As the Fall Economic Statement Approaches, Sustained Support for Critical Programs Is Imperative
MONTREAL, Oct. 7, 2024 /CNW/ - As Canada approaches its Fall Economic Statement, a pivotal moment arises to secure the future of federal investment in Black communities.
Over the past four years, the federal government has invested over $800 million through three transformative programs: the Black Entrepreneurship Program (BEP), the Supporting Black Canadian Communities Initiative (SBCCI), and the Black-Led Philanthropic Endowment Fund. These investments have driven economic growth and have been instrumental in reducing poverty, tackling systemic racism, and making Canada a more equitable country for all.
Despite their success, these programs face imminent threats, with the BEP and the SBCCI set to end on March 31, 2025. Despite its intended permanence, the Black-Led Philanthropic Endowment Fund currently operates under a 10-year agreement that the government can terminate at any time.
The potential loss of these programs could erase the significant progress made in addressing long-standing disparities in Canada's Black communities. This would impact the hundreds of thousands of Black families, businesses, and organizations that rely on these programs for support, capacity-building, and growth opportunities.
To safeguard this progress and continue building an inclusive ecosystem for Black Canadians, we urge the government to make these investments permanent with $100 million in yearly permanent funding for all three portions of the Black Entrepreneurship Program (BEP) and $50 million in permanent annual funding for the Supporting Black Canadian Communities Initiative (SBCCI).
Quotes from Key Leaders
"These investments have been a lifeline for Black communities across Canada. They've provided the resources, mentorship, and opportunities that have long been denied to us. We've seen the incredible impact these programs have had, from supporting businesses to uplifting non-profits. It's not just about funding; it's about ensuring that Black Canadians have a fair shot at success. Now, more than ever, we need a commitment to make these programs permanent." - Tiffany Callender, CEO of the Federation of African Canadian Economics (FACE)
"The Black Entrepreneurship Program, SBCCI, and the Black-Led Philanthropic Endowment Fund have demonstrated what's possible when we invest in communities that have been historically overlooked. These programs are more than financial support; they are instruments of change that empower Black entrepreneurs and organizations to thrive. We must ensure this progress is not lost but rather amplified through sustained investment." - Louis Edgar Jean Francois, CEO of Groupe 3737
"These investments have laid the foundation for systemic change, allowing us to address deeply rooted inequities and create pathways to prosperity for Black Canadians. If we allow these programs to end, we risk undoing the progress we've fought so hard to achieve. We urge the government to recognize the value of these initiatives and make a long-term commitment to funding." – Hon. Marlene Jennings, Co-CEO of the Foundation for Black Communities, Former Federal Member of Parliament
About the Black Entrepreneurship Program (BEP)
Since its inception, the BEP has supported the launch and expansion of over 5,000 Black-owned businesses, creating more than 3,800 high-quality jobs and generating an impressive $220 million in revenue. The program has disbursed over $40 million in loans and approved more than $50 million, providing critical financial support to Black entrepreneurs across Canada.
About the Supporting Black Canadian Communities Initiative (SBCCI)
This program has enhanced the capacity of over 2,500 Black-led non-profit organizations, creating more than 2,900 jobs and engaging over 20,130 volunteers. The SBCCI has generated $392 million in revenue, strengthening grassroots efforts and fostering long-term sustainability for Black-led non-profits nationwide.
About the Black-Led Philanthropic Endowment Fund
Since being selected to steward the Black-led Philanthropic Endowment Fund in 2024, the Foundation for Black Communities has distributed over $10 million and is set to grant an additional $11 million by March 2025, collectively supporting over 250 Black-led non-profits and charities. The Foundation's goal is to ensure long-term community development and provide critical support to Black-led organizations committed to social impact.
SOURCE The Federation of African Canadian Economics
Media Contact: Augustine Fischer, FACE, [email protected], 438 220 8826
Share this article