Black Entrepreneur's Journal - Issue 3

full-frontal

ext. 200

129 Ave NW #106,

AB T5C 1V7

Welcome Note

Sharif Haji, Executive Director

As I celebrate my third year as Executive Director at Africa Centre, I reflect on the growth and impact Black entrepreneurs have made to the Canadian economy over the past few years. Black entrepreneurship is the key to closing the racial wealth gap, and it’s inspiring to see more and more of the African descent community venture into the realm of business.

The Black Lives Matter movement, in the midst of the COVID-19 pandemic, highlighted the importance of supporting Black businesses, and providing tools and resources for Black entrepreneurs to be able to launch and run successful businesses in Alberta.

With Africa Centre’s vision of a strong, relevant, and engaged African descent community in Alberta, we launched our Entrepreneurship Empowerment Program. The initiative creates an opportunity for building a larger business community by leading a full-frontal assault on the systematic barriers that limit the prospects for aspiring Black entrepreneurs. The program aims to equip Black entrepreneurs with all the tools they require for their entrepreneurial dreams to be a success; this includes providing educational and coaching support, creating opportunities for expanding social capital through networking, and leveraging the importance of business interdependence.

Though we are lacking race-based data in Canada, surveys have shown that the median net-worth of Black households is significantly lower than that of white households. A lack of financial resources creates a cascade of inequalities in education, homeownership, and the ability for families to cater to their basic needs. And while it will take multiple strategies to solve these enormous problems, entrepreneurship can provide the best opportunity to build sustainable, long-term wealth.

I would like to thank the team at Africa Centre for their dedication to serving the Black business community!

Yours Sincerely,

Welcome Note

Kemoh Mansaray, Chairman

As the Board Chair of Africa Centre, it is my honour to present to you the latest issue of the Black Entrepreneur’s Journal!

This is an exciting and challenging time in our economic recovery – as we emerge from our first post-COVID summer, we can reflect on what this means for Black-owned businesses in the province and throughout Canada. For some, the end of restrictions has meant growth and new opportunities, while others are forced to reevaluate what a postCOVID economy means for their business. Internationally, inflation is at the highest rates we have seen in decades, and this is mirrored in the Canadian economy. A post-COVID economic recovery plan is essential for Black businesses, and we must urge our leaders to create measures to protect and cater to the intersectional needs of Black entrepreneurs.

Now, more than ever, is a time to build our economic strength by supporting Black businesses as they bounce back. I am pleased to say that through Africa Centre’s community capacity building initiatives and Business Entrepreneurship program, we have been able to provide support to grassroot organizations and small businesses through funding and access to low-barrier resources. Our success in this regard is greatly due to funding from the Government of Canada. We know that investing in Black businesses is beneficial to the local economy, and the importance of economic inclusion cannot be understated to ensure that no Black entrepreneur is left behind.

Thank you for taking the time to learn about topics of importance pertaining to Black entrepreneurs in Alberta. We’ll see you next issue!

Yours Sincerely,

the importance of cliche vs the real deal by denise ledi

Team Building

team building is a critical factor for success, however many leaders fail to make it a priority.

There may be perceived disadvantages to team building as well. Let’s face it, most of us know the pain of having to attend a team building exercise you have ZERO interest in; some consider it to be a time and money waster; others still, view the experience as a one and done activity. It could be that you believe team building and associated activities are ‘fluffy’ concepts that have no place in business. Whatever the concerns are, they’re real and should be fully considered and addressed because team building is one of the most important investments a leader can make in their leadership acumen, their organi zation, and in their greatest asset, the people.

benefits of

Team Building

We bonded as our authentic selves vs personas. This left the indelible effect of creating community, fellowship and unity; and performing at levels we never thought possible.

I look back to that experience and that group of people with appreciation, fondness and gratitude for the lessons learned.

Here are 4 key lessons from my experience that are transferable across circumstances that I trust you will find useful to help you along your team building journey.

Investing in team building:

1. It is about creating space for people to build authentic connections. Regardless of the who, what, when, where, and how you choose to do it.

Team building is a process focused on people working together towards a common goal; It adds deeper value to the organization’s purpose. It creates strong ties between group members through different kinds of activ ities and events, with the objective of making a unified team out of a group of people. The most memorable team building activity I’ve participated in didn’t feel like another exercise and or tokenism. Years ago, our team went to an outdoor adventure park and I spent the day biking, canoeing, and hiking. It wasn’t the fact that we were away from the office doing something atypical that stood out for me. It also wasn’t the absence of explicit strategy sessions, or facilitated leadership development conversations that made this stand out. It was that we learned and gained more of an understanding about one another while biking, hiking and paddling together than any meeting, training, or after hour drinks ever afforded.

