Black Business Association of BC (BBABC) sounds off on the Federal and BC Provincial Budget impacts to Black business.
The Black Business Association of BC asks, “Are we getting what we needed?”
VANCOUVER, Apr 20, 2021– Black Business Association of BC, a non-profit organization supporting entrepreneurs and small businesses through education, mentorship, and leadership development, sounds off on the recently announced proposed Federal and BC Provincial 2021 Budgets.
Over the last two days, we had an opportunity to compare the proposed budgets of the Federal government and that of the Province of BC. We think it is important to recognize, the clear funding that has been ear marked for the Black business community under the proposed Federal budget, including:
- An additional $51.7 million over four years, starting in 2021-22, to Innovation, Science and Economic Development Canada and the regional development agencies for the Black Entrepreneurship Program.
- $87.4 million over five years starting in 2021-22, and $18.6 million ongoing to modernize federal procurement and create opportunities for specific communities by diversifying the federal supplier base. Specifically, implementing a program focused on procuring from Black-owned businesses.
- $200 million in 2021-22 to Employment and Social Development Canada to establish a new Black-led Philanthropic Endowment Fund and $100 million in 2021-22 to the Supporting Black Canadian Communities Initiative.
In contrast, we unfortunately are not seeing that same clarity identified in the proposed 2021 BC Provincial budget. We would have loved to have seen funding ear marked to:
- New specific funding allocated for BIPOC businesses under the $195 million for small and medium business recovery grant.
- Specific funding ear marked to non-profit BIPOC associations whose mandate is to support community and economic development.
- Specific funding ear marked for mental health to support businesses, including owners and their staff.
Welcomed supports from the proposed BC Provincial budget:
- $195 million for small and medium business recovery grant. Obviously, that will make a huge impact on supporting businesses as we transition out of the pandemic.
- $120 million for tourism and art sector. These sectors are in crisis right now, and funding dedicated to their recovery we think goes without saying, is a must. Whether this amount will be sufficient is left to be seen.
- $10 million to Support Farmers and Agricultural sector. This aligns with our vision of the path forward.
“At the Black Business association of BC, we have been concentrating our efforts on strategies aimed at increasing market access and bolstering supplier chain diversity. These are pathways that can support strong economic recovery for businesses, particularly within the Black and BIPOC business community” said Nerissa Allen, President of BBABC.
About the Black Business Association of BC
Co-Founded by Nerissa Allen and Clavia Alleyne, the BBABC provides tangible operational support to Black entrepreneurs and small businesses. Programs designed to engage and inspire new interest in entrepreneurship. With unemployment at an all-time high, giving people the tools to create and run a thriving business will not only uplift people and families individually, but also the community, and the Canadian economy.