How Nova Scotia, Canada Could Be The New Wakanda For Black Business Owners
By Majella Mark
- Black Nova Scotian small businesses receive loans from $5K - $25K
- 10% of the Black population in Nova Scotia are foreigners
The Black community in the United States is becoming more agitated by the social injustices they face daily. Some of them have considered taking their talents up North to Nova Scotia, Canada, a country with more than one million Black people across the nation, along with a deep history of welcoming African Americans. The country has a Black Business Initiative, that focuses on supporting Black Nova Scotian small companies, giving out loans from $5,000 to $25,000. It may be time to consider Nova Scotia, Canada as a front runner for places Black people can grow businesses and retain a good quality of life.
Why This Matters: From 2020 to 2040, GDP growth in Canada is projected to average 1.7% annually, which is one of the more stable in the world. With a small but mighty consumer market there is opportunity to build an empire in many different industries. Some of the fastest growing industries being Cannabis, eCommerce and Physical Therapy. Also, the nation doesn't have a saturation of common businesses compared to the U.S., such as beauty essentials, ethnic restaurants and eCommerce. Specifically, eCommerce is a $10 billion market employing over 10k people in the country.
eCommerce is a $10 billion market employing over 10k people in the country
As many try to build lucrative lives in major Canadian cities such as Toronto and Quebec, Nova Scotia is a profound Black historical place that’s under the radar. There is an African Nova Scotian population of approximately 21,000, majority being ADOS (African Descendants of Slaves) or about 2% of Nova Scotia. Around 10% of the Black population are foreigners from Africa, the Caribbean and the United States, between the ages of 25 and 44.
Situational Awareness: Becoming a citizen of Canada is pretty typical, you need permanent residency for three to five years, need to pay your taxes consistently and pass the national exam. There are a few media outlets to help you get more informed about the Canadian Black community such as BlackinCanada.com and ByBlacks.com.
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