Black-Led Business Financing Program commits
$100 million in capital for next
generation of entrepreneurs
TORONTO, June 20,
2022 /CNW/ - Scotiabank has extended its support for
Black entrepreneurs and small business owners with the launch of
Scotiabank's Black-Led Business Financing Program. The program
commits to providing $100 million in
capital via term financing for both start-ups and established
Black-led businesses.
Businesses that have a minimum Black ownership of 50% or more
and have annual sales up to $15
million will be eligible to apply for loans under the
program. The financing program provides loans up to $250,000 which can be used for capital investment
or working capital.
"Small businesses are the foundation of the Canadian economy and
make up more than 90% of the employment in Canada, yet Black entrepreneurs continue to be
disproportionately affected by obstacles that limit their access to
capital and the ability to fully realise their potential," said
Jason Charlebois, Senior Vice
President of Small Business at Scotiabank. "Scotiabank's Black-Led
Business Financing Program aims to remove barriers and provide
equitable and inclusive lending solutions."
The Black-Led Business Financing Program is another example of
Scotiabank's commitment to fostering a diverse, equitable, and
inclusive culture year-round. Last year, Scotiabank
launched ScotiaRISE, Scotiabank's 10-year, $500
million initiative to promote economic resilience among
underrepresented groups. Some of the organizations and programs
Scotiabank has supported to date include CEE Centre for Young Black
Professionals, Scotiabank Program for Law Students, Trust 15 Youth
Community Support Organization and more. In May, Scotiabank
committed $1 million over the next 5
years to support the Black Physicians Association of Ontario (BPAO). Scotiabank is also a signatory
to the BlackNorth Initiative CEO pledge, and through its Diversity
and Inclusion Goals, is focused on increasing representation of
Black employees in senior leadership to 3.5 per cent, and the Black
student workforce to 5 per cent or more.
To apply for the loan program, visit Scotiabank's Black-Led
Business Financing Program or speak with a Scotiabank Small
Business Advisor.
To learn more about Scotiabank's commitments to enhancing
diversity and inclusion for our customers, employees, and
communities we operate in, please visit
Scotiabank.com/scotiarise.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products, and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.3
trillion (as of April 30,
2022), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit http://www.scotiabank.com and follow us on
Twitter @ScotiabankViews.
SOURCE Scotiabank