Black business organizations will receive more than $31 million in funding through the federal government’s Supporting Black Canadian Communities Initiative (SBCCI).

The funding — $31.4 million — will go to Tropicana Community Services, Africa Centre, Black Business Initiative and Groupe 3737, according to a statement, and provide money for more than 500 capital-building projects aimed at tackling economic and social challenges in Black communities.

“Capacity building requires an eco-systemic approach involving partners from different sectors and expertise,” Louis-Edgar Jean-Francois, chief executive officer at Groupe 3737, said in a statement. “We welcome this additional investment by Employment and Social Development Canada that will not only pursue the initial objective of capacity building for Black-led organizations but will also create impactful and significant growth in African descent communities.”

Since being created in 2018, the SBCCI has allowed Black organizations to distribute at least $50 million in grants to 939 projects, a statement reads.

Furthermore, since 2019, the federal government has provided over $175 million for entrepreneurship, diversity and inclusion initiatives through the SBCCI.