Canada pumps $5.6 million into Black-owned businesses in Alberta
By Aboki Forex —
The Canadian government has announced a $5.6 million investment to boost Black-owned businesses in Alberta. The money will go toward training, mentorship, business advisory services and market access under the Black Entrepreneurship Program.
The funding was unveiled at the Black to the Future Summit in Edmonton by Eleanor Olszewski, Canada’s Minister responsible for Prairies Economic Development Canada. It will support three Alberta-based initiatives designed to help Black entrepreneurs launch, grow and scale their businesses.
The investment targets longstanding barriers Black entrepreneurs face. These include limited access to financing, mentorship and business networks. These challenges have held back business growth even as the sector contributes more to Canada’s economy.
What they are saying
Olszewski said Black entrepreneurs play a critical role in Alberta’s economy through innovation and job creation. She added that the investment would help remove barriers preventing many businesses from reaching their full potential. She noted that better access to mentorship, business development services and professional networks would make Alberta’s economy more competitive and resilient.
Canada’s Minister of Women and Gender Equality and Secretary of State for Small Business and Tourism, Rechie Valdez, also said supporting Black-owned businesses remains central to the government’s broader strategy for inclusive economic development.
Breakdown of the fund distribution
The largest share of the funding, $2.6 million, will go to the Council for the Advancement of African Canadians, or Africa Centre. Co-recipients include Canadian Imperial Advantage and The Nod Foundation. They will implement the ACT project.
The province-wide initiative will provide culturally tailored business advisory services, capital readiness assessments, business incubation programmes and one-on-one coaching. It will also offer digital technology adoption training, market access preparation and commercialization support for aspiring and existing entrepreneurs.