- June 29, 2021
- Posted by: Stratford Team
- Category: Business
Some Black businesspeople say a new government program meant to bolster Black entrepreneurship is hard to access, offers unclear repayment terms and asks invasive questions about applicants’ sexuality.
The Black Entrepreneurship Loan Fund was announced in September by Prime Minister Justin Trudeau. Its application portal launched late last month.
The $291.3 million program offers loans of up to $250,000 to businesses that are majority Black-owned. Black entrepreneurs starting companies or operating existing small businesses can also apply for funding.
The government contract to administer the fund was awarded to the Federation of African Canadian Economics (FACE), a non-profit incorporated in late January. The newly formed organization is headquartered in Prime Minister Justin Trudeau’s Montreal riding of Papineau and is an umbrella organization for five black community based groups.
Toronto-based entrepreneur Cheryl Sutherland said she was excited…