Royal Bank of Canada introduced new initiative for Black entrepreneurs

Last summer RBC announced up to $100 million in business loans to Black entrepreneurs

Royal Bank of Canada Black

Royal Bank of Canada introduced new initiative for Black entrepreneurs. Source: pexels.com

Royal Bank of Canada has announced a new initiative to help Black entrepreneurs overcome barriers while starting and managing their businesses.

This funding collaboration with Futurpreneur is designed to create more inclusive and equitable financing opportunities for emerging, young Black entrepreneurs.

Accrding to information, the Black Entrepreneur Startup Program will support Black entrepreneurs age 18-39 in starting their business.

Over a 5-year period, RBC will provide up to $40 million in financing for Futurpreneur to offer small business loans, mentorship, and business resources to Black entrepreneurs for up to 2years.

Besides, the participants will have opportunities to engage with a national network of Black entrepreneurs and community organizations at a range of entrepreneurship events.

The Financial Services industry plays an important role in enabling economic recovery and prosperity, and small businesses are the engine of that growth. By providing access to capital, backed by dedicated advice and business services, the Black Entrepreneur Startup Program will help Black entrepreneurs finance, launch and manage their business ideas. Working alongside Futurpreneur, we believe this program is an important first step to making Black-owned businesses a meaningful part of Canada’s economic growth and future prosperity
Neil McLaughlin, Group Head, Personal and Commercial Banking at RBC

We’ve reported that Bank of Canada revealed three digital currency proposals.

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