Support Systems

Black Entrepreneurs & Business of Canada

by Leah Rambally

Walking

down the bustling roads of Toronto, a young Jackee Kasandy was awe-struck by the dozens of businesses lining the city streets. She was armed with an unwavering entrepreneurial spirit and dreamed of eventually opening a business of her own. But she had a problem. The system was stacked against her from the beginning.

“I knew there was no way I was ever going to get funding to do any business because of the way the system works here,” she says. “It is a dead system to many like me.”

Jackee didn’t know it then, but she was considered ‘unfundable’ by Canada’s financial system. She coined this term to describe Black entrepreneurs who can’t get loans or grants, no matter how good their idea is, because they are too young, face too many student loans, lack personal assets, or face other systemic barriers. Recently immigrating from Kenya, Jackee didn’t understand the complex banking system. She also lacked access to generational wealth or family capital to be used as security, limiting her chances with traditional banking institutes. These issues are magnified when layered by centuries of racism and systemic exclusion of Black businesses.

Jackee isn’t alone. According to a 2021 survey from the Black Entrepreneurs & Businesses of Canada Society, 53% of western Canada Black

Businesses identified access to capital as the most significant challenge they face. Generational wealth has allowed White entrepreneurs to propel their businesses forward through funding and social connections. However, Black and People of Colour entrepreneurs have not been given the same opportunity. As a result, many accumulate debt from student loans or credit cards—hurting their credit and preventing access to crucial loans they would need to start their business.

“It’s so easy to feel defeated because you’re struggling to go upstream and you keep being told, “No.” You’re sharing your idea, and no one is looking at you with any sort of possibility that they could have you.”

Undaunted, Jackee fought for her business. After moving to British Columbia, she financed her own company by maxing out her credit cards and cleverly creating an income stream via Airbnb. She made it, ‘just barely’, and today generates between $500,000 - $1,000,000 in revenue. But the bumpy road to business success sparked a new dream; she was determined to change the system, not just for herself but for thousands of other Black business owners who have also been unfairly deemed ‘unfundable’.

“We need a unified voice to advocate in terms of policy and system changes — that’s why the BEBC exists. The most important thing is to change the landscape and introduce Black businesses into the larger ecosystem, so their impact is felt, acknowledged, and celebrated.”

Jackee is now the founder and CEO of the Black Entrepreneurs and Businesses of Canada Society [BEBC Society], a Black-led non-profit that helps Black entrepreneurs start, grow, and scale their businesses. The organization provides seven different programs, such as coaching, mentoring, funding, and financial literacy, to help others achieve entrepreneurial success.

The Black Pitch Contest is the newest tool in BEBC’s arsenal. The competition provides Black entrepreneurs a chance to win $25,000 for their business, no strings attached. The contest leads with a ‘barrier-free’ entry; anyone in Canada’s Black community can apply regardless of age, gender identity, or experience level. Even business ideas at the beginning of conception are eligible to win.

The pitch contest, along with the BEBC’s other programs, represents a critical support network to help Black entrepreneurs break business barriers. Black entrepreneurs can join the BEBC for free— this gives access to mentorship, financial literacy, accreditation, business education, and more. They also have early access to the BEBC’s signature event, the Black Business Summit, which returns in late February 2023—where finalists for the Black Pitch Contest will be featured.

Today, Jackee smiles when she looks back on how far her dreams have come since the days she walked through the streets in awe. For anyone else facing barriers, she has a message:

“Don’t ever let anyone talk you out of your dreams, no matter who they are. If you talk to people about your business and they seem to dismiss you or don’t understand, don’t take it personally because you have the vision. Seek out anyone already doing business and speak with them or come to the BEBC; we will help you”.