New report examines barriers facing African/Caribbean entrepreneurs in Canada

BY SIMONE J. SMITH

“Black entrepreneurs are making a significant contribution to our communities and our country. Together, we must address the long-standing inequalities that hold them back from achieving their true potential. BDC is committed to being part of the solution and we are proud to work alongside partners like the Canadian Black Chamber of Commerce to listen, understand, and act to support them.” Michael Denham, President and CEO, BDC

What is it like being an African/Caribbean entrepreneur in Canada? Many of them find themselves underfunded and unsupported by venture capitalists. Some find it hard to find skills training when it comes to advertising and promotions, while others would love assistance with personal development and mentorship. It is noted by minority business owners that money is poured into companies run by people in clique networks, which are predominantly white and male.

The Canadian Black Chamber of Commerce (CBCC) released Building Black Businesses in Canada, a rare study examining the needs of, and opportunities to support, African/Caribbean entrepreneurs. The report is supported by the Business Development Bank of Canada (BDC) and provides a qualitative look at African/Caribbean business owners across Canada.

The study (led by market research firm Pitch Better) was designed to help the private and public sector understand who African/Caribbean business owners are, the systematic challenges they face, and what they need to navigate them. While they tell us the story of some African/Caribbean entrepreneurs, they are not representative of all.

As noted above, there is little data about who African/Caribbean entrepreneurs are, and there is a lack of knowledge relating to the textures and nuances of these individuals. The disconnect impacts entrepreneurs’ opportunity to become aware of, and access solutions that can help them scale. It is known that African/Caribbean entrepreneurs face unique challenges in starting and growing a business – particularly around access to capital.

The CBCC hosted nine Virtual Town Halls with African/Caribbean entrepreneurs across Canada to better understand their business operations, motivations, and financial viability. The CBCC is also looking to launch a new research division concentrating on data collection and analysis of black entrepreneurs across Canada. The data will be used to identify gaps and propose solutions to corporate Canada and government to improve decision making and tailored program development for African/Caribbean entrepreneurs.

“There are many black businesses in Canada that are under-banked, or unbanked, and the pandemic has only exacerbated these challenges.” Christelle Francois, President, CBCC

Naturally, I had to find out more about this. As an African/Caribbean entrepreneur, I am familiar with some of the challenges that my community faces. I reached out to Christelle Francois, and she shared the vision of CBCC.

“I know that you most recently became the president of CBCC, and I was wondering if this report was in the works before you took over?”

“I was regional vice-president so I have been with the organization,” Christelle began. I was committed to take this challenge on. I know how important it is for us to serve the community. Things are running well. Obviously, we have new leadership, a fresh team. The first thirty days of my tenure has been great.

It was a project that was being developed when the past president was involved. We had to do some modifications to the report, and I was involved in the rollout. It was mostly language clean up that was done alongside BDC. We worked together on the presentation, design, and layout.

This is our first report exploring the needs of Canadian black businesses. We understand that this community is under-represented in research circles. This is why continuing to build on this report (and its findings) is necessary. This along with providing concrete solutions will be helpful in addressing our community’s needs. Together with business and government leaders, we can deliver tailored programs to ensure black entrepreneurs have the tools to perform effectively and successfully within the Canadian economy.

This report is just the start. We are committed to connecting and bridging the gap between corporate Canada and the black business community for a more thriving and inclusive Canadian economy.”

To find out more about the study, learn about upcoming events and stay informed with respect to the Chamber’s activities, visit www.blackchamber.ca/.