Ola Sanusi, the visionary behind the Nigerian Entrepreneurs Summer Hangout (NESH), initially launched the initiative on WhatsApp in 2020. In its inaugural year in 2021, the NESH event featured just eight vendors. However, this past Saturday witnessed an impressive growth, with more than 60 vendors participating in the showcase at Kiwanis Park in Regina.

The diverse array of vendors offered a variety of products, ranging from clothing and food to jewelry and beauty items.

Sanusi, who relocated from Nigeria to Canada in 2019, is the founder of Entrepreneurs and More, the non-profit organization hosting the event. Despite its Nigerian-centric name, NESH is an inclusive platform that welcomes Black entrepreneurs from various backgrounds, including African countries and the Caribbean, providing them with opportunities to network and showcase their products.

Expressing her broad vision, Sanusi remarked, “We have to do more. I don’t want to restrict myself to Nigerians; I want to go beyond that, and that’s why I’m extending myself to Black entrepreneurs. I’m very happy. My vision is coming to reality.” As someone dedicated to supporting others, Sanusi looks forward to further expanding the event in the coming years.

For young Black entrepreneurs like Shalom Okegeo, the representation offered by NESH holds significant importance. Okegeo, who runs an Italian fashion stall with her father Daniel, emphasized the value of representing her Italian-born, ethnic-Nigerian background.

“It’s important to represent your culture and keep it going,” she stated. Inspired by the popularity of Italian brands among the business class in Nigeria, Okegeo sells Italian shoes, bags, and more.

Surrounded by fellow entrepreneurs at NESH, Okegeo is motivated by the entrepreneurial spirit she witnesses. Despite being a teenager, she has plans to take over the family business one day.”

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Although the number of Black-owned enterprises in Canada is increasing, they still constitute a small fraction of the country’s business landscape, generally smaller and less profitable than their counterparts. These findings emerge from a recent Statistics Canada study examining entrepreneurship among Black Canadians from 2001 to 2018.

The study, drawing on various reports, including census data spanning 2001 to 2016, the 2011 National Household Survey, and the 2018 Employer-Employee Dynamics Database, analyzed how the status of Black entrepreneurs evolved over nearly two decades. In 2018, there were approximately 66,880 Black-owned businesses in Canada, representing about 2.1% of the overall 3.1 million businesses.

While the census data indicates that 4.3% of Canadians identify as Black, Black-owned businesses face unique challenges. The majority, around 74%, are owned by men, and the self-employment rate increased from 1.8% at the study’s onset to 3.5% in 2018. However, the growth in self-employment was more pronounced among Black men compared to Black women.

Despite the growth of Black-owned businesses, the data suggests they are not maximizing their potential, being smaller and less profitable. Over 95% of unincorporated Black-owned businesses in Canada have fewer than one employee, and even among those considering incorporation, more than 91% have fewer than five employees.

The study also reveals earnings disparities. On average, Black male business owners earned $56,100, $9,500 less than their counterparts from other racialized groups and $43,300 less than the average white male business owner in 2018. Black women business owners earned the same as other racialized groups but $16,000 less than white women.

Black-owned businesses face challenges in profitability, with an average profit margin of 8.5%, compared to 14.9% for white-owned firms. While the study refrains from attributing this discrepancy solely to systemic disadvantages, it underscores the need for exploration.

Funding Challenges Carlton-James Osakwe, a business professor at Mount Royal University, points out systemic challenges hindering Black-owned businesses from realizing their full potential. Obtaining bank loans is particularly challenging, and Osakwe suggests that exploring the reasons behind this difficulty is essential.

In response to these challenges, the federal government established the Black Entrepreneurship Loan Fund in 2021, a $265-million commitment to provide entrepreneurs with loans of up to $250,000. While Osakwe acknowledges the positive steps taken, he emphasizes that funding remains a significant hurdle for many Black-owned businesses.

Beyond traditional funding sources like bank loans and government grants, Osakwe highlights the importance of “dealmakers” for small businesses. However, he notes that these dealmakers often come from predominantly white networks, limiting access for Black entrepreneurs.

Potential Solutions Lola Adeyemi, a successful entrepreneur, overcame these hurdles to establish her dream business, It’s Souper, a soup company. Adeyemi suggests that while programs like the Black Entrepreneurship Loan Fund are steps in the right direction, funding remains a critical challenge for many Black entrepreneurs.

Adeyemi emphasizes the importance of expanding beyond the Black community to access mentorship and support networks. She points out that the lack of visible success stories can be a significant barrier, and encourages Black entrepreneurs to seek guidance from diverse communities.

