Question Period Note: SUPPORT FOR DIVERSE/UNDERREPRESENTED GROUPS IN SMALL BUSINESS

How is the Government of Canada supporting diverse and/or underrepresented groups in Small Business?

• Small businesses are the backbone of the Canadian economy and the heart of communities across the country.

• To build a more inclusive, resilient and competitive economy that benefits everyone, the Government of Canada has invested in partnerships, programs, tools and resources to help underrepresented entrepreneurs scale up, innovate, and start new companies.

• With programs like Canada’s first-ever Women Entrepreneurship Strategy, the Black Entrepreneurship Program, the 2SLGBTQI+ Program, the Aboriginal Entrepreneurship Program, and the renewed Venture Capital Catalyst Initiative, the Government of Canada is helping create winning conditions for entrepreneurs from all walks of life.

Women Entrepreneurship Strategy
The Women Entrepreneurship Strategy is advancing women's economic empowerment with nearly $7 billion in investments and commitments focused on increasing women-owned businesses' access to the financing, networks and expertise they need to start up, scale up and access new markets.

2SLGBTQI+ Entrepreneurship Program
The 2SLGBTQI+ Entrepreneurship Program is a $25-million program that will help 2SLGBTQI+ entrepreneurs succeed through a three-pronged approach: direct support for businesses and entrepreneurs, an improved entrepreneurship ecosystem, and a knowledge hub to better understand the challenges 2SLGBTQI+ entrepreneurs face. By addressing these challenges, the program will foster a more inclusive economy, allowing 2SLGBTQI+ entrepreneurs to participate in a more supportive entrepreneurship ecosystem and ensure they have access to programs and services to help them start, maintain and grow their businesses.
Indigenous Economic Reconciliation
Ensuring the long-term resilience of Indigenous economies is a priority for the Government of Canada. The Government of Canada has invested:
• $42 million over three years to expand the Aboriginal Entrepreneurship Program;
• $2.4 million in the Indigenous Tourism Association of Canada to help the Indigenous tourism industry rebuild and recover; and
• $22 million over three years to support the Indigenous Women’s Entrepreneurship Initiative through the National Aboriginal Capital Corporations Association.
The National Aboriginal Capital Corporations Association also launched its $150 million Indigenous Growth Fund alongside the Business Development Bank of Canada and other government partners in April 2021.

Black Entrepreneurship Program
Black entrepreneurs and business owners make invaluable contributions to Canada’s economy every day. For far too long, they have been confronted by barriers that have hindered their progress. The Government of Canada acted to address those systemic barriers by creating stronger economic opportunities for the Black Canadian business community. In September 2020, the government created the first-ever Black Entrepreneurship Program with an investment of $265 million over four years to support Black Canadian entrepreneurs and business owners. The program includes the Black Entrepreneurship Loan Fund, the National Ecosystem Fund and the Black Entrepreneurship Knowledge Hub.

Venture Capital Catalyst Initiative
The renewed Venture Capital Catalyst Initiative (VCCI) will invest up to $450 million to enhance access to capital through funds-of-funds and venture capital (VC) funds investing in life sciences and inclusive growth. Support for VC funds that promote access to capital for underrepresented groups will not only help address existing imbalances but will also serve to strengthen Canada’s VC ecosystem as a whole. In particular, the inclusive growth stream seeks to increase access to VC for underrepresented groups, and is being implemented through two intakes. On October 11, 2023, it was announced that five funds were selected under the first intake. The selected fund managers are BKR Capital, District Ventures, Ripple Ventures, Sandpiper Ventures and The51. The second intake closed on November 22, 2023.
Recipients who previously participated in the Initiative are required to collect gender and diversity metrics, as well as implement policies and practices that promote diversity, equity and inclusion principles internally, in building their portfolios, and in the broader VC ecosystem.
50 – 30 Challenge
To ensure that the full diversity of Canadian society is reflected in businesses and organizations across the country, the 50 – 30 Challenge is an initiative between the Government of Canada, business, and diversity organizations to increase corporate diversity. It aims for gender parity (50%) and significant representation (30%) of other equity-deserving groups, including those identifying as: Racialized, Black, and/or People of Colour ("Visible Minorities"), People with disabilities (including invisible and episodic disabilities), 2SLGBTQI+ and/or gender and sexually diverse individuals, and Aboriginal and/or Indigenous Peoples.

• Continuing to build upon key strategic investments to support underrepresented entrepreneurs will benefit the economy and all Canadians, and further contribute to positive social and economic impacts in Canada.