Futurpreneur Canada today announced a new partnership in funding together with Royal Bank of Canada (RBC) to offer its Black Entrepreneur Startup Program, continuing its longstanding collaboration with the Business Development Bank of Canada (BDC). This customized version of their fundamental Startup Program will increase its help for young, hopeful Black entrepreneurs starting successful business ventures in the communities of Canada.
Nationally, it is delivered by a team who have lived experiences of the program. The Black Entrepreneur Startup Program can increase equity and diversification among entrepreneurs in Canada With enhancements that aid in overcoming the barriers in accessing capital and other assistance that many aspiring young Black entrepreneurs are confronted with.
Alongside the mentoring and other resources offered through Futurpreneur’s primary Startup Program, participants in the Black Entrepreneur Startup Program will have access to greater loan finance, and a wide range of special programs and networking opportunities across the country help them succeed in their dream of owning a business.
“Futurpreneur is committed to fostering the success of diverse, young entrepreneurs to drive inclusive economic prosperity nationwide. This new collaboration with RBC is an important step in advancing our Diversity & Inclusion commitments,” said Karen Greve Young, CEO, Futurpreneur. “We recognize that young Black entrepreneurs disproportionally face barriers to success that have nothing to do with the potential of their business idea, notable access to financing, and mentorship. With RBC’s meaningful funding contribution and building upon our proven co-lending partnership with BDC, this new program will address barriers and amplify the success of hundreds of young Black entrepreneurs.”
The program, which Futurpreneur loan, will offer youngsters, Black entrepreneurs aged 18 to 39 across Canada with a wide range of between $5,000 and $60,000 in funding for startup loans (up to $40,000 will be provided with RBC as well as up to $20,000 in loans from BDC) in addition to as two years of mentoring and opportunities to connect with an extensive community of Black entrepreneurs as well as leaders and community organizations in a variety of entrepreneurial events, and numerous equipment and services. Anyone looking to grow their businesses and further is also qualified for up to $40,000 of follow-on financing provided by RBC by the first two years of successful business performance.
Recognizing the barriers to credit that many young entrepreneurs, particularly Black or Indigenous, Futurpreneur, with the support of RBC and RBC, is launching an innovative credit information series, along with an accompanying guide to resources. For all young entrepreneurs who are part of their network series of videos and the resource guide will assist young entrepreneurs in developing a greater understanding of the way credit works so that they can make better-informed choices and get in a position to succeed.
“The Financial Services industry plays an important role in enabling economic recovery and prosperity, and small businesses are the engine of that growth,” said Neil McLaughlin, Group Head, Personal and Commercial Banking at RBC. “By offering access to capital, supported with expert guidance and business support and advice, the Black Entrepreneur Startup Program is designed to assist Black entrepreneurs in financing establish, launch and manage their business plans. Together with Futurpreneur, We believe this program is a crucial initial step towards making black-owned businesses an integral component of Canada’s economic development and prosperity in the coming years.