A national report led by the Black Business and Professional Association (BBPA) has shed light on the financial challenges faced by Black female entrepreneurs in Canada. According to the study, a vast majority of these business owners face significant barriers to financing — an issue made worse by the economic fallout of the COVID-19 pandemic. Nadine Spencer, President of the BBPA, played a key role in releasing the findings and amplifying the voices of Black women business owners across the country.

Nadine Spencer emphasized that while systemic discrimination and anti-Black racism are long-standing issues, the pandemic has intensified these challenges. The report found that nearly 79% of Black women entrepreneurs struggle with access to financing, and almost 75% are burdened by the high cost of borrowing. Many respondents rely heavily on personal credit, facing high-interest rates and limited access to traditional funding sources — conditions that further widen the gap in economic opportunity.

The report calls attention to the urgent need for targeted financial support, inclusive lending practices, and systemic reform to ensure Black women entrepreneurs are not left behind. Through her leadership at the BBPA, Nadine Spencer continues to advocate for equity in entrepreneurship and the dismantling of barriers that hinder growth and sustainability.

Source: CityNews Kitchener – Most Black female entrepreneurs face barriers to financing