Canadian prime minister Justin Trudeau has announced the federal government will be investing $221 million of taxpayer cash in a group to give loans to black entrepreneurs to start businesses.
Mr Trudeau made the announcement this week in Toronto at the HXOUSE organisation, a group that describes itself as a “Toronto-based, globally focused think-centre. Serving its community as an incubator and accelerator, it helps to foster innovation and opportunity for creative entrepreneurs.”
Of the $221 million, $93 million will be used over the course of the next four years to launch a new federal government programme, the Black Communities Entrepreneurship Program of Canada, newspaper La Presse reports.
Another $53 million will likely be set aside for a new fund to make money available int he form of loans only to businesses run by black entrepreneurs.