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Globe says Big Five banks slow to help black businesses

2022-09-07 08:42 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Globe and Mail reports in its Wednesday edition that the black entrepreneur lending programs from Canada's Big Five banks have been off to a slow start. The Globe's Chris Hannay writes that in the wake of the killing of George Floyd in Minnesota in 2020, the banks, the federal government and black business organizations held talks for months about how to increase financing to black entrepreneurs, who disproportionately face systemic barriers to accessing capital. Bank of Montreal, CIBC, RBC and Scotiabank all launched black entrepreneur loan programs similar to the federal one. TD Bank is set to launch its own in the coming months. However, the banks have received criticism from some black entrepreneurs about a lack of transparency around how these loans differ from the banks other lending products and whether any loans have actually been handed out under the programs. The Globe reached out to each bank about the status of their programs. For the most part, the banks provided very little detail. BMO indicated it had received nearly 100 applications from black entrepreneurs and approved several, though it declined to specify how many. It also declined to provide interviews with anyone at the bank or any clients.

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