Tribe Network And Emera Launch $375,000 Fellowship for BIPOC Entrepreneurs
HALIFAX–When it comes to launching a business, many social barriers that can make it difficult for people of minority groups to get their footing. A new fellowship fund created by Tribe Network and Emera will aim to make being a BIPOC entrepreneur in Nova Scotia a little easier.
The Tribe IDEA (Inclusion, Diversity, Equity And Access) Fellowship will “provide participants with access to peer networks, mentors and industry experts, as well as financial support to pursue their community-based efforts,” according to a press release from Tribe and Emera.
The $375,000 fellowship is being funded through Emera’s Diversity, Equity and Inclusion Fund. The theme for the first round of funding in 2022 is “Inclusive Policy, Research and Advocacy, with a focus on entrepreneurship and innovation in Nova Scotia.”
Those who wish to apply to the fellowship must do so by December 30. To be eligible, applicants must be:
- Black, African Nova Scotian, or African Canadian;
- Indigenous/Mi’kmaq;
- A person of colour or racialized person, or;
- A newcomer or international graduate.
Alfred Burgesson, the CEO and founder of Tribe Network, explained that these funding programs are important for BIPOC entrepreneurs because studies have shown they often have a disadvantage when looking for capital investment for their businesses.
“The data shows that minority-owned businesses…they don’t have equal access to capital. This is due to systemic and institutional racism over time,” says Burgesson.
“When it comes to trying to get support from banks, these communities don’t have good relationships with the banks, due to some of the barriers that are in place.”
On top of struggling to get loans from and investment from traditional institutions, cyclical poverty and other factors have prevented many BIPOC families from generating wealth they could pass along.
“Barriers have hindered our access to creating generational wealth,” says Burgesson. “When someone wants to start a business or a community initiative… they can’t rely on family wealth the same way that white folks in our region can.”
Tribe Network is a social enterprise that uses a variety of initiatives to help BIPOC entrepreneurs and innovators.
“We’re really creating the space for them to support each other, and we’ll link them up with mentors and industry experts who can help their projects move forward,” says Burgesson.
One of the most valuable resources Tribe Network provides is an online portal that shows its members what funding and support programs exist. Burgesson notes that there are a lot of funds becoming available for BIPOC business ventures but it’s hard to find them all.
“There are so many new grant funding opportunities, scholarships, bursaries, procurement opportunities that are now targeting BIPOC. But there’s no central place for them to go and get access to those opportunities,” he says.
Derek Montague is a Huddle reporter in Halifax. Send him your feedback and story ideas: [email protected].