Black-Led Business Financing Program commits $100 million in capital for next generation of entrepreneurs
TORONTO, June 20, 2022 /CNW/ - Scotiabank has extended its support for Black entrepreneurs and small business owners with the launch of Scotiabank's Black-Led Business Financing Program. The program commits to providing $100 million in capital via term financing for both start-ups and established Black-led businesses.
Businesses that have a minimum Black ownership of 50% or more and have annual sales up to $15 million will be eligible to apply for loans under the program. The financing program provides loans up to $250,000 which can be used for capital investment or working capital.
"Small businesses are the foundation of the Canadian economy and make up more than 90% of the employment in Canada, yet Black entrepreneurs continue to be disproportionately affected by obstacles that limit their access to capital and the ability to fully realise their potential," said Jason Charlebois, Senior Vice President of Small Business at Scotiabank. "Scotiabank's Black-Led Business Financing Program aims to remove barriers and provide equitable and inclusive lending solutions."
The Black-Led Business Financing Program is another example of Scotiabank's commitment to fostering a diverse, equitable, and inclusive culture year-round. Last year, Scotiabank launched ScotiaRISE, Scotiabank's 10-year, $500 million initiative to promote economic resilience among underrepresented groups. Some of the organizations and programs Scotiabank has supported to date include CEE Centre for Young Black Professionals, Scotiabank Program for Law Students, Trust 15 Youth Community Support Organization and more. In May, Scotiabank committed $1 million over the next 5 years to support the Black Physicians Association of Ontario (BPAO). Scotiabank is also a signatory to the BlackNorth Initiative CEO pledge, and through its Diversity and Inclusion Goals, is focused on increasing representation of Black employees in senior leadership to 3.5 per cent, and the Black student workforce to 5 per cent or more.
To apply for the loan program, visit Scotiabank's Black-Led Business Financing Program or speak with a Scotiabank Small Business Advisor.
To learn more about Scotiabank's commitments to enhancing diversity and inclusion for our customers, employees, and communities we operate in, please visit Scotiabank.com/scotiarise.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.3 trillion (as of April 30, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.