Black Entrepreneur Program
As part of its mandate to provide funding and capacity building support for Canadian Black-led businesses, Black Opportunity Fund (BOF) has established the Black Entrepreneur Program to provide Canadian Black entrepreneurs who have been unable to access traditional funding from financial institutions, with business education, financial literacy, skills training and support to help build their capacity and knowledge to operate successful, sustainable businesses.
Through extensive research and consultation, BOF recognizes the significant pain points faced by Black entrepreneurs who attempt to pursue business education and capacity-building support programs, as they have to sacrifice valuable time and related revenue from operating their businesses, or from ancillary employment to pursue these courses. To help overcome these barriers that significantly impact Black entrepreneurship, BOF is pleased to be disbursing non repayable funds to entrepreneurs enrolled in the various CBCC programs administered through this initiative, throughout the duration of their enrolment.
Black Opportunity Fund is pleased to collaborate with the Canadian Black Chamber of Commerce (CBCC) on this unique and innovative program, that will provide appropriate high-level wrap-around support programs to clients. CBCC is a national non-profit organization, established to support black-owned businesses, entrepreneurship, economic development and commerce within Canada’s Black communities.
We are grateful to the generous donation from CIBC and the CIBC Foundation in support of BOF, as well as CIBC’s ongoing commitment to supporting Black communities and Black entrepreneurs, which has made this transformative initiative possible.
For more information about CIBC’s Black Entrepreneur Program
- Wraparound services will be provided to Black entrepreneurs to help build their capacity as sustainable businesses, in areas such as:
- Financial literacy
- Creating a business plan
- Creating financial projections
- Improving credit score
Applicants who have been declined for traditional lending, can apply to the program and will be assessed and directed into appropriate CBCC program offerings based on need as identified during the client assessment process. Program offerings will be in the form of 90 day, 6 month, or 1 year in duration based on assessed need.
- Business Plan Writing Program
- Avro Business Acceleration (90 Days)
- 6 Month Personal Credit Acceleration Program
- 6 Month Business Acceleration Program
- 12 Month Propel Mastermind Incubation Program
Upon completion of key program milestones, clients will receive payment from Black Opportunity Fund in the form of non-repayable funding to support their journey through as they build their business capacity.
For more details on the eligibility and application process,
click here: www.elevateblackbusiness.ca
About Black Opportunity Fund
Black Opportunity Fund (BOF) is a community-led registered Canadian Charitable organization, whose mandate is to dismantle anti-Black racism by establishing a sustainable pool of capital to fund Black led businesses and Black led not for profits and charities, in order to improve the social and economic well-being of Canada’s Black communities.
Black Opportunity Fund will shortly be launching other important program supports related to its mandate, including a lending program for Black led businesses, and a grant program for Black led, Black community serving not for profit and charitable organizations.
About Canadian Black Chamber of Commerce (CBCC)
The Canadian Black Chamber Commerce Business Advisory will serve to elevate entrepreneurs through our Elevate Black Business Project through programming, mentorship, advocacy, promotion, and investment in their training and development.
The Black entrepreneurial community has long been disenfranchised by the effects of systemic racism. The Canadian Black Chamber of Commerce endeavours through this program and funded by the Government of Canada to “level the playing field” and provide Start-up and established Black entrepreneurs with the supports needed to help
their businesses succeed. The effects of the Pandemic have further highlighted the great need for this service in the Black community.
“To mobilize the Black Community and narrow the wealth gap, access to capital and solid fiscal relationships are imperative to the prosperity and sustainability of Black Entrepreneurship.”
Michelle Meghie President Canadian Black Chamber of Commerce