Canada’s big banks are providing little information about Black entrepreneurship loan programs

Of note:

Most of Canada’s major banks continue to lack transparency regarding their loan programs aimed at supporting and removing barriers for Black entrepreneurs, The Globe and Mail has found.

The killing of George Floyd in 2020 sparked conversations between the banks, the federal government and Black business organizations about increasing funding for Black entrepreneurs who disproportionately face systemic barriers to accessing capital. Banks ended up leaving the government initiative in 2021 with promises to create their own tailored programs.

In the three years since, five of the six biggest banks have created programs that they say would help increase the amount of credit that Black entrepreneurs have been able to access. However, while The Globe has repeatedly checked in with the banks to track the progress and impact of these programs, the institutions have generally declined to provide data on how many loans have been extended or how many Black entrepreneurs they have helped.

In October, The Globe reached out again. Only Canadian Imperial Bank of Commerce and Royal Bank of Canada shared data about the amount of loan money they have distributed and the number of approved applicants. Other institutions, including Bank of Nova Scotia, Toronto-Dominion Bank, Bank of Montreal and National Bank provided limited or no information….

Source: Canada’s big banks are providing little information about Black entrepreneurship loan programs