2. Lends to greater employee satisfaction. By giving back individually and collectively, leaders that prioritize team-building are investing in the happiness of each of their employees. While the initial investment requires time and money, the long-term payout is an engaged, productive, and motivated workforce that values their work, and colleagues. Numerous studies verify that employees who feel appreciated and valued have greater commitment, increased motivation, and demonstrate higher degrees of innovation. Employee satisfaction is inextricably linked to business profitability and success.

3. Team building contributes to Diversity, Equity and Inclusion. This happens by creating teams that have the awareness and willingness to accept, support and value differences. They are respectful, fair and create a sense of belonging.

4. Promotes good mental health and wellbeing. Team building and good mental health are complimentary; and inextricably linked to business productivity and success.

is coming... Currency Digital

let me start by saying, this is not financial advice and I am not telling you to buy, sell or hold. What I intend to do, however, is present my understanding of Cryptocur rency and what I believe the future of Cryptocurrency will look like. For those who may or may not understand the world of digital currency, we touch on how investment and returns are generated in that world.

The first Crypto that came to life is Bitcoin 2008 Satoshi Nakamoto; it is the gold standard of all the coins. It is also the only Decentralized coin currently on the market, while all other coins and tokens are Centralized. There are over 9017 coins and tokens in the market that are traded online on various exchanges with over 2000 more that are gearing up to obtain status as Commodity Pool Operator (CPO). At a very basic level, Cryptocur rency is money designed to be used over the internet which makes it possible to transfer value without a middleman like a bank, but also, it’s not issued or controlled by tradi tional regulatory authorities.

Much like stocks, the most standard approach to

making money is to buy low, sell high or make a trade for a potentially more lucrative coin. Other strategies include holding as a long term investment; ‘staking’ which is the process of validating transactions but also an opportunity to earn passive income from interest; lending and even cashback incentives.

Cryptocurrency has evolved over the years into a legitimate source of currency for a wide variety of busi ness transactions in various industries - anywhere from video games, to forestry, smart contracts, and even digital art. However, the fees on these transactions can be quite high due to the stronghold of Ethereum as the primary medium for most digital currency transactions.

As with any financial strategy, there are many “get rich schemes” within the world of Cryptocurrency and they are fueled by the lack of understanding as to what the medium is and how digital currencies actually func tion. As a result, many investors have seen billions made and millions lost in a sector where everyone is chasing the dream of being rich. Hence, it is incredibly important

that you do extensive research on any digital asset you hope to acquire to avoid disappointment. One golden rule to keep in mind is that Bitcoin is the industry’s gold standard and the movements on this asset tend to reflect the overall strength of the market. Make this a dynamic part of your research, as you will have a better handle of when to buy in and when to liquidate.

Getting into the game in recent years has been made very simply with the rise of platforms such as Wealth Simple, Crypto.com, Coinbase and more. However, choosing the right platform for you and your needs is again a vital part of the trading process; do your research as these different platforms do not all list the same currencies.

Like Netflix is to Blockbuster, there is no stopping this evolution in the world of digital currencies. We are starting to see Central and South American countries adapt currencies like Bitcoin as their national currency and numerous global corporations are making moves to install the infrastructure needed for digital transactions.

Even major banks around the world are getting into this space, which means there is money to be made on the right investment tactics as the value of the various coins and tokens rise.

Here is a

Remember, do your research as this market is everchanging, and be vigilant in choosing your investment platform to avoid scams.

Dr. Victor Oluwi

Director of

The Impact of Inflation on Budgets

a macroeconomic problem, inflation is defined as a sustained rise in the general price level of goods and services over a period of time. Inflation erodes the purchasing power of consumers and results in dimin ished real value of money as a medium of exchange and a unit of account. While generally undesirable, a moderate inflation rate spurs economic activities and increases the growth rate in the short-term. The level of inflation is measured by the inflation rate, which refers to the annu alized percentage change in the general price index or the consumer price index (CPI). Renowned economists such as Adam Smith ascribed inflation to factors that include (but not limited to) excessive growth of the money supply; demand-pull forces; cost-push forces; currency deval uation; rising wages and rents of factors of production; government policies and regulations.

