The Business Development Bank of Canada (BDC) is investing $200 million CAD ($140 million USD) in Indigenous and Black-led businesses to promote inclusive economic growth.
The government-owned bank is also launching a $50 million ($36 million USD) financing and training program for women, Indigenous, and Black entrepreneurs.
Investing in Indigenous and Black entrepreneurs
This investment is part of the BDC’s strategy to address longstanding barriers faced by underrepresented entrepreneurs and to promote a more diverse and resilient entrepreneurial landscape in Canada.
The $200 million CAD investment will be channeled through two $100 million CAD platforms, each designed specifically to meet the unique needs of Indigenous and Black entrepreneurs.
These platforms are part of BDC Capital’s ongoing efforts to close the funding gap that has historically hindered these communities.
According to BDC President and CEO Isabelle Hudon, this move reflects a critical shift in approach, recognizing that a one-size-fits-all solution does not effectively serve all entrepreneurs.
“We must innovate like the entrepreneurs we serve,” Hudon stated in the press release.
The financing and training program
The BDC’s $50 million CAD financing and training program targets businesses that are majority-owned by women, Indigenous, and Black entrepreneurs with revenues under $3 million CAD ($2.2 million USD).
This initiative aims to address the early-stage challenges faced by these businesses, offering both financial backing and essential training to help them scale successfully.
The Inclusive Entrepreneurship team at BDC will lead these efforts, ensuring that the programs are both accessible but also aligned with the specific cultural and economic contexts of the communities they serve.
“With less than 0.5% of venture capital dollars in North America going towards Black entrepreneurs, there is a clear gap to fill,” said Lise Birikundavyi, Managing Partner of BKR Capital.
The federal fund’s allocation is seen as a significant step towards addressing this disparity, with the potential to transform the venture capital landscape and create new opportunities for underrepresented entrepreneurs across Canada.
Feature Image Credit: Lise Birikundavyi. PHOTO Courtesy of BIC
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