Opinion: RBC issued a report earlier this year that highlighted how people of colour, or visible minorities, were unable to amass as much savings and wealth during the pandemic as compared to non-racialized populations.
Eleni Eyob has always wondered whether her mother would have been a successful restaurateur had she only had access to capital.
And it’s why decades later, Eyob is grateful for a $50,000 loan she finally secured for her organic hair product company. “I just felt traditional spaces like banks did not understand any business model that happened to be slightly ethnic,” she explained over the phone. “[Unless] you have diversity on boards where you go to pitch and go to present, they are so disconnected from that space that even when they see the numbers they are still very hesitant to fund it.”
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