Relationship Between Inflation and Budgets

The impacts of inflation on budgets (whether households or national economies) are similar – albeit with different magnitude and scope. Specifically, while a rise in the general price level of goods and services in an economy over a period reduces the value of money, it simultaneously creates uncertainty and unpredictability, which are necessary conditions for the budgeting activi ties and processes.

A microeconomic concept - budgets are estimates of revenues and expenses over a specified future period. It is a financial plan for a defined period and can enhance the success of financial undertakings. While effective for earmarking resources, budgets are also valuable tools for setting goals, measuring outcomes, and planning for contingencies. However, the systemic and economic distortions that inflation triggers makes it difficult to plan and implement budgets for present and future spendings and that is the reason it is important to adjust the budgets

...adverse effects of inflationary trends impact households’ budgets in areas that include housing, transportation, and food...

over time considering the inflationary rate.

Impact of Inflation on Household Budgets

Increasing and sustained general price levels has a direct and mostly negative impact on households. Specif ically, inflation reduces the real wealth of households with fixed nominal incomes or returns on assets. Imme diate impacts might include reduction in real purchasing power, rising costs of living, lower currency valuation, increased interest rates, economic inequality, and wealth redistribution.

The adverse effects of inflationary trends impact households’ budgets in areas that include housing, trans portation, and food. While a modest 2% general price increase might boost nations’ economies, Statistics

Canada, however, reported that the Canadian inflation rate increased to 5.1% in 2022. Such a high inflation rate will exacerbate the high living conditions of Cana dian households. To manage budgets effectively and efficiently, households should plan and track monthly expenses; review relevant investment portfolios, longterm financial goals, and retirement plans.

Impact of Inflation on National Budgets

The effect of high inflation is multifaceted and portends a debilitating impact on national economies. While inflation prompts higher interest rates, it simultane ously boosts interests paid on the federal debts and in turn, increases annual deficits, which culminates in making the nation’s fiscal outlook worse. Furthermore, there exists a

direct relationship between inflation and mandatory and discretionary spending by the government. Specifically, mandatory spending such as social security and health care costs will rise with inflation. Similarly, projections for discretionary spending will increase with inflation as future spending will supposedly be larger due to rising prices. Inflation also affects the national debts of nations. Here, a rise in interest rates following inflation will lead to increased net interest costs, which will, in turn, increase annual deficits and the amount of federal debt relative to a lower inflation scenario. It is, however, pertinent to note that such a structural mismatch between spending and revenue will propel an unsustainable fiscal trajectory for the country.

meet dewayne taylor , whose journey began in the hills of Clarendon, Jamaica and whose passions have led him to his current role as the Chief Technology Officer (CTO) for Soltare Inc. - a technology company located in Edmonton, Alberta. “I consider myself a typical country boy but without the farming experience,” Taylor quips. Like many other Jamaican children in the 80’s, Taylor grew up making his own toys and spending most days playing outside. He is an avid fan of soccer and a proud member of the Clarendon College’s winning Dacosta Cup team of 1998, even though his skill level kept him on the bench for most games. Taylor recalls, however, an early affinity for Maths and Physics. “In the 9th and 11th grade, I participated in an island-wide maths competition and was ranked in the top five on both occasions.” After grad uating High School, he pursued a degree in Electrical Engineering with a specialisation in Signal Processing at Morgan State University, a prominent HBCU - Histor ically Black Colleges and Universities, in Baltimore,developing more Intutitive Vehicles with Dewayne Taylor

Maryland. His appetite expanded as he worked on a few interesting projects such as Sniper Localization, Blind Source Separation, Image Registration, and Semicon ductor device modelling with Neural Networks. Soltare, provides sound based emergency vehicle detection systems. Taylor explains, “Just imagine for a moment if your car could hear. That is to say, it could sense and identify sounds in its immediate environment. iHear, Soltare’s patented automotive technology, gives the automobile the functions of detecting, identifying, and estimating the direction of approach of an emergency vehicle.” This type of technology will help the conscien tious driver respond even faster to clearing the path for first responders.

The CTO role oversees the technical leader ship within the corporation. Being that the company is in the startup stages, Taylor’s day may involve talking to engineers from potential clients, budgeting, creating scopes of work for contractors, reviewing designs, reviewing quotes, responding to Requests For Proposals, researching new technologies, writing firmware, writing software, designing hardware, specifying development environments and methods, and much more. There is never a dull moment and it has been his most exciting position thus far. Reporting directly to the CEO, Taylor is involved in most key decisions.