Sydonne Warren, an artist and muralist, shares her experience of building relationships that have been mutually beneficial for her business and others. She highlights the need for education on running successful businesses within the Black community, advocating for increased awareness and support to bridge existing gaps.

In summary, the study underscores the unique challenges faced by Black-owned businesses in Canada, particularly regarding funding and access to supportive networks. Initiatives like the Black Entrepreneurship Loan Fund and efforts to broaden mentorship opportunities are positive steps, but further exploration and action are needed to address the systemic barriers hindering the full potential of Black entrepreneurs.

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While the sale of LMIAs (Labour Market Impact Assessment) by Canadian employers is not a new practice, it has become a last resort for temporary residents seeking to extend their stay or gain additional points for Canadian permanent residency. The LMIA process allows Canadian employers to hire foreign workers if they can demonstrate their inability to fill a specific job position with a Canadian permanent resident or citizen despite their best efforts.

Contrary to official government regulations, some employers are illicitly selling LMIAs for exorbitant amounts, reaching up to $40,000. In some cases, these employers don’t even provide actual jobs but instead offer LMIAs to temporary workers to obtain an LMIA-specific work permit from the Canadian immigration department. Permanent Residency Supporting LMIAs are also being misused to secure extra points for Canadian permanent residency.

The black market for LMIA employs various shady tactics, including the fabrication of fraudulent job offers to meet LMIA standards rather than fill actual positions. Additionally, some businesses exploit foreign workers by underpaying them, often through mutual verbal agreements that workers reluctantly accept to extend their work permits.

The black market also involves unregulated immigration consultants who exploit vulnerable individuals by demanding high fees for assistance with LMIA applications. LMIA brokering, where brokers act as intermediaries between employers and foreign employees for a fee, is another unethical practice. The Live-in Caregiver Program is also being misused by some individuals to exploit career opportunities in Canada.

The repercussions of the LMIA black market are far-reaching, including the exploitation of vulnerable foreign workers, undermining the integrity of the Canadian labor market, loss of tax revenue due to unreported profits, damage to Canada’s reputation as a just nation, and diminished trust in immigration processes.

Despite Canada’s progressive immigration policy and a robust economy attracting immigrants, the existence of the LMIA black market poses significant challenges, tarnishing the country’s image and eroding trust in its immigration system.

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Mary, a mental health clinician interviewed for the study, expressed the difficulty Black youth encounter in obtaining appropriate care. She noted the reluctance of providers to take on complex cases, contributing to a sense of neglect among those seeking help.

Despite heightened awareness of racial inequities exacerbated by the pandemic, the study reveals that anti-Black racism remains a significant barrier. The BHA researchers argue that systemic racism hampers access to mental health care for Black youth, emphasizing the insufficient efforts of mental health organizations to connect with Black-led care groups.

During the study, participants discussed their experiences with racism affecting their employment opportunities, income, and mental health. The findings underscore the need for a more comprehensive approach to addressing the unique challenges faced by Black youth.

Jalisa, one of the study’s participants, expressed concern about racial considerations being treated as an afterthought in mental health programs. The study incorporated a social network analysis to assess connections between organizations and their impact on care for Black youth, revealing a fragmented mental health system with inadequate information sharing.

Psychotherapist Alice Wiafe, President of Black Mental Health Canada, emphasized the daily implications of racism for Black individuals, impacting their job searches and housing opportunities. The study indicated that Black-led organizations could play a crucial role in addressing mental health issues specific to the Black community.

Participants in the focus groups highlighted the exhausting process of repeatedly explaining their experiences to care providers, with instances of gaslighting and the need for ongoing education. The study suggests that diversifying mainstream organizations and collaborating with Black-led groups could lead to improved mental health outcomes for Black youth.

The researchers pointed to a 2020 report showing that Black youth wait more than double the time white youth do to access care, emphasizing the urgency for updated guidelines from the Mental Health Commission of Canada. The study authors are calling for a revision of the current recovery-oriented practice guidelines to address the impacts of systemic racism, emphasizing the importance of incorporating perspectives from individuals with lived experiences.

Original Source: https://www.cbc.ca/news/canada/toronto/black-youth-mental-health-care-1.7036232

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Online spending on Black Friday reached a record $9.8 billion, a 7.5% increase from the previous year, as reported by Adobe Analytics. In-person sales, measured by shopper visits, rose 4.6%, a rate almost double the average foot traffic increase seen throughout the year, according to Sensormatic Solutions.

