FOR IMMEDIATE RELEASE
February 26, 2026 [Toronto, ON, Canada] – The Innovators & Entrepreneurs Foundation (IEF) today announced the launch of its Black Founders Scholarship Fund in recognition of the 30th anniversary of Black History Month in Canada, a targeted initiative designed to increase access to business finance education and investment readiness training for Black entrepreneurs across Canada.
Despite record entrepreneurial ambition within Black communities, systemic barriers continue to restrict equitable access to capital.
According to Statistics Canada and multiple national ecosystem reports, Black founders remain significantly underrepresented among recipients of institutional financing, angel investment, and venture capital. IEF’s Black Founders Scholarship Fund directly addresses this gap.
“Talent is universal. Access to capital is not,” said Priscilla Iyari, Co-Chair of IEF. “This fund is about closing the knowledge and preparation gap that too often limits high-potential Black founders before they ever reach the investment table.”
The fund will provide sponsored access to IEF’s financial literacy, capital strategy, and investment readiness programming. Through this support, Black entrepreneurs will gain the practical knowledge, financial tools, and investor-ready experience needed to secure and deploy capital with confidence. The fund will also support the development of additional educational programming and resources designed to address the specific financing barriers Black founders face.
Scholarship recipients can receive full tuition coverage for IEF’s investment readiness programming:
- Business Financing Fundamentals
- Flip the Script
- The Collective
Campaign Goal
IEF is seeking to raise $50,000 through Zeffy to fund the first cohort of scholarship recipients in 2026. Every $100 raised sponsors one founder through the full Business Finance program.
Donations are tax-receiptable and will directly underwrite tuition costs and program delivery.
By investing in financial fluency and investment preparedness, IEF aims to:
- Increase the number of investment-ready Black founders
- Increase the total amount of investment in Black businesses
- Strengthen business survival and growth rates
- Build long-term economic resilience within Black communities
Businesses, philanthropic partners, and individual donors are invited to contribute to the Black Founders Scholarship Fund and help build a more equitable capital ecosystem.
To donate or learn more, visit: https://www.zeffy.com/en-CA/donation-form/black-founders-scholarship-fund
ADDITIONAL INFORMATION:
Black-owned businesses represented 2.4% of total Canadian businesses in 2020 (Statistics Canada). Studies show that access to capital is the greatest challenge for Black entrepreneurs (African Canadian Senate Group).
Black startups report substantially higher levels of loan denials, and overall unmet need for capital than white startups, and that new Black-owned businesses start with almost three times less capital than new white-owned businesses (Fairlie, Robb, & Robinson).
Research from the Black Entrepreneurship Knowledge Hub demonstrates that this challenge in obtaining funding stems from “perceived high-risk profiles, limited credit histories, and systemic and structural barriers within financial institutions” that restrict access to financial services (BEKH). These challenges create an unequal starting point for Black businesses; as BDC notes, 83% of Black entrepreneurs have used personal financing to start their business, compared to 76% across all SMEs (BDC).
For more information: www://ief-fie.ca
Media Contact: media@ief-fie.ca
Address: 18 King St E, Suite 1400, Toronto, ON, M5C 1C4
About IEF’s Business Finance and Investment Readiness Programming: https://ief-fie.ca/education/
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