Taylor expands further on the concept, “We are living in the time of machine autonomy, where we are seeing various technologies emerge to take control and operations away from a human operator. In the daily operation of an automobile, a human will utilise mainly three of five senses; sight, hearing, and touch. So it makes sense for these autonomous control systems to have at least these three senses.” In the automotive sector, in partic ular, there is LIDAR, RADAR and cameras for vision;

haptic feedback, pressure, strain, capacitive and other technologies for touch, but there are no mature technol ogies for audio perception. It has been noted by multiple resources that current vision systems are not sufficient to cover all corner cases and will need audio augmenta tion. In a crowded city street scenario most threats can be heard before they are seen. Take for example, being in your car at an intersection, surrounded by high rise buildings with a fire truck approaching from a street that is perpendicular. You would most likely hear this fire truck before seeing it. Also, in most high-end vehicles, the car’s cabin is deliberately insulated to lessen outside noises. This can be a major hazard even for a fully aware driver, much less one that is distracted or inebriated. In the US, There are approximately 4,500 ambulance colli sions, 27,000 police crashes, and 32,000 fire truck acci dents annually. Many of these collisions are due to the driver failing to hear the emergency vehicles’ siren. For us to realise this future where cars are fully autonomous, audio sensing is an undeniable requirement. Emergency vehicle detection will also greatly reduce the number of injuries in the non-autonomous or semi-autonomous cate gories. This type of technology will be present in all auto mobiles in the near future.

“There are lots of interesting activities in the auto motive space. I am seeing weekly announcements of new companies and technologies. Vehicle to Vehicle (V2V) and Vehicle to Everything (V2X) communication are two of the most interesting to me.” With V2V your car will be able to communicate with other cars and V2X will allow your car to communicate with surrounding infrastructure such as a traffic light, or any other device that subscribes to its communication protocol. With this architecture the cars on the road can be utilised as another communica tion network for us humans to leverage.

Succession

business owners are a special breed. As their busi nesses grow, it’s not uncommon for them to feel proud and somewhat responsible for taking care of their employees, and their employees’ families. And while pride in the business is common, the true impact of a successful busi ness can often be key to creating wealth and prosperity for generations to come. This could be through oppor tunities for quality higher education, apprenticeships, investments, and travel, as well as funding the founder’s eventual retirement. But much like every valuable asset, the business (and family) needs a version of “insurance” to protect it.

While sometimes a difficult topic for business owners to address, considering what would happen if you, or your company leaders suddenly were not there, is part of being a good “steward”. This can also be a gift to your family and future generations to come in the event of an unplanned situation.

Consider our client, Anna. Anna was the founder of a successful business which she had started to support herself and her children. In the original creation of the company, she named herself as the holder of all voting common shares and issued non-voting shares to her chil dren. Over the years she had invested thousands of hours to grow the business. All of her savings had been poured into the business and each year, profits were reinvested to feed the growing business. She was proud of what she had created and dreamed of the day that her sons and daughter would continue her legacy. She paid herself a fair salary, but hadn’t worried about setting up a retire ment plan, or a succession plan yet. After all, she was only 50, a long way from retirement, and according to her advisors, the business was valuable and growing in value every year. It would be her retirement plan, and not only that, would provide wealth, value, and options to her

children and grandchildren that she never had – it would create generational wealth.

In January of 2017, Anna decided to check off a box on her “bucket list” and travel to Belize. While there, she experienced a serious accident, and was rushed to hospital. Despite extreme lifesaving measures, Anna passed away from her injuries.

Back home, while her family and employees were dealing with the incredible shock and grief of their loss, business calls began and employees were uncertain of who to direct them to, and who should be in charge.

As Anna was the only director, and cheques required two signatures, the controller panicked about the upcoming payroll and contacted the bank. Immedi ately the company banker became concerned and called Anna’s eldest child. Now that Anna was gone (and, as sole owner, was the guarantor on the company’s line of credit), how were things being managed? Then, as word began to spread, the business’ customers began to call their sales representatives, asking what was happening. But no one knew....

Anna’s children were overwhelmed....

Anna’s will had been drafted when her children were young and her business still a dream, so it did not include clauses to allow her Executors to easily implement planning opportunities. As she was the sole voting share holder of her corporation, she did not set up shareholder’s agreement specifying how the shares should be valued.

