Over the next three years, the program is expected to present $15 million to more than 1,200 Indigenous, Black and other racialized entrepreneurs, helping them launch and grow successful businesses and create more jobs within underserved communities.

Black entrepreneurs call it a step in the right direction – a glimmer of light at a time when entrepreneurship can seem an uphill battle. 

“The Black Business and Professional Association (BBPA) applauds the Ontario government's commitment to supporting Black, Indigenous and racialized entrepreneurs. This initiative underscores our continued recognition of the barriers faced by our communities in accessing resources and opportunities for business growth. It is a good step forward in levelling the playing field and fostering a more inclusive entrepreneurial landscape," wrote Ross Cadastre, the Board Chair of the BBPA, in an email to ByBlacks. 

Cadastre believes that the program has the potential to ignite a wave of innovation, growth, and sustainability among Black-owned businesses.

“Black entrepreneurs encounter multifaceted challenges, including limited access to capital, fewer networking avenues, systemic biases, training, and a lack of tailored resources. These hurdles often hinder their ability to scale their businesses despite their competence and drive," said Cadastre.

Research published in February 2023 by Statistics Canada found that Canada had an estimated 66,880 Black business owners in 2018, accounting for 2.1% of all business owners in the country. Although Black owners operate in almost all industries, regardless of the type of business, the businesses are, on average, smaller than those owned by white people or other racialized individuals. Additionally, the financial performance of Black-owned businesses is, on average, weaker than white-owned businesses or businesses owned by people from other racialized groups.

The numbers are even lower for Black women, with a total of 70.4% of Black business owners being men, while 29.6% are women.

The program also comes at a pivotal time, as Canada’s unemployment rate has increased monthly since April 2023. The unemployment rate rose 0.2% to 5.7% in October, marking the fourth monthly increase in the past six months. 

Previous data from Stats Canada and the 2016 Census has also shown that Black youth (15-24 years old) had a higher unemployment rate (24.3%) compared to the Canadian youth average (15.5%). 

There’s also the pay gap, with Black Canadians earning 75.6 cents for every dollar a non-racialized worker earns.

This highlights the RAISE program as an opportunity for business owners to redefine success on their own terms. 

More than just a grant, the RAISE program will facilitate online training modules on business financials, cash flow management, business operations, marketing and public relations strategies, and digital transformation.

In partnership with DMZ at Toronto Metropolitan University, the program also provides one-on-one and small-group business coaching and networking opportunities to assist entrepreneurs in developing and achieving their business action plans, building networks, connecting to market opportunities and accessing information and services.

Based on his work with the BBPA, Cadastre believes that some industries can use the help more than others. 

"We believe this training and grant will be instrumental across various sectors. However, focusing on technology, hospitality, and retail could yield substantial dividends as these industries witness a growing presence of Black entrepreneurs. Moreover, addressing areas like marketing strategies, digital innovation, and supply chain optimization would enhance competitiveness across diverse industries," he wrote to ByBlacks. 

To be eligible for the grant, businesses must be registered or incorporated, based in Ontario and owned by an Indigenous, Black or other racialized individual.

Interested entrepreneurs can learn more about the program and apply at Ontario.ca/RAISE.