New fund to help Black economic growth
Times are tough enough for many entrepreneurs in this country seeking funding. But one community has decided to take matters into its own hands in dealing with the situation.
A coalition of Black Canadian leaders is launching a new initiative, the Black Opportunity Fund, to direct investment into Black communities across the country.
Led by National Bank managing director and vice-chairman Ray Williams and Starlight Capital CEO and CIO Dennis Mitchell, the group seeks to empower the Black community through a different approach, economic growth. The feeling within the group is that the current system “further marginalizes already marginalized communities.”
Montrealer Madeleine Féquière, a Domtar executive and one of the fund founders, points out that helping to establish a stronger Black economic base and increasing diversity in the workplace would also go a long way toward thwarting systemic racism in this country.
“The real key is creating collective wealth,” Féquière says. “Collective success benefits us all.”
The reality is that while Black Canadians, according to the 2016 census, make up 15.6 per cent of this country — with visible minorities, it’s over 22 per cent — high-ranking executives of colour are minimal as is venture capital investment in these communities.
“It’s about opening doors,” Féquière says. “It’s about inclusion. That’s how you create wealth. What is good for our community is good for everyone, and society will benefit.”
In order to drive home that message, the fund is seeking capital from all corners and all facets of the country to spur Black economic development.
“Our plan is to tap into all financial institutions, foundations and government agencies and sell them on our vision,” Féquière says. “If we want to grow the country’s economy, we have to pull up people from all communities.
“So what we are trying to achieve here is to pull our people up through the creation of sustainable businesses, and we feel the best way to accomplish this is by establishing a base of Black professionals to offer guidance as well as investment opportunities.”
The fund founders concur that short-term quick fixes have not worked in this area. To that end, they will be spending much of their summers listening to the needs of their communities as well as soliciting support from corporate and philanthropic partners.
“The government’s community funding models at all levels are broken,” says Montrealer Didier Boucard, a fund founder and a former Morgan Stanley vice-president. “Only long-term commitments will solve the complex problems we face in Quebec and the rest of Canada.”
Though born in Haiti, Féquière and her family have established roots here over past 50 years.
“The conversations we had back then about building economic growth in our communities, we’re still having today,” Féquière says. “I’m not just talking about within the Black community, but all communities of colour.
“We’re not nearly at the highest levels in government or corporate areas. Wherever you go in all institutions in this country, our numbers don’t reflect our population. Yet our communities do have a large representation of highly, highly educated people with Masters and PHD degrees. This disparity must be corrected, and people must be made accountable for not stepping in to correct it.”
What sets this initiative apart from others dealing with minority communities are the people behind it.
“The fund in itself isn’t a novelty,” Féquière says. “But the leaders are groundbreakers with strong experience in investment and banking. Now we have to get the word out.”
Apart from her business background, including her current role as Domtar’s corporate credit chief, Féquière is involved in an array of humanitarian causes. She is founder of L.E.A.D., a network of professional women committed to social change; a member of the founding team of the KANPE Foundation, started by Arcade Fire’s Régine Chassagne and Quebec Liberal Party Leader Dominique Anglade; and is co-founder of Excellence Québec, a program devoted to diversity, equality and inclusion.
“My family always motivated me into believing anything was possible to achieve if the drive was there, and now I want to pass that message on to my community.”
For information on the Black Opportunity Fund, visit info@ blackopportunityfund.ca.