Major lending programs for Black entrepreneurs have quickened their paces after a slow start, with Canadian Imperial Bank of Commerce approving $8.5-million in loans and grants and Ottawa authorizing about $35.1-million in loans so far.
After the killing of George Floyd in 2020, the federal government, major financial institutions and Black community groups spent months discussing how to knock down some of the barriers that Black businesses disproportionately face in accessing capital. Ottawa and major banks almost came together to launch a new national lending initiative, but the banks walked away to run their own programs.
h/t Mauser