In addition to the running of a business itself, there were taxes to consider. When a person passes away, they are deemed to dispose of all assets they hold at fair market value, which includes the shares of a private corporation such as Anna’s. If there is a surviving spouse, the assets may transfer at cost, but in Anna’s situation this planning opportunity was not available.

Her Estate was responsible for the taxes on the capital gain arising from the increase in value from the nominal amount she originally paid for her shares when she set up the company and the current two-mil lion-dollar valuation. To make matters worse, without proper planning there was a possibility of double taxation on the value of the corporation as in order to withdraw funds from the corporation, dividends must be paid to the shareholders. Anna’s Executors had to make planning decisions within the first taxation year of Anna’s Estate in order to alleviate one layer of tax. Without proper plan ning the taxes paid on the value of the corporation were as high as 66%.

So, what could have been done differently? A Busi

ness Emergency Plan, LifeBookTM, and the ongoing advice of her advisors to help her in preparing a plan in the event of an unforeseen absence could have helped alleviated some of the stress that Anna’s family and employees dealt with in the wake of her death and would have provided them with a path forward to keep the busi ness running.

MNP offers services to our clients that allows for peace of mind. For example, we work with clients to develop an Emergency Plan for the business that outlines what steps can be taken to keep the business running smoothly when the managing shareholder/director is unavailable. We also work directly with business owners and can provide a LifebookTM report, (produced

...when a person passes away, they are deemed to dispose of all assets they hold at fair market value, which includes the shares of a private corporation...

...documents including your Will, Power of Attorney, and Health Directive are reviewed when there are significant life changes ...

through ongoing consulting with our succession and tax experts) that helps ensure your Will and other documents will allow the fulfillment of your goals and desired legacy and ensures your personal and business documents are readily accessible for when you, your business, and family, need them most.

Your advisors are critical team members when it comes to preparing your business, family, and employees in the event of an unforeseen absence and/or death. For example, your advisor can help you in:

• Calculating your anticipated taxes on death

• Identifying options to decrease taxes such as the use of donations to receive donation credits

• Exploring using life insurance as a source of funds for either business operations or to pay taxes

• Calculating if there is sufficient liquidity to pay the taxes if insurance is not available

• Creating an Emergency Plan which sets out all of the steps and information necessary to ensure that your business continues to operate in your absence.

All of these considerations, and more, should be explored as part of your planning. We encourage our clients to regularly meet with their advisors and encourage them to hold a group meeting with all of their advisors to

ensure every member is aware of the intricacies of their plan and are all working together (legal, accounting, succession, financial planning) to provide guidance with the same end goal in mind, while allowing for flexibility as life and business situations change.

We also recommend that documents including your Will, Power of Attorney, and Health Directive are reviewed when there are significant life changes (such as marriage, the birth of a child, the entry of the next gener ation into the family business, etc.), or every five years at a minimum. Documents should be reviewed in concert to confirm they not only allow the personal representatives flexibility in implementing tax planning, but to ensure they agree with each other.

In addition to the above, we recommended having conversations with your intended personal representatives and family members and gathering their input. Anna had thought her children would take over her corporation, but while her sons were active in the business, her daughter wasn’t interested in running it. How would Anna’s Estate be divided to be fair to both her daughter who lived in the United States, and her sons who intended to run the day-to-day operations of the corporation moving forward? Was there an impact to the corporation if there was a US shareholder? Was there additional work required by the Executors? These are all issues that could have all been addressed in advance through proper planning.

If Anna had taken proactive steps to protect her business, employees, and family in the event of her unfore seen absence, it would have given those closest to her a plan to move forward with and given them the space and time needed to process their grief.

By Ni Lo

SPOTLIGHT ON —Lloyd Reid— Llyod’s Patty Plus

A Note on Endurance

Upon entering Lloyd’s Patty Plus, you are greeted by the smell of fresh patties and the clinking sound of a variety of bottled Jamaican juices. Though there are people working the front counter, you will also find Lloyd himself. I’ve come many times for a patty, but today I came for a story. Asking a veteran for his life story is no small task, but Lloyd just smiled.

“There were no Black People here when I came,” he recalls “if you saw another Black person on the street, you would wave, and nod to acknowledge each other.”

Lloyd remembers that there was a steady group of Carib bean people who supported and inspired one another back then, but they were spread out across Alberta.

