New Venture: $150 Million Black Opportunity Fund Initiative Aims at Empowering Black Entrepreneurs and Homebuyers
Community-led Charity Launches BOF Capital to Boost Black Entrepreneurship and Homeownership in Toronto
Toronto, Canada – The Black Opportunity Fund (BOF), an organization dedicated to challenging anti-Black racism, has unveiled BOF Capital. This initiative aims to provide funding for Black-owned businesses and housing.
According to a press release, BOF Capital has two primary fundraising objectives: a $100 million private equity growth fund to foster the growth of Black-owned businesses and a $50 million shared equity housing fund to help Black Canadians buy properties.
In an interview with The Globe and Mail, Craig Wellington, BOF's CEO, emphasized the organization's goal of creating "innovative and sustainable pathways to economic empowerment." Wellington also revealed that BOF Capital is currently in talks with potential investors to secure the initial $150 million.
Although the names of potential investors remain undisclosed, BOF Capital has appointed Gajan Kulasingam as its Managing Partner. Kulasingam brings extensive experience in impact investing and economic development to the role.
Systemic barriers have historically limited funding for Black entrepreneurs and aspiring homeowners. Black-owned businesses receive less than 1% of total growth capital, as highlighted in a report by the Alliance for Entrepreneurial Equity. BOF Capital aims to tackle these long-standing disparities.
Founded in 2020 as a response to the murder of George Floyd, BOF is a community-led organization working to address underinvestment in Black communities and strengthen collective actions by Black organizations and leaders across the nation.
BOF Capital represents a significant step towards economic empowerment for the Black community in Toronto. The initiative is expected to attract a diverse range of investors interested in promoting social responsibility and supporting Black-led businesses and homeowners.
- The founders of BOF Capital, an initiative from the community-led organization Black Opportunity Fund, aim to attract a diverse range of investors who are interested in promoting social responsibility and supporting Black-led businesses and homeowners.
- The private equity growth fund established by BOF Capital will provide financing for Black-owned businesses, which have historically received less than 1% of total growth capital, as highlighted in a report by the Alliance for Entrepreneurial Equity.
- In addition to fostering the growth of Black-owned businesses, BOF Capital's shared equity housing fund will help Black Canadians gain access to property ownership, addressing long-standing disparities in financing for the Black community.
