Province Renews Support for Black Business Initiative

ECONOMIC DEVELOPMENT--Province Renews Support for Black Business Initiative

The provincial government is investing in African-Nova Scotian entrepreneurship with $500,000 in operational funding for the Black Business Initiative (BBI).

MLA David Hendsbee made the announcement today, June 20, on behalf of Economic Development Minister Cecil Clarke, during an address to the BBI's annual general meeting in Halifax.

"The latest census figures show that the number of businesses operated by African-Nova Scotians has grown by almost 40 per cent since the BBI began in 1996, revealing a trend towards increasing entrepreneurship among African-Nova Scotians," said Mr. Hendsbee.

Census figures for 1996-2001 show that African-Nova Scotians operated 550 businesses in 2001, compared to 395 in 1996, and that seven per cent of the African-Nova Scotian workforce was running a business in 2001, up from five per cent in 1996. According to the census statistics, the rate of entrepreneurship within Nova Scotia as a whole remains at 10 per cent.

"We have supported the work of the BBI since its inception in 1996, and we are continuing our support," Mr. Hendsbee said. "The organization's investments, training and initiatives have touched hundreds of businesses operated by African-Nova Scotians, and entrepreneurship is increasingly becoming an option for African-Nova Scotians."

"We have made progress in closing the entrepreneurial gap over the past few years, but we still have work to do," said Rustum Southwell, executive director of the BBI. "Over the next year, part of our focus will be on expanding youth entrepreneurship and creating funding sources such as the Community Economic Development Investment Fund."

With a staff of 11, including four regional-development officers, the BBI offers a variety of services. These include loan funds, business camps for youth, a training centre, community-development projects, networking events, and publications and marketing initiatives that increase awareness of African-Nova Scotian entrepreneurial activity and success.

The BBI model has attracted interest internationally, most recently with Ontario looking at adopting BBI's best practices.