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Black entrepreneurs in Canada are driving innovation, creating jobs and reshaping the country’s economic landscape. Despite persistent barriers to capital, mentorship and systemic inclusion, Black business owners across provinces are establishing successful ventures in technology, retail, health care and professional services.
According to a 2021 report by Statistics Canada, the number of Black-owned businesses has grown steadily over the past decade. However, Black entrepreneurs are still more likely to face discrimination, credit denials and underrepresentation incorporating supply chains in comparison to their white counterparts. This report found that Black business owners are more likely to be self-financed and less likely to receive loans from traditional banking institutions.
In response to these challenges, government and community-led initiatives have emerged to support Black entrepreneurship. The Government of Canada’s Black Entrepreneurship Program, launched in 2021 with a $265 million investment, aims to provide funding, mentorship and resources to Black-owned businesses. The program includes a National Ecosystem Fund and a Black Entrepreneurship Loan Fund, both designed to address longstanding economic inequities.
Another key player in this space is the Black Business and Professional Association (BBPA), which provides networking, training and advocacy for Black entrepreneurs.
Here are some notable Black entrepreneurs in Canada who are actively shaping the country’s economic future across industries like tech, beauty, food, fashion, media and finance:
- Isaac Olowolafe Jr. is founder of Dream Maker Inc. which is a real estate venture capital firm. Olowolafe is a Toronto-based entrepreneur and philanthropist. His company invests in inclusive real estate development and supports startups through Dream Maker Ventures, one of the first Black-led VC firms in Canada.
- Karlyn Percil is founder of KDPM Consulting Group, which specializes in leadership development and DEI consulting. A former Bay Street executive, Percil runs a leadership consultancy focused on equity, emotional intelligence and anti-racism training for corporate Canada.
- Roger Dundas is co-founder of ByBlacks.com, which is a media and publishing house. Dundas co-founded one of Canada’s leading digital magazines highlighting Black Canadian culture, business and politics.
- Jam Gamble is founder of Slay the Mic, which is a public speaking and personal branding platform. Gamble empowers professionals, especially marginalized voices, to improve public speaking confidence and visibility through her Slay the Mic program.
- Kingsley Kobayashi is founder of Kobayashi Group, which is in the investment and fintech industry. Kobayashi operates a family of companies in Canada, Japan and Nigeria, investing in cryptocurrency, blockchain and international business ventures.
Beyond access to funding, representation in leadership and procurement opportunities remains a pressing issue. A 2023 report by the Canadian Chamber of Commerce stated that Black-led businesses are still underrepresented in government contracts and national supply chains. The Chamber has since advocated for supplier diversity programs and equitable procurement policies at all levels of government.
Despite these hurdles, many Black business owners are thriving. In cities like Toronto and Montreal, a new generation of entrepreneurs is using digital platforms, e-commerce and social enterprise models to scale their operations. Tech innovators, wellness coaches, eco-conscious fashion designers and food service entrepreneurs are redefining what it means to be a Black business leader in Canada.
Organizations such as The Federation of African Canadian Economics (FACE) and Afro Caribbean Business Network (ACBN) have also played a pivotal role in helping startups access capital and community markets. FACE, which partners with the federal loan program, approved more than $25 million in loans for Black entrepreneurs in its first year alone.
Black entrepreneurs are not only creating jobs and generating income; they are reshaping communities, influencing policy and contributing to Canada’s innovation economy. As the country continues to rely on small and medium-sized businesses for economic recovery, empowering Black-led ventures is not just a matter of equity but of national prosperity.