Anticipation for Cyber Monday is high, with projected spending ranging from $12 billion to $12.4 billion, making it potentially the largest online shopping day ever recorded, according to Adobe Analytics.

While a notable reduction in inflation has provided some respite, consumers face challenges such as dwindling pandemic-era savings and increased borrowing costs for credit cards and mortgages.

Mark Zandi, Chief Economist at Moody’s Analytics, expressed optimism about the holiday season, citing strong Black Friday sales. Key indicators, including a low unemployment rate, wage growth surpassing inflation, and resilient savings for upper- and middle-income households, contribute to a positive outlook.

Recent economic data, such as a 4.9% annualized growth in the U.S. economy for the three months ending in September, suggests continued prosperity. Zandi believes that Black Friday sales data indicates favorable conditions for consumers throughout the year.

However, potential risks persist, particularly in escalating credit card debt, which reached a record high in the third quarter of 2023, according to a Federal Reserve report. Rising borrowing costs, attributed to Federal Reserve interest rate hikes, have contributed to this trend.

Simeon Siegel, a retail analyst at BMO Financial Group, acknowledged concerns about growing debt and increased borrowing costs but noted that Black Friday sales dispelled fears of a severe impact on consumer spending.

While cautioning against overoptimism, Siegel highlighted the imperfection of using Black Friday sales as a sole indicator of consumer health, as holiday spending patterns may not accurately reflect individuals’ financial well-being.

“The holidays have gotten off to a good start,” Siegel said. “What you and I can see from revenues is what people spent. But what we can’t see is what they have in their bank accounts.”

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As part of the ongoing efforts, the Supporting Black Canadian Communities Initiative (SBCCI) is being implemented to enhance the capabilities of Black-led and Black-serving community-based organizations throughout the country. The aim is to bring decision-making closer to Black communities, ensuring a more tailored approach to meeting their specific needs and priorities.

Today, Kamal Khera, the Minister of Diversity, Inclusion and Persons with Disabilities, announced a significant allocation of $21.5 million to the Black-led National Funders network in the third round of funding under SBCCI. The National Funders network, consisting of organizations like Tropicana Community Services, Africa Centre, Black Business Initiative, and Groupe 3737, has initiated a call for proposals under SBCCI. The application period begins today and extends until December 15 at 11:59 EST, with selected projects expected to be announced in the first half of 2024.

Through this call for proposals, registered non-profit organizations that are Black-led and serve the Black community can apply for funding of up to $105,000 across two streams: Capital Assistance and Capacity Building. This financial support aims to help Black-led organizations enhance their organizational capacity and improve their workplaces and community spaces, enabling them to better serve Black Canadian communities.

SBCCI acts as a complementary measure to existing initiatives working towards greater social inclusion, improved well-being for People of African descent in Canada, and addressing the unique challenges faced by Black communities, including discrimination, bias, and anti-Black racism.

Minister Kamal Khera emphasized the government’s commitment to inclusivity and collaboration with communities, ensuring that investments in Black communities across the country are directed by the communities themselves. The SBCCI National Funders network plays a crucial role in guiding and determining investment decisions tailored to the specific needs of Black communities.

Some quick facts highlight the ongoing commitment, including the United Nations International Decade for People of African Descent (2015-2024), the substantial investment of over $175 million through SBCCI since 2019, and an additional $25 million allocated in Budget 2023 for 2024-25, extending the program for another year.

The SBCCI seeks to empower Black Canadians and Black-led community organizations, address systemic barriers and anti-Black racism, and advance the full social and economic inclusion of Black Canadians into Canadian society. An External Reference Group, consisting of a Black-led ministerial advisory group, provides expertise and advice on SBCCI implementation, ensuring that priorities from Black communities are recognized.

In addition to SBCCI, the Government of Canada has established the Black-led Philanthropic Endowment Fund, providing a sustainable source of funding for Black-led, Black-focused, and Black-serving non-profit organizations and registered charities. With an endowment of $200 million, managed by the Foundation for Black Communities (FFBC), this fund aims to create a long-term, self-sustaining source of funding for Black community organizations.

The government remains committed to engaging with Black communities, incorporating feedback and ideas into policy and program development. Since 2019, close to $100 million has been committed to Canada’s Anti-Racism Strategy, marking a historic investment in addressing racism in the country.

The post A New Initiation Proposal: Supporting Black Canadian Communities Initiative appeared first on Black Wall Street Canada.