BDC commits $250M to help Indigenous and Black-led businesses

MONTREAL — The Business Development Bank of Canada is committing $250 million to help Indigenous and Black-led businesses.

The money comes as BDC also creates a new inclusive entrepreneurship team.

The Crown corporation says it is launching a $50-million program that will provide loans, plus training, for businesses that are majority-owned by women, Indigenous and Black entrepreneurs and have revenues under $3 million.

BDC Capital is also launching two new $100-million funds to support Indigenous and Black-led businesses.

The programs will complement a $500-million fund for women launched in 2022 that also serves Indigenous and Black women who are entrepreneurs.

BDC chief executive Isabelle Hudon says too many under-represented entrepreneurs continue to face the same barriers that existed a decade, or even a generation ago.

"Despite a lot of positive strides, we just aren’t moving quickly enough," Hudon said.

"It’s clear a one-size-fits all approach does not work and, like the entrepreneurs we serve, we must innovate. The initiatives announced today are part of BDC’s efforts to drive greater economic impacts and increase productivity."

This report by The Canadian Press was first published June 19, 2024.

The Canadian Press