Over the years, I have worked with a large number of Black entrepreneurs, and through my own professional experiences, I have been all the more impressed by their determination to overcome obstacles and create thriving businesses.
That's why I'm proud that BDC is well advanced in creating an action plan to better support Black entrepreneurs by providing financing and business advice and encouraging the growth of a vital Black entrepreneurship ecosystem in Canada.
We want to help more entrepreneurs become success stories like Marc Lafleur, CEO of TruLocal, a growing online meat supplier in Kitchener, Ontario, and Frantz Saintellemy, President and COO of LeddarTech , a fast-growing Quebec City company that designs and develops specialized microprocessors for the automotive industry.
We know that Black entrepreneurs often need support to get their businesses on the path to sustainable growth.
Black entrepreneurs, as well as women, Indigenous people, members of visible minorities and LGBTQ2+ entrepreneurs, have historically faced greater challenges in starting and expanding businesses, particularly when it comes to accessing capital.
Pandemic exacerbates challenges
The COVID-19 pandemic has exacerbated the situation, according to a Statistics Canada study . In fact, the study found that applications submitted by businesses owned by visible minorities, Indigenous shareholder database peoples and women to financial institutions due to COVID -19 were more often rejected than those of other businesses.
I know what it’s like to face professional challenges. When I arrived in Canada from Nigeria in 2002 with my wife and two young children, we were looking for peace, security and opportunity. We found all of that, but we struggled to settle into our new environment.
In Nigeria, I was a branch manager at a major bank, a position that provided me with a chauffeur-driven car. In Toronto, despite my experience and two university degrees, I was repeatedly told that I needed to gain Canadian experience to get a job. In some cases, my challenges finding employment extended beyond my resume to what I perceived as racism.
Determined to succeed
Nevertheless, I was determined to succeed. I figured if I could endure a freezing Toronto winter, I could face anything. I eventually got a job as a teller at the Royal Bank. At 35, I was truly starting over.
It was humbling, but banking is an industry where your performance is quantifiable. You either exceed your targets or you don’t. I worked hard and moved up the ranks quickly. I was eventually recruited by BDC as a business centre manager in Scarborough, a suburb of Toronto.
I am now Vice President and I am proud that BDC is committed to doing more to help Black entrepreneurs overcome barriers to success. We have sought input from our partners, our staff and our entrepreneurs on how best to move forward on this issue.
Signing the CEO Pledge on the BlackNorth Initiative is a first step in our journey. As part of this initiative by the Canadian Council of Business Leaders Against Anti-Black Systemic Racism, BDC is committed to taking action and setting specific goals to end anti-Black systemic racism and create more opportunities for the Black community.
Participating companies have committed to seven goals, including reserving at least 5% of student positions and at least 3.5% of executive and board director positions for people from the Black community by 2025.
Mentoring and networking are the key to success
Over the years of working with Black entrepreneurs, I believe there are some fundamental practices that can set them up for success and prevent them from failure.
The first is to find a mentor. I have benefited from mentorship throughout my career and have mentored many entrepreneurs. I believe that the advice of someone who has successfully navigated the challenges of running a business can be invaluable to an entrepreneur’s development. If you are between the ages of 18 and 39, our partner organization, Futurpreneur Canada , is a great place to find funding and mentorship.
It is also important to network in an organized manner by joining business organizations and taking business training, especially in financial management .
A good credit score is essential to getting a loan
To get a business loan, you need to have a good credit score and prepare an excellent loan application . If you have the resources, you may want to buy an existing business that already has a proven business model and a customer base.
The most important thing is to have clear goals for yourself and your business, as well as the determination to overcome the inevitable difficulties and stay on course.
Consider becoming certified as a minority supplier
Becoming a supplier to large companies and organizations can be a great way to quickly grow your business. Many organizations, like BDC, have supplier diversity programs that can give you additional exposure when bidding on projects.
Additionally, Diversity Supplier Certification can give you access to exclusive networking opportunities and the U.S. market.
Connecting with organizations like the Canadian Aboriginal and Minority Supplier Council , which BDC supports, can be a good starting point when looking for procurement opportunities to help your business take the next step.
No matter what direction you choose to go, BDC will be there to help. We are taking steps to ensure we understand the reality of Black entrepreneurs and we want to make a difference, so please reach out to us.
