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.
Whyte's Kelowna business, Grey Hearts Denim, pivoted from selling a range of fashion attire to making denim face masks.
By partnering with Business Development Bank of Canada and financial institutions, nearly $300 million in loans were made available through the program. Fergus said the point of the program is to help Black Canadians to pursue entrepreneurship on the same footing as other Canadians. A 2021 study by the Canadian Black Chamber of Commerce, in partnership with the BDC, identified access to capital, skills for advertising and promotion and personal development and mentorship as the most pressing needs facing Black business owners.
The association, which is a part of the "ecosystem" of organizations working with the federal government, has helped Whyte navigate the loan application process and provided financial planning resources. Allen said it helps remove barriers to allow Black entrepreneurs to do what everyone else is doing, "which is run our businesses and be successful and thrive and contribute to the Canadian economy the way we have been."
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