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MONTRAL, May 26, 2021 / CNW Telbec / – Today an important event was unveiled Report on black entrepreneurship in Canada Make important observations about the difficulties that entrepreneurs of African descent face in developing and performing their businesses.
Faced with these conclusions, the Canadian African Economic Union Expresses concerns about barriers to entrepreneurship, and the sense of exclusion and distrust expressed by black entrepreneurs
Thus, systemic racism, access to capital and finance, and the absence of structured business networks appear to be the main barriers identified by the 342 black entrepreneurs surveyed from all of the country’s counties.
Although we were not surprised by the results of this survey, we are nonetheless concerned about the ability of entrepreneurs of African descent to contribute to the country’s economic development. Canadian African Union of Economics, we have been working for nearly a year to identify these barriers and deploy concrete measures, particularly with regard to financing and access to capital and business networks, to address them.
The fact remains that the prosperity of black entrepreneurs is not the sole responsibility of the black community. This is a responsibility that must be borne by the entire business ecosystem in the country, from government to civil society, including businesses, financial institutions, and interest groups. Now that we have objective data and results, the status quo is no longer an option. In the coming days, we will have the opportunity to formally introduce structuring measures that will certainly answer many of the concerns of black entrepreneurs. Tiffany Callender, President and CEO of FACE
It should be noted that this Canadian poll was conducted with the assistance of a group of African Canadian senators, Senator. Colin Deacon It was driven by the abacus company.
- Systematic racism has a huge impact on black entrepreneurs:76% of entrepreneurs surveyed say their skin color is an issue for their success
- Access to capital is the biggest barrier for black entrepreneurs:Access to finance, capital and sales has been identified as the main challenge by far. 75% of respondents say it will be difficult for them to secure $ 10,000 in financing to support their business.
- Erosion of confidence in banks and other financial institutions: Only 19% of respondents said they trust their bank to provide the best for themselves or their community. Entrepreneurs who consider themselves at risk are more wary of banks than those who claim to be more independent.
- Access to business networks and support are critical elements of corporate development and growth:The majority of black entrepreneurs say they do not know how to obtain media advice when their businesses are in trouble. It is this situation whose disparity represents the largest gap between entrepreneurs who declare themselves vulnerable versus those who declare themselves independent.
- Black-led organizations are important:In total, 45% of black entrepreneurs surveyed said black-led organizations were either necessary or very important to their business and 25% described them as relatively important.
SOURCE Canadian African Economic Union
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