Finding a job upon arrival was challenging, with businesses telling him the position was filled when he arrived for an interview; Lloyd eventually managed to find a position in a bakery. He worked at that estab lishment for 8 years before a machinist joked about his longevity with the company, “You’re going to work here until you retire,” he said and that was the nudge that

Lloyd needed to tender his resignation. “The guys that owned the bakery were shocked and gave me an extra day to think about it. I was turning 40 and that’s all I needed to hear”. After getting the OK from his wife that evening, he returned the next day and confirmed his resignation.

With only a week’s notice, Lloyd found a bakery that was for sale by following his intuition. “I was driving and something told me to turn in there.” After offering to pay the full asking amount on the business, the sellers agreed on the morning of his last day. He immediately called his wife, “I told her we owned our own business.”

The bank provided no support and turned down his loan applications. It was Lloyd’s family from England who helped him to secure the finances to start the busi ness. Starting as the only store in a vacant lot, Lloyd’s Pattys thrived, growing from 700 Sq ft to over 2000 sq ft. Many of the vacant spaces in the strip mall also became occupied by other businesses over time.

With the increasing pressure on supply, Lloyd returned to the bank to help with scaling the business by

increasing the production space and making it federally licensed. It was approved, however, mid-build it became apparent that the contractor had miscalculated the budget and the project became cost overrun. When they saw this the bank backed out, and Lloyd was left to fund his goal of national distribution by liquidating his personal assets.

The business defaulted on the equipment loan, and although it was able to come within 5% of what the bank had been asking, the banking agent rejected the offer, and foreclosed on the property for less than half of the value of the equipment and the building.

Lloyd’s integrity and phenomenal product did one thing: kept his clients loyal; so loyal that he was out for less than 3 months. When he reopened, the very bank agent who declined his offer came into the shop for a patty and a drink. Today, Lloyd puts his trust in the next

generation, with the son of his long time accountant and friend, Tyler McFarlane, opening Lloyd’s first location in Edmonton.

Tyler says change is one of his motivations for opening a Lloyd’s rather than any other franchise or business. The endeavour seeks to change the stereotypes visible minorities and specifically Jamaicans live with every day. More personally, he says “My motivation is Lloyd Reid, his life story, and the trust he has instilled in me to continue and grow his legacy. Lloyd has taken me in and taught me his art, how to make a good patty and has trusted me with his face and his brand. Lastly, of course, my family and my newborn son who will someday see a franchise with a minority face, assuring him that the world is his to conquer.”

SPOTLIGHT

By Tamika DeGannes

SPOTLIGHT ON —Kelise Williams— Row the App

A Note on Getting Started

Now more than ever, business owners are leaning into the use of technology to make their services more accessible to their customers. One of the most trending tools to improve the e-commerce experience is currently the use of online apps. Kelise Williams, also known as Kelise Travels on Instagram and Youtube, is a young Black entrepreneur who helps immigrants settle success fully, with a new app called Row.

The Trinbagonian immigrant herself, describes Row as a virtual marketplace that “connects both immi grants and persons thinking about immigration with trustworthy immigration consultants, lawyers, career coaches, settlement services providers and education consultants.” Through the services offered on the app, the aim, according to its founder, is “to lower the level of uncertainty and anxiety involved in immigration by making the process a smoother one.”

On May 29th, 2022, the Row app was launched as a minimum viable product (MVP). According to Techo pedia an MVP is “a development technique in which a new product is developed with sufficient features to

satisfy early adopters.” It goes on to explain that “the final, complete set of features is only designed and devel oped after considering feedback from the product’s initial users.” For new app developers like Kelise Travels, the MVP is a great tool that provides essential data by allowing potential customers to demo the app and improve where needed, based on the feedback provided. Thus far, the Row app has shown evident success from the data collected. In only 60 days from the launch, Row has performed over 408 demonstration calls, 375 customer profiles were created, and has completed 102 transactions. In total, the app has helped over 1094 users with a 100% review rating of 5-stars.

The tech start-up entrepreneur also celebrated that “since the launch of Row we have extended these various settlement services to five cities across Canada through various settlement service providers.” With cultural inclusivity at the forefront, the goal, Kelise shared, is “to have settlement service providers in every city across the country and from every major ethnic group.” These service providers will help new immigrants to transition

into their new life in Canada by bridging cultural and language barriers and supporting their adjustment to life in Canada with dignity.

