Black Entrepreneur's Journal - Issue 3

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 difficult 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 development 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 encouraging Black entrepreneurship in Canada. Small to medium enterprises 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 business, 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