Canada’s Growing Black-Owned Businesses: Statistics and Challenges
- damiadeniyi
- February 24, 2023
- Business
- Black business owners, Black-owned businesses, boost, Canada, equity, financial challenges, funding, immigrants, investment, Ontario, Quebec, resources, Statistics Canada
- 0 Comments
Canada’s Black-owned businesses are on the rise, with a recent study by Statistics Canada | Statistique Canada estimating 66,880 Black business owners in the country in 2018. Representing 2.1% of all business owners, the majority of Black business owners were men (70.4%), immigrants (61.4%), and based in Ontario (50.6%) or Quebec (23.3%).
With increasing proportions of Black people among incorporated and unincorporated business owners from 2005 to 2018, the share of Black women among self-employed women grew from 1.3% to 2.2%, while Black men among self-employed men almost doubled from 1.8% to 3.5%. However, Black-owned businesses are, on average, smaller and perform less well financially than those owned by White people or other racialized individuals, partly due to challenges in accessing funding and resources.
Despite these challenges, Black-owned businesses continue to make significant contributions to Canada’s economy. By investing in and supporting these businesses, we can create a more equitable and prosperous future for all Canadians. Learn more about Canada’s growing Black business community and the challenges they face.
