Tribe Network Receives ‘Game-Changing’ $2.8-Million To Help Black Entrepreneurs
HALIFAX–Alfred Burgesson didn’t downplay his excitement when asked what $2.8-million of new funding from the federal government will mean for Black entrepreneurs in Atlantic Canada.
“Absolutely, this is a game-changer–this is a game-changer for the black community,” he said.
The Tribe Network founder and CEO was talking about an investment the organization received for its Black Entrepreneurship program. Tribe’s goal is to help BIPOC individuals receive access to employment, education, and training.
The new, massive, amount of money will help Tribe achieve a part of its goals in many ways.
“Due to this funding, we’re going to be able to hire more people on our team to ensure they’re able to compensate coaches who support Black entrepreneurs,” said Burgesson.
“Not everyone is coming to us looking for funding. We’re creating a space where entrepreneurs will also be connected to each other and have a support network.”
The money will support Tribe’s three streams: Starr, Build, and Accelerate. They’re aimed at supporting black business owners with capital and mentorship, no matter how much experience they have.
How exactly all $2.8-million will be spent remains to be seen. This spring, the team from Tribe will take a road trip across Atlantic Canada to meet with interested parties. The goal is to consult with the community on how best to use the Black Entrepreneurship program.
When the funding was announced earlier in March, Tribe quickly got 60 applicants. But people can also nominate a Black entrepreneur through Tribe’s website.
While talking to Black entrepreneurs, Tribe noted the barriers Black people still face economically, which is stunting the growth in their business communities.
One of the biggest challenges is getting access to loans and other capital investments–something that is key to anyone looking to start or grow a business.
“People will go to a bank and get turned away, or they don’t qualify for funding or for loans simply because they don’t have a good credit score and other factors,” said Burgesson.
Another hurdle is finding a network of mentors and coaches that is so crucial for people who are new to the world of small business.
“Definitely access to a relevant and supportive network, and relevant mentorship from those who have experience in entrepreneurship, is a challenge,” said Lily Lynch, the startup services lead at Tribe.
“Seeing more people like us in positions of influence and success and then being able to model our behaviour off of that is important.”
The organization is leaving the criteria wide open. If you don’t have a business but have an idea, you can qualify for support from Tribe.
“It’s going to be a wide range of folks who already have revenue and are looking for coaches, or funding to hire people or to cover expenses around digital adoption; and others who have an idea and want to explore it and need those basic business tools or skills,” explained the Burgesson.
“The only requirement we have is you are a Black person located in Atlantic Canada who is either running a business or interested in starting a business.”
Atlantic Canadians are used to making money go far, and Tribe believes the $2.8-million will do the same. Some of the services needed are relatively inexpensive.
Some new entrepreneurs simply need guidance on how to become a registered business or may need to consult with a lawyer first. Burgesson says such a service would cost less than $1,000 a person.
Others may need help with the more technical side of running a business, like making proper tax payments, preparing financial statements, and planning for growth.
Derek Montague is a Huddle reporter in Halifax. Send him your feedback and story ideas: [email protected].