February marks the beginning of Black History Month, a time to celebrate Black Canadians and their contributions to our communities! While February marks a special month of reflection and celebration, at Startup Canada, we actively look to support Black entrepreneurs all year through our programming.
Black entrepreneurs continue to face added barriers when starting their own businesses and in accessing entrepreneurial opportunities. In 2022, a survey from the University of Toronto’s Black Founders Network found that only 2% of venture funding raised in North America went to Black-led businesses. In addition, 76% of Black Canadian entrepreneurs surveyed stated that their race made it harder for them to succeed as an entrepreneur. With limited access to seed capital and fewer publicly recognized role models and mentors, we need to close these gaps for Black entrepreneurs.
Last year, we hosted a Black History Month takeover featuring the diverse stories of Black entrepreneurs across Canada on the Startup Canada Podcast. This year, we’ll be bringing back this takeover and are also excited to present a brand new resource guide for Black entrepreneurs across Canada. This guide includes funding opportunities, loans, access to mentors, and opportunities to build your network!
1. DMZ’s Black Innovation Programs
The DMZ’s Black Innovation Programs provide Black-owned tech startups with the support of their incubator network, as well as programming, mentorship, and events. They also facilitate connections to industry advisors, investors, capital, and an alumni network of successful founders, to support the growth of Black entrepreneurs.
2. BKR Capital
BKR Capital is a Canadian venture capital fund that solely invests in Black-led startups and businesses. The team focuses on early stage disruptive companies in the technology space.
3. Black Business Association of BC
The Black Business Association of BC provides access to $10,000 loans for Black small businesses and entrepreneurs. They also have a variety of programs and resources for building your supply chain, preparing for trade shows, and maintaining positive mental health as a founder.
4. Innovate Calgary’s Black Founders in Tech Pitch Competition
Innovate Calgary’s annual pitch competition for Black Founders is part of the BIPOC Rural Tech Founders event series in partnership with a variety of Alberta-based organizations, including Black Business Ventures Association, Calgary Innovation Coalition, Black Canadian Women in Action, BIPOC Foundation, Platform Calgary, and Catapult Start-Ups. In addition to the opportunity to win prize money, the event provides the opportunity to network with other BIPOC founders and investors from across Calgary.
5. Tribe Network’s Black Start-up Project
Tribe Network’s Black Start-up Project provides access to resources, education and training, capital, mentorship, and coaching to Black entrepreneurs and business owners in Atlantic Canada. There are currently 280 entrepreneurs registered in the program from across Atlantic Canada!
6. Black Founders Network
The Black Founders Network is open to Black-identifying University of Toronto’s students. In partnership with U of T’s accelerator programs, BFN provides access to an inclusive community for Black entrepreneurs at all stages of their business. They provide access to mentors, investors, and resources to increase the number of Black-led U of T startups.
7. Black Entrepreneur Startup Program by Futurpreneur
Futurpreneur’s Black Entrepreneur Startup Program provides startup loan financing and access to mentorship for Black Entrepreneurs aged 18 to 39. The program guides you through all of the steps of writing a business plan, from financing to launch.
8. Black Entrepreneurship Loan Fund by FACE
FACE’s Black Entrepreneurship Loan Fund provides loans of up to $250,000 to support Black-owned businesses and entrepreneurs across Canada. They also offer a number of micro-loans of up to $50,000 for earlier stage businesses.
9. RBC Black Entrepreneur Program
RBC’s Black Entrepreneur Program provides access to advice, connections, and banking solutions to grow your business. With RBC’s program, you can access loans of up to $250,000. Their website also has access to a variety of helpful tools, including a business loan calculator, business cash flow calculator, and business plan builder.
10. Black Opportunity Fund
Black Opportunity Fund is a community-led Canadian charity on a mission to create a healthy and thriving Black Canada by challenging anti-Black racism and responding to long standing underinvestment in Black communities. The fund facilitates access to capital for Black-led businesses and provides access to grants to Black-led non-profits and charities.
11. Atlantic Canada Black Entrepreneurship Ecosystem Program
The Atlantic Canada Black Entrepreneurship Ecosystem Program provides access to business development support, counselling, and mentorship opportunities to Black entrepreneurs in Nova Scotia. You can seek advice on marketing and communication strategies, procurement and supply chain, and building your business acumen. They also provide a specific stream for youth entrepreneurs titled “Business is Jammin’”.
12. ANZA’s Black Entrepreneur Ecosystem Program
ANZA’s Black Entrepreneur Ecosystem Program is designed to help Black youth generate business ideas, convert those ideas into business plans, and seek financing to launch their businesses. Based in Alberta, this program teaches participants transferable skills that they need to become successful entrepreneurs.
Wrap-Up
We hope this guide serves as a starting point for Black entrepreneurs to access capital and mentors, and to build your network across Canada!
Don’t forget to tune-in to our Startup Canada Podcast Black History Month Takeover! Throughout the month of February, we’ll be releasing weekly episodes so subscribe to be the first to know when a new episode is live!