Federal data shows minority business owners are not held down by systemic racism in banking

If you think Canada is a racist hellhole that holds newcomers, minorities and Indigenous people down just for the sake of it, this news will disappoint you.

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Statistics call into question the necessity of the recently announced $265 million dollar loan program recently announced by the Trudeau Liberals to provide loans to black entrepreneurs to overcome systemic racism and bias in the financial system.

The information came in response to an order paper question posed to Employment, Workforce Development and Disability Inclusion by Alberta Conservative MP Arnold Viersen.

Viersen asked the government for any research or analyses done by the agency to “identify and quantify the specific barriers preventing black, Indigenous, and other minority communities from receiving equal access to financial services.”

The answer from the agency was great news unless you are one of those people who think Canada is a racist hellhole that holds newcomers, minorities and Indigenous people down just for the sake of it. Then, this information about the banking system is going to disappoint you.

Immigrant owners are less likely than Canadian-born owners to seek financing from any source, but their applications are just as likely to be approved as those of Canadian-born owners. Thus, the study finds weak evidence to suggest that access to financial capital is a more serious issue among immigrant-owned small and medium enterprises (SME) than among SMEs with Canadian-born owners.

39.4% of businesses with 1 to 499 employees that were majority-owned by Indigenous persons did not request financing in 2017.

The following reasons were cited for not requesting financing:

financing not required (96.2%); thought the request would be turned down (1.7%)

58.6% of businesses with 1 to 499 employees that were majority-owned by persons who are from a visible minority group did not request financing in 2017. The following reasons were cited for not requesting financing: financing not required (86.8%); thought the request would be turned down (1.7%)

In comparison, 52.9% of all businesses (these are businesses owned by anybody of any background or colour) — with 1 to 499 employees did not request financing in 2017.

The following reasons were cited for not requesting financing:

Financing not required (91.1%), thought the request would be turned down (1.3%).

No word on any programs to address the systemic racism that allows a thrice blackface-wearing male debutante to hold onto the leadership of the Liberal Party and be elected prime minister three times.

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