Canadian Banks have in the past couple of months started various programs for supporting black-led businesses and ventures. The programs include loan programs, inclusion and diversity programs aimed at serving Black Canadians better and helping them get their business to the next level.
Here is a list of the top 5 Support Programs for Black Entrepreneurs by Canadian Banks:
1. RBC Black Entrepreneur Business Loan
The financial solution is available to eligible Black Entrepreneurs in Canada who are looking to start, manage or grow their business with access to loans of up to $250,000.
Eligibility
• Applicants who self-identify as Black or Black with another ethnicity
• Canadian citizen or permanent resident of Canada
• When there are only two partners (owners) of the applicant business, the business must be majority Black-owned (≥50%)
• When there are more than two partners (owners), the business must be at least 25% Black-owned (≥25%)
RBC Black Entrepreneur Business Loan Program
- BDC/RBC/Black Entrepreneur Startup Program
The Black Entrepreneur Startup Program is for Black entrepreneurs age 18-39 provides startup loan financing and up to two years of mentorship, plus access to resources and networking opportunities with fellow entrepreneurs across Canada.
The Program is funded by RBC, with additional loan financing from BDC.
Eligibility Requirements
- Self-identify as Black and be Canadian citizens or permanent residents age 18-39; and
- When there are only two partners (owners) of the applicant business, the business must be majority Black-owned (>50%); and
- When there are more than two partners (owners), the business must be at least 25% Black-owned (≥25%).
https://www.futurpreneur.ca/en/besp/
- BMO for Black Entrepreneurs
The program provides loans of up to $250,000 using specialized lending criteria1footnote 1 for Black entrepreneurs across Canada.
Eligibility
- Your business is >50% majority-owned by a Black Canadian
- You have annual revenue <$10 million
- You are a legal resident of Canada or a legal entity owned and controlled by a Canadian citizen or citizens
- Your business is a for-profit organization
E-mail: [email protected]
https://www.bmo.com/main/business/bmo-for-black-owned-businesses/
- CIBC Black Entrepreneur Program Loan
Apply for up to $250,0001 in financing to help start, grow or take your business to the next level. Access expert advice and read inspiring stories from business owners like you.
Requirements
- Maximum loan amount
- Up to $250,0001
- Maximum loan terms
- For equipment and leasehold improvements
- Up to 10 years
- For working capital loans
- Up to 2 years
Repayment terms - First 12 months
- Interest only After 12 months
- Principal + interest
- There is no penalty for early repayment
https://www.cibc.com/en/business/banking-for-black-owned-businesses.html
- TD Bank Black Customer Experience Strategy
TD Bank launched the Black Customer Experience Strategy, which aims to provide financial enhanced financial services and support for black Canadians.
As part of the new strategy, the bank’s Diverse Business segment teams are being expanded with a focus on creating better relationships with Black communities and businesses in which Black TD leaders, managers, and financial advisors across Canada are being trained to provide elevated financial advice and a tailored customer experience for customers from Black communities.
In September 2021, TD announced a $10 million donation to the Black Opportunity Fund (BOF), whose mission is to raise and mobilize the world’s largest permanent pool of capital to allocate financial resources (e.g. grants, social impact investing) to Black-focused, Black-led and Black-serving community organizations and facilitating access to capital for Black-owned businesses.
TD Bank Black Customer Experience Strategy
Looking to start a business? Join the Mwanzo Business Program: A program that takes Black aspiring entrepreneurs through the beginning steps of starting a new venture.