Community News
National Bank invests in Canada’s black community
BY MICHAEL THOMAS
Black Opportunity Fund closed out the month of February with a new funding announcement!
Last year, a group of black Canadians from coast to coast came together and formed the Black Opportunity Fund (BOF).
The BOF is a viable solution to creating and sustaining a national, long-term economic growth strategy that addresses historic challenges faced by black Canadians with an ambitious goal to raise $1.5 billion in ten years to fund black-led initiatives.
Some of these challenges include: barriers in accessing education, employment, and the capital required to fully participate in the growth of our economy.
This has evolved, over the last year, into a special partnership between businesses, philanthropists, foundations and the black community. The Black Opportunity Fund is happy to announce a partnership with National Bank that includes a $1.25 million donation and a $5 million investment fund for black entrepreneurs.
National Bank will support the Black Opportunity Fund’s operations throughout Canada as well as the creation of its Francophone program, which will be used to support opportunities and combat anti-black racism across this country.
“Black Opportunity Fund is committed to investing in black communities to build up black organizations and businesses in Canada and help them achieve their full potential,” said Dennis Mitchell, co-founder of the Black Opportunity Fund and CEO of Starlight Capital. “This partnership with National Bank will open countless doors for black entrepreneurs and non-profit leaders in Canada.”
This funding will support the ongoing work of the Black Opportunity Fund and invest in black businesses that continue to face barriers in reaching their full potential and participating in the growth of our economy.
“We have deep roots in the business community and a long-standing commitment to support the entrepreneurial mindset in the communities we serve. We’re proud to partner with the Black Opportunity Fund, which enables us to pursue this mission, strengthen our support for black entrepreneurs and contribute to the economic and social empowerment of Canada’s black communities.”
“This partnership is also part of our ongoing efforts to promote diversity and inclusion, and to build a better future for all our stakeholders,” said Louis Vachon, President and Chief Executive Officer of National Bank.
Here is a bit more on National Bank.
As of January 31st, 2021, National Bank of Canada had assets worth $344 billion.Together with subsidiaries; they form one of this country’s leading integrated financial groups. National Bank has more than 26,000 employees in knowledge-intensive positions and has been recognized many times as a leading employer for its commitment to diversity. The bank securities are also listed on the Toronto Stock Exchange.
Toronto Caribbean Newspaper spoke with Mr. Ray Williams Managing Director and Vice Chairman of National Bank Financial about the plans and aspiration of BOF.
“We came together because there was a need to serve our community in so many different ways. From health to education to business there were many obstacles facing our community than any other communities in terms of making any kind of progress.
And we know full-well,” he said, “that in order to get things done we have to do it ourselves. We cannot wait on anyone else to do it for us.
As an organization we are not looking to replace what has been done already,” Williams said, “We are looking to enhance it, to support it, and create sustainability and permanence around it.”
Williams told Toronto Caribbean Newspaper, “There is this huge untapped economic potential in Canada, and that potential can be tapped if our community has the opportunity to increase the amount of dollars in its pocketbook, just think about that for a moment.”
He also had a bit of advice for black folks who have been turned down at every intersection in this country, “When I look around,” he said, “I know our community to be people who are not just hard working, but also people who understand the notion of perseverance.”
I say this because I look at my mother bringing up five kids by herself. I look at what I know to be more true than what the press tells you, but we know differently because we live in our community, so I say persevere and that is why organizations like BOF is something that hopefully will open up doors.”