Launched in September 2020, Canada's Black Entrepreneurship Program is aimed at helping Black business owners overcome barriers they face navigating financial institutions and entrepreneurship in general. But academics and advocates point out the barriers Black people continue to face while interacting with these institutions.
When Sean Whyte opened a fashion store in early 2020, he had no idea a global pandemic would force him to throw out his business plan within a couple of months.
By partnering with Business Development Bank of Canada and financial institutions, nearly $300 million in loans were made available through the program. "We can make mistakes, that's OK. Everybody makes mistakes. I'm just saying, give us a chance to make mistakes at the same level ," he said. Despite these challenges, Whyte said he's benefited a lot from the support he's got from one of the partner organizations, the Black Business Association of British Columbia.
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