The Row app was developed as a solution to the demand for worldwide immigration service assistance, a business Kelise Travels started operations in Edmonton, Alberta. In conjunction with the app, the immigra tion entrepreneur also offers more hands-on services for immigrants who are landing in Edmonton. These services include Airport Pickup, Apartment Acquisition, Job Hunting, Moving Services, and Accompaniment to Source Important Documents. Additionally, customers gain access to a private Facebook group called ‘The Village’ with fellow immigrants in various stages of the

process. There, you can find many reviews of their expe rience with Kelise’s immigration services and connect and build relationships with persons who share similar backgrounds and experiences.

In the near future, Kelise shared we can look forward to plans for expansion. As the business is rapidly growing, they are eager to hire more staff and look forward to investor partnerships. We can also look forward to the Row app being accessible in Google and Apple App stores. Currently, Row is a web-based app and is available via Row.services.

To get in contact with Kelise, follow her on IG and Youtube at Kelise Travels and send an email at info@settlesuccessfulservices.ca

Black Opportunity Fund

by Merlin Uwalaka

the lack of equal access to education, employment and capital put Black Canadians at an economic disadvantage, making it diffi cult to explore their full potential as business owners, community members and creators. The disproportionate impact of Covid-19 on the Black community also makes economic growth and develop ment even more imperative than ever. A growing population of Black folks creates need for programs, activities and policies which support economic well-being and quality of life within the community. Future generations of Black folks living in Canada deserve access to the capital, political, cultural, human, and technological resources to reach their full potential-contributing to the Canadian and global economies. Effective economic development strategies would yield positive results like creating jobs, keeping old businesses and starting new ones, growing community assets, and increasing the number of skilled laborers within the community. The Black Opportunity Fund (BOF) is an initiative launched to support and accelerate the imple mentation of several effective economic development strategies.

We Back Black. With the support of collaborators like TD Bank, CIBC, and the Canadian Black Chamber of Commerce (CBCC), the fund’s mission is to back Black. BOF is a self-sufficient, renewable and accessible fund which boosts confidence in the Black community to succeed now and in the future. The fund achieves this by focusing on encour aging Black entrepreneurship in Canada. Small to medium enter prises are the backbone of the Canadian economy. For the Black community to thrive, we need successful businesses that cater to everyday needs. If you are an entrepreneur or intend to start a busi

ness, know that BOF is here to support you through the Black Entrepreneur program. This program will provide you with business education, financial literacy, and the capacity to operate successful, sustainable businesses. The applicants who complete the 12-month mentorship program will receive a non-repayable fund to grow their businesses. BOF also intends to launch a lending program to provide loans toward the day-to-day business opera tions and support long-term growth.

For Community Development

The fund also supports not-for-profit organizations that are committed to education and health. Education deter mines how well an economy performs with knowledge driving business solutions and technological advance ment across sectors and industries. In order to thrive, Black people need to be equipped with the information and knowledge to inspire creativity and innovation in all aspects of life. With the support of TD Bank, the first round of funding was launched in the spring of 2022. The

grant funded initiatives like Parents For Black Children. This project created a virtual campus that gives students access to virtual drop-in free tutoring, educational tools, and other culturally relevant resources. BOF has also created a scholarship fund of up to $80,000 for students studying at the University of British Columbia.

For the Future

BOF is also a future-focused fund seeking to cover and support the potential for Black growth in Canada in a multi-dimensional and practical manner. BOF not only provides financial support but actively supports these funds through mentorship. BOF covers several aspects of Black culture- business, services, creativity, education, social justice and health- at different levels of develop ment and impact. The future of the Black community is bright. Initiatives like BOF, give Black businesses, students, artists and organizations the courage to create and innovate; knowing that they too have access to finan cial supports.

...with the support of collaborators..., the Fund’s mission is to Back Black

around the globe

Ottawa provides $1.9M to help for Black business network in Windsor and Hamilton

The federal government is investing over $1.9 million to help a Hamil ton-based organization form a net work for Black-led businesses in south western Ontario. The exact total cost is unclear, but the funding from the Federal Economic Development Agen cy for Southern Ontario will allow Empowerment Squared, a non-profit group that helps newcomers in the greater Hamilton and Windsor areas,

to create the Southwestern Ontario Black Business Network.

Helena Jaczek, minister respon sible for FedDev Ontario, said the network will include advisory services, mentorship, entrepreneurial training and networking opportunities to help Black entrepreneurs thrive. She said the investment will also help create at least 80 new jobs and aid 275 Black entre preneurs.

Africa is poised to drive the next iteration of tech innovation

In its recent Q2 2022 Domestic Product Report, Nigeria’s National Bureau of Statistics identified that its (ICT) sector contributed 18.44% of its GDP in Q2, largely superseding its oil sector, which accounted for 6.33% of its GDP in Q2.

