June 15th, 2024

Black-owned businesses smaller, less profitable than others: Statistics Canada

By The Canadian Press on February 23, 2023.

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada says Black-owned businesses in Canada tend to be smaller and perform less well financially than businesses owned by white people or other racialized groups. Research has shown the Black business community is under-represented when it comes to research and data. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Statistics Canada says Black-owned businesses in Canada tend to be smaller and perform less well financially than businesses owned by white people or by other racialized groups.

In a new report analyzing data from several sources up to 2018, the agency found that the proportion of Black business owners among all business owners has been increasing over time.

However, the numbers show that Black-owned businesses may be struggling more on average, with lower profit margins.

Research has shown that Black business owners face a variety of challenges, in particular access to capital, and that the Black business community is under-represented when it comes to research and data.

Black-owned businesses are more likely to be unincorporated as well, Statistics Canada says.

Black business owners also make lower incomes on average than business owners who are white or from other racialized groups.

This report by The Canadian Press was first published Feb. 23, 2023.

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