BY SIMONE J. SMITH
“I’m sorry, but we can’t approve your loan application. You lack a substantial credit history.”
“But I have a solid business plan and a clear vision,” you say with despair in your voice. You have worked so hard to put everything together, and once again, you feel shut out from your dreams.
It’s frustrating, I know. You are talented, educated, and motivated, but it feels like the system is working against you.
Starting your own business is a formidable endeavour laden with numerous challenges, especially if you are an African-Caribbean entrepreneur. One of the most formidable hurdles is the arduous task of acquiring the necessary resources, especially the difficulties with securing funding. Traditional sources (financial institutions) are often hesitant to invest in young entrepreneurs, and being African-Caribbean adds another layer of obstacles. This leaves young entrepreneurs grappling with a scarcity of financial backing, making it difficult to fund essential components like product development, marketing, and operational expenses.
Beyond monetary constraints: locating skilled personnel, securing a suitable workspace, and navigating the complex landscape of permits and regulations add additional layers of difficulty. Starting a business is tough for everyone, but as young African-Caribbean entrepreneurs, you must be resilient. This means seeking out community resources, grants, and mentorship programs.
I was impassioned when I received an email from an RBC representative sharing information about the recently launched Black Entrepreneur Program (BEP) committed to helping create opportunity, growth and equity for Black entrepreneurs.
The BEP has provided over $14.5 million in loans to date through the Black Entrepreneur Business Loan (BEBL) and the Black Entrepreneur Startup Program in collaboration with Futurpreneur (BESP). Beyond the loans, the program has facilitated over 8,000 interactions with Black entrepreneurs and clients, providing them with advice, resources and mentorship opportunities through RBC’s partner organizations and local events. Whether you’re a new business owner or a seasoned veteran they can help with advice, connections and banking solutions you need to get a new business started, or to grow your existing business to the next level.
They have a team that will guide you through all the steps to embark on your business journey—from planning to financing to launch. Their program for Black entrepreneurs aged 18-39 provides startup loan financing and up to two years of mentorship, plus access to resources and networking opportunities with fellow entrepreneurs across Canada.
They have also launched a tailored version of their core Startup Program specifically to help address some of the barriers to success faced by many aspiring Black entrepreneurs. They assist with:
- Financing from $5,000 to $60,000 in startup loan financing (up to $40,000 of which is delivered by Futurpreneur, funded by RBC; and up to $20,000 loaned by BDC)
- Up to two years of 1-1 expert mentorship
- Gaining access to the resources you need to succeed; they provide an interactive Business Plan Writer and Cash Flow Template
- Engaging with a national network of Black entrepreneurs, leaders and Black-led community organizations at a range of entrepreneurship events
- The opportunity to apply for up to $40,000 in follow-on financing funded by RBC, based on the first two years of successful business performance.
I went through their programs and found one that I think would be great for young entrepreneurs in our community. “Rock MY BUSINESS; Three-Part Workshop Series Aspiring entrepreneurs: Transform your idea into a thriving business,” creates space for innovative entrepreneurial ideas and finds opportunities to fill gaps in the market with niche products and services.
Are you an entrepreneur looking to transform your idea into a thriving business, or grow your newly launched small business? You can register for the free, virtual, three-part Rock My Business workshop series, presented by Futurpreneur and RBC Future Launch. The series provides entrepreneurs with the tools to: develop your idea, formalize your business plans, and create a viable cashflow—all while connecting you with fellow entrepreneurs across Canada.
The intricate dance of balancing ambition with practicality becomes a constant struggle, requiring a tenacious spirit and resilience to overcome the myriad obstacles that inevitably arise. Despite these hardships, the journey of entrepreneurship is a testament to determination and vision, where the pursuit of one’s passion often fuels the perseverance needed to transform obstacles into steppingstones.
It’s not easy, but you must refuse to be another statistic. Leverage every opportunity, build a network, and defy the odds.
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