business development and inclusive economic growth.
RELATED: The Nod asks Canadians to shop the “Real Black Friday” by supporting Black-owned businesses
Final thought: Reporting from BDC shows that the number of Black entrepreneurs trails that of other demographics in Canada, leaving significant economic impact on the table. Alberta is home to the fastest-growing tech hub in Canada, and the province with the largest number of Black entrepreneurs in the Prairies. With that community poised to grow in the coming years, the investment is intended to reduce barriers to ensure all Albertans benefit from the province’s growth.
BetaKit’s Prairies reporting is funded in part by YEGAF, a not-for-profit dedicated to amplifying business stories in Alberta.
Image courtesy Derek Otway on Unsplash.