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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

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Bank of Nova Scotia : Canada launches its Black entrepreneurs program

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09/09/2020 | 04:25pm EDT

TORONTO, Sept 9 (Reuters) - The Canadian government has teamed up with some of the country's largest financial institutions to launch a C$221 million ($168 million) program for Black entrepreneurs to access credit and help them bounce back from the pandemic-induced economic slump.

In a joint announcement on Wednesday, Prime Minister Justin Trudeau and Minister of Small Business, Export Promotion and International Trade Mary Ng said Canada would spend nearly C$93 million over the next four years to administer the program.

The rest of the C$128 million would be provided by financial institutions that have partnered with the government for the Black Entrepreneurship Loan Fund.

"With Canada's first-ever Black Entrepreneurship Program, our government is taking real action to support Black entrepreneurs recovering from COVID-19, and empower them to start up, innovate, grow and succeed," Ng said.

The government initiative follows a wave of Black Lives Matter protests in both the United States and Canada and calls that Trudeau do more to address deep systemic inequities faced by Black Canadians.

The prime minister himself faced criticism last year after images showing him in brown face makeup at a 2001 “Arabian Nights” party when he was a 29-year-old teacher emerged just weeks before the federal election.

Trudeau later apologized for his actions.

The federal government is teaming up with Vancity, a Vancouver-based financial cooperative, and seven other Canadian financial institutions, including the top banks.

Under the program, Black-led business organizations can access between C$25,000 and C$250,000 through the fund to start a business.

"The pandemic has shone a light on the inequalities that disproportionately hurt Black Canadians, and has underscored the need to restart our economy in a way that allows all Canadians an equal chance to succeed, " Trudeau said. ($1 = 1.3156 Canadian dollars) (Reporting by Mahad Arale; Editing by Peter Cooney)


Stocks mentioned in the article
ChangeLast1st jan.
NATIONAL BANK OF CANADA 0.68% 63.94 Delayed Quote.-11.29%
THE BANK OF NOVA SCOTIA 0.25% 55.35 Delayed Quote.-24.54%
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Financials
Sales 2020 31 460 M 23 598 M 23 598 M
Net income 2020 6 360 M 4 770 M 4 770 M
Net Debt 2020 - - -
P/E ratio 2020 10,6x
Yield 2020 6,28%
Capitalization 67 053 M 50 390 M 50 296 M
Capi. / Sales 2020 2,13x
Capi. / Sales 2021 2,16x
Nbr of Employees 95 369
Free-Float 100,0%
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Mean consensus HOLD
Number of Analysts 14
Average target price 60,75 CAD
Last Close Price 55,35 CAD
Spread / Highest target 26,5%
Spread / Average Target 9,76%
Spread / Lowest Target -11,5%
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Managers
NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Chief Technology Officer & Group Head
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