A report from the Public Policy Forum suggests that Atlantic Canada is poised for an economic breakout over the next decade — if businesses and industries are supported.

Edward Greenspon, president and CEO of the Ottawa-based organization, said that Atlantic Canada should do what it can to capitalize on recent economic growth.

“The positive trendlines of 16 of the 20 indicators examined should be taken as an encouraging sign by policymakers and an inducement to further growth-oriented efforts,” Greenspon wrote in the report. “The message is simple: Build on your achievements to date; pick your spots strategically for policy intervention; and pick up the pace.”

Significant improvement in 16 of 20 economic indicators between 2008 and 2022 may persuade more Black entrepreneurs to set up shop or relocate out east.

With population and economic growth rising, immigration numbers, median age, post-secondary enrolment, and employment rates have been performing above national averages between 2015 and 2022, too, according to the report.

The Public Policy report studied factors that affect the macroeconomy, human capital, labour market performance, innovation and investment, and quality of life.

Atlantic Canada a growing hub despite just 1% Black-owned

One of the people doing the work on the ground is Rustum Southwell, CEO of the Black Business Initiative and a recent Order of Nova Scotia recipient.

Founded in 1996, the Black organization works nationally to provide networking, training, and funding for hundreds of entrepreneurs in Atlantic Canada and elsewhere in Canada.

In 2020, it was selected as one of several Black organizations to use funding from the Black Entrepreneurship Program — a $100 million fund between financial institutions and the federal government — receiving $2.3 million over three years for its programs, according to the Globe and Mail.

Today, several Black businesses are receiving assistance, including through the Black Business and Professional Network, another Black organization based in Saint John. Both organizations have a presence in Atlantic Canada.

But more help is needed.

According to a 2021 Abacus Data survey, access to funding, financing, capital, or sales was the top-stated challenge for Black entrepreneurs by a significant margin. Additionally, 75 per cent say that if they needed to find $10,000 to support your business, it would be difficult for them to do so.

Black Canadian entrepreneur Karima-Catherine Goundiam recently said in a BBI report that what Black Canadians and businesses lack is not talent, knowledge, expertise, or skill. "It's simply an opportunity that is still being denied to this day."

The Public Policy Forum said that based on its findings, the group plans to meet with policymakers and convene two meetings of Atlantic Canadian advisers before summer.

Along with the region's four premiers and business community, the organization's leaders said they want to set higher goals for the index's indicators into the 2030s.

It also plans to publish special reports on Atlantic Canadian opportunities, beginning in the coming months with an in-depth look at the potential impact of offshore wind.

Black businesses still recovering from COVID

A 2022 study from the Black Business Initiative, which surveyed 59 entrepreneurs in Atlantic Canada, suggests that COVID-19 had a significant impact on the Black business community.

It shows a loss of revenues, temporary or permanent closures, layoffs, low cash on hand, supplier delays, reduced operating capacity, and shrinkage in its customer base were among the reasons.

Nearly two per cent of respondents reported having one to two months' worth of cash on hand, while 22 per cent also indicated they were out of money. A total of 35 per cent had at least one month's worth of cash on hand, with 13 per cent having three or more months' worth.

The hardest hit were those in the retail sector, followed by entrepreneurs in educational services, health care and social assistance, according to the study.

It also showed that businesses that looked toward federal programs for relief were often unable to access funding and found the application complex.

Moreover, business networking, access to national markets, training and coaching, racial equity and justice, resources and supports, and intersectionality of race, gender, and disability are all needed to boost the Black business community.