The Honourable Chrystia Freeland

Deputy Prime Minister

Minister of Finance

Department of Finance Canada

90 Elgin Street

Ottawa, Ontario K1A 0G5

Dear Deputy Prime Minister,

We write to urge you to secure and sustain investment in Canadian Black Communities in the upcoming Fall Economic Statement. These crucial investments will advance Canada's economic recovery, reduce poverty, tackle systemic racism, and prevent the erosion of gains made over the last four years through unprecedented investments that have made Canada more equitable.

Canada stands at a pivotal moment in its commitment to addressing systemic inequalities facing Black communities. Over the past few years, the federal government has made significant investments totaling over $800 million through three flagship programs:

These initiatives have yielded remarkable results:

• BEP has catalyzed the launch and expansion of over 5,000 Black-owned businesses, resulting in the creation of more than 3,800 high-quality jobs and generating an impressive $220 million in revenue. The Loan Fund has disbursed over $40 million in loans and approved more than $50 million, providing critical financial support to Black entrepreneurs across the country.

• SBCCI has built a better quality of grassroot Black NPOs

with investments of $200 million these investments have helped create more than 2,900 jobs and 20,130 volunteers, generate more than $392 million revenue, and enhance the capacity of over 1,500 Black NPOs across Canada.

• The Black-Led Philanthropic Endowment Fund, in just under two years, has already distributed over $10 million and will grant an additional $11 million to reach a total of over 250 Black non-profits and charities, fostering long-term community development by March 2025.

Despite their undeniable success, these programs face critical threats:

• BEP's funding is set to expire on March 31, 2025.

• SBCCI is scheduled to conclude on March 31, 2025.

• The Black-Led Philanthropic Endowment Fund, despite its intended permanence, operates under a 10-year agreement that the government can terminate at will.

The potential loss of these programs would halt progress and could reverse the gains made in addressing long-standing disparities. It would impact hundreds of thousands of Black families, businesses, and communities across Canada who currently benefit from these essential supports. The loss of tens of millions of dollars in direct support to Black non-profits would jeopardize critical resources and programs in communities, such as family support initiatives. Moreover, loss of support for Black businesses at a time when we need to continue investing in their capacity building and access to capital, will jeopardize the inclusive growth of Canada's economic recovery and future prosperity.

We call on you as the Minister of Finance and Deputy Prime Minister to acknowledge the importance of this important work and these programs and ensure their continuation and enhancement. Canada must commit to sustaining these vital investments that will protect and advance the progress made by Black communities across Canada.

Specifically, we urge the Ministry of Finance and the government of Canada to:

In conclusion, we urge Canada to continue to invest in Black communities which will support Canada's economic growth, social cohesion and a more equitable future for all. We look forward to seeing these commitments reflected in the upcoming Fall Economic Statement and future government actions.

Thank you for your attention to this critical matter.

Sincerely,