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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, O ct ob er 7, 20 21 | 4 T U RK E Y D I NN E R Famous Cajun Deep Fried JAKESGRILL.CA • 950 WALKERS LINE • 905-639-4084 Jake's Famous Cajun Deep Fried Turkey Dinner With all the Trimmings (Jake's Full Dinner Menu also Offered) Reserve Your Table Today! MONDAY OCTOBER 11TH FROM 4PM - 10PM GRILL & OYSTER HOUSE HALF PRICE Peller Estates Wine Collection Valid Monday to Wednesday all day 1 coupon per order Cannot be combined with any other special Oakville location only Expires Nov. 15, 2021 15% OFF YOUR TOTAL BILL 1 coupon per order Cannot be combined with any other special Oakville location only Expires Nov. 15, 2021 Please enjoy these coupons as a thank you for your loyalty. STILL HERE - BIGGERAND BETTER!! Experience the true taste of Montfort's famous Mediterranean cuisine. 430 Iroquois Shore Road, Oakville (905) 845-7937 Available for Dine-in, Delivery and Takeout ORDER ONLINE NOW www.montfortrestaurants.com/oakville REGISTER & GET $5 LOYALTY + EARN 10% LOYALTY ON ALL ORDERS ed negatively by the pan- demic, much like any other businesses. However, African-Cana- dian-owned businesses are particularly vulnerable to changing winds of econom- ics. Black businesses are "ei- ther smaller businesses or located in communities that have disproportionate- ly been affected by COVID," said Dr. Caroline Shenaz Hossein, University of To- ronto professor of global development and political science. "If we know and under- stand that COVID is deeply affecting some communi- ties more than others, then it is inevitable that Black communities will be so gravely affected." A report by the Federal Reserve Bank of New York found that "Black business- es [in the U.S] experienced the most acute decline, with a 41 percent drop. Lat- inx-owned businesses fell by 32 percent and Asian business owners dropped by 26 percent. In contrast, the number of white busi- ness owners fell by 17 per- cent." The same report attri- butes this to Black-owned businesses' "weaker cash positions, weaker bank re- lationships, and pre-exist- ing funding gaps left Black firms with little cushion entering the crisis: even the healthiest Black firms were financially disadvantaged at the onset of COVID-19." The phenomenon of "un- banking," systemic exclu- sion from accessing bank resources, can be a barrier to success in the Black com- munity. An incident from the youth of Andrew Tyr- rell, president of the Cana- dian Caribbean Associa- tion of Halton, shows how this can manifest. In his early 20s, he ran a successful ice cream busi- ness. He recounted a story about the time he tried to make a deposit at a differ- ent branch of the bank he usually went to. "Then the bank manag- er came to me and said, 'we're withholding your de- posit because we think that it's illegal money or possi- bly drug money.'" There is a high-rate of bootstrapping, relying on personal funds to start a business rather than loans or grants, as a result. Much like Corion-Lan- don, Tiana Adames had to open her business, Fileda- ria, a hair salon on Bronte Road, by fronting her own money. She moved to Cana- da from the Dominican Re- public. Her hair salon was a success, but it struggled af- ter she was made to close her business. "To be honest, that's (why) I say I'm privileged," Corion-Landon said. "I own that and I know that be- cause not everyone can do that. I feel that people should have the opportuni- ty, no matter who they are, to pursue their dreams." "I didn't have that [bank- ing] support. But that's OK because you should (not) be waiting for somebody else to do it for you," Adames said. "But if the people had better opportunity it would be better." Nearly three-quarters, 71 percent, of respondents to a nation-wide study by the Canadian Black Cham- ber of Commerce said they used their own money to start a business. The report calls for more "equitable access to bank funding." STORY BEHIND THE STORY: COVID-19 has taken its toll on the eco- nomic, in particular Black- owned businesses. With that in mind, we decided to explore some of the forces that make the struggle extra hard for Black en- trepreneurs. NEWS Continued from page 3 Andrew Tyrrell, president of the Canadian Caribbean Association of Halton (CCAH), says the Black business community faces barriers to success, most notably the 'unbanking' phenomenon. Graham Paine/Metroland MORE OPPORTUNITY WOULD HELP, SAYS ENTREPRENEUR