Some local Black business owners are breathing a little easier today after a new program was kicked off to help them survive COVID-19 and other challenges.

Prime Minister Justin Trudeau on September 9 announced a Black Entrepreneurship Program that will help Black Canadians get business loans with national banks.

The $221-million program will receive $93 million from the federal government over the next four years and $128 million from eight financial institutions, which includes the Royal Bank of Canada, BMO Financial Group, Scotiabank, CIBC, National Bank, TD, Vancity and Alterna Savings.

The funds will be used to create a Black entrepreneurship loan program that will provide loans to small and medium-sized Black-owned businesses between $25,000 and $250,000, according to Ottawa.

Another $53 million from the feds will go toward helping entrepreneurs access funding, capital, mentorship, financial planning services and business training, while $6.5 million will go support collecting data on the state of Black entrepreneurship in Canada.

“We’ve heard very clearly from the Black community that economic empowerment is an essential step toward breaking down those barriers and creating true success,” Trudeau said. “This is not just for the Black community but for our country.”

Local South Etobicoke Black merchants say they welcome the program and will explore it for possible funding needs.

“I always say that the biggest challenge Black business owners face is that the owners are Black,” stressed Nadine Spencer, president of the Black Business and Professional Association. “Systemic racism is the biggest factor when we walk into a bank. There is something different for Black businesses than for mainstream businesses.”

Meryl Afrika, president of the Canadian Association of Urban Financial Professionals, said it’s reassuring to see a promise come with a price tag.

“It’s better than what we’ve had in the past,” Afrika said.