As we’ve seen in other regions of the world, a technology boom can

be a powerful tool to drive the Afri can economy forward and help solve some of the world’s biggest problems. Given that 23% of the world’s workforce population will be in the continent of Africa by 2050, according to the United Nations, the tech boom currently taking place is not one to miss.

Global Africa Business Initiative to advance sustainable business growth and economic development on the continent

UN Global Compact partnership brings together Business, Political and Cultural leaders to chart path forward for equitable growth of the $2.5 tril lion market. The launch event takes place during the United Nations Gen eral Assembly week from. The Global Africa Business Initiative (GABI) aims to create a new roadmap for Africa that highlights business opportunities and development across sectors.

“The Global Africa Business Ini

tiative is about Africa’s leaders resetting the global narrative and positioning key partnerships to deliver inclusive sustain able growth for people and the planet,” said Amina J. Mohammed, UN Deputy Secretary-General. “The next chapter for Africa begins by creating bridges for new opportunities, where Africans take to the global stage to tell their own stories and develop powerful economic engines – on their own terms.”

An app to help Black business owners close the opportunity gap

Kelly Ifill, launched Guava, a digital community bank for Black small-busi ness owners to help them gain access to capital and narrow the racial wealth gap. Coming from a Trinidadian back ground and living in Brooklyn she witnessed how difficult it can be for Black entrepreneurs to raise capital through the earliest rounds of fundraising known as the friends and family round, which is designed to help fledgling start-ups get off the ground.

Guava was designed to provide equitable financial products to Black

entrepreneurs, offering services like checking and soon savings accounts and credit. Instead of relying on traditional models to determine creditworthiness, Guava will offer lower-barrier loans that use alternative data sets to evaluate. Guava also aims to help Black entrepre neurs build social capital. The Guava app also connects Black entrepreneurs to one another, offering a place to talk shop and flesh out their investment networks. It also serves as a hub where Black entre preneurs can seek out mentors and peers.

Resource Centers

Resource Guide Business Development

Africa Centre

The largest Black-led non-profit organization in western Canada, serving as a community hub, providing programs and services from a place of cultural awareness and competency to the families in our diverse Black community. www.africacentre.ca info@africacentre.ca (780)455-5423

Alberta Women Entrepreneurs (AWE)

Since 1995, AWE has provided tools and resourc es to help women across the province succeed in starting or growing a business. For more than twenty-five years they have connected women with capital, training and workshops, business advice, and mentorship opportunities www.awebusiness.com info@awebusiness.com 1-800-713-3558

Black Business and Professional Association (BBPA)

A national non-profit organization that addresses issues of equity and opportunity for Black professionals and entrepreneurs. They provide a host of seminars on financial literacy and business empowerment; they also offer a youth development programs. www.bbpa.org info@bbpa.org (416) 504 - 4097

Business Link

Since 1996 Business Link has been a hub for new business. They offer advice, resources, coaching, market data and other tools to point entrepreneurs in the right directions to convert those innovative ideas into a lucrative plan. www.businesslink.ca (780)422-7722

Futurpreneur

This national non-profit organization provides direc tion on financing and mentoring as well as support tools to up and coming business owners ages 18-39. Their internationally recognized mentoring program pairs young entrepreneurs with a business expert from a network of more than 3,000 volun teer mentors.They also offer access to a free online Business Plan Builder. www.futurpreneur.ca bngoran@futurpreneur.ca (416) 408-2923 ext. 4693

Buy & Sell – Government of Canada Tender

The Government is a customer and often pur chases a broad range of goods and services from local businesses, including furniture, food, painting services, catering, janitorial services, and business consulting services to name a few. Small business es can bid on posted tenders, adding the Govern ment of Canada to their client list. www.buyandsell.gc.ca

Funding, Grants & Loans

FACE- The Federation of African Canadian Economics

A national coalition of Black-led organizations re sponsible for the new the 350-million-dollar Federal Government loans for Black Businesses in Canada. Apply online to gain access to capital and connect with professional development services. www.facecoalition.com info@facecoalition.com 1 (855) 560-FACE (3223)

Government of Alberta

The Government of Alberta provides a host of busi ness grants in varying sectors. Visit their website to learn more about what current programs exist to access funding for your business. www.alberta.ca/small-business-resources.aspx

Below are a list of the organisations who have contributed to the establishment of this business journal

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