‘We want the same rights’: Black entrepreneurs face financial inequalities in Montreal

Black entrepreneurs in Montreal say systemic financial barriers continue to halt success rates of Black-owned businesses.

A Montreal-based business that helps up-and-coming entrepreneurs with financials says Black entrepreneurship in the city has been on a decline, with only four per cent of Black-owned businesses surviving beyond five years, compared to 55 per cent of other ethnic groups in business.

“They feel like there is a racial bias, they feel like they’re not gonna be accepted because of their race so they are already disqualified and feel like they don’t even want to try to even apply,” said Kelly Craig, the founder of SKC Bookkeeping Services Inc.

“It’s very important that we continue to find a solution and also educate our people to know how to better navigate in the financial field.”

Craig says this is largely due to challenges such as limited access to capital, financial mismanagement, and credit barriers. Her goal is to break these barriers while highlighting the future of Black wealth in Montreal.

“We have a hard time getting loans approval,” she said. “The criteria for loans is high. And even with some of the institutes having special programs offered for the Black community, it’s still an issue.”

Craig adds that a lot of Black entrepreneurs struggle with finances at the start, making it difficult to get on their feet and get accepted for loans. She also notes that a lot of people are hesitent to open businesses, noting a racial bias when entering the markets.

“We have a story. We have opportunities. We have talents. We have gifts. And we have products to sell. We want to be given the fare shot to succeed. We want the same rights as everyone else.”

Craig is herself an entrepreneur, owning coffee stand Maison Precieuse. She says she has seen first-hand that inequalities exist in the system.

Author and cosmetic entrepreneur Bruna Dessin says she has also faced many challenges as a Black entrepreneur. She feels more needs to be done in Montreal.

“Some have fallen through the cracks, honestly,” said Dessin. “And some people succeed, but … it feels like it’s all on your shoulders. I don’t know how to explain it. You feel, yes, there’s the support of the community, but yet you’re all alone.”

“The Black community is in excellence. They’re in excellence. They love it. They love to be excellent at what they do. But because of the barriers, it’s like, ‘OK, I want to do something bigger, but I can’t. So I just have like to limit myself to what I actually can do.’”

Craig says according to statistics Canada, only 19 per cent of Black entrepreneurs trust the banking process, often hearing that many feel disqualified before even applying.

To bring more awareness, Craig will be hosting a Black History Month financial freedom event on Friday to begin a dialogue on the matter. Their goal is to help bridge the gap and find solutions in the Montreal sector.

“We want to address those issues, and also give financial literacy to our Black community,” Craig said. “I feel that’s a lot, and we need to gather more information on that.”

Added Dessin: “I think it’s important for people in the community to come and assist to that, because I think it will be the beginning of something big for us to bring awareness to what’s going on.”