The $150 Million Bet That Could Rewrite Black Canada's Future

Yahoo

4 hours ago

What if the solution to systemic racism isn't about waiting for a seat at the table—but building your own table and refusing to ask permission?
That's exactly what 150 Black professionals decided in 2020 when they launched something unprecedented: a charity that doesn't just ask for change—it finances it.
Trust us, you've never seen a Black charity like this before.
Part investment engine, part resistance strategy, the Black Opportunity Fund (BOF) is a community-led Canadian charity with one mission: building sustainable wealth in Black communities.
And here's where it gets interesting.
At a time when Diversity, Equity and Inclusion (DEI) programs are being quietly shelved and anti-Black sentiment is growing louder, BOF is doing the opposite: it's doubling down.
Their latest move? Launching BOF Capital—a first-of-its-kind investment arm designed to inject equity (the kind that buys homes and scales businesses) back into Black communities.
The numbers are bold: a $100 million growth fund for Black entrepreneurs, and a $50 million housing fund to close the racial wealth gap through homeownership.
I caught up with Craig Wellington, BOF's CEO, for an interview, and he's no stranger to challenging systems. At 19, fresh from Jamaica, he sued Ontario's largest shopping mall for racial harassment—and won, changing provincial law. That early victory taught him that sometimes, not knowing the odds is what makes you bold enough to win.
Craig Wellington, CEO of Black Opportunity Fund
BB: What drove you to move forward with this bold investment when others are retreating?
This has always been part of BOF's plan—setting up an investment entity focused on creating wealth in Black communities. We're not looking for band-aid solutions. We need transformative approaches that address systemic issues, not just symptoms.
During the pandemic, Black communities were hit harder than any other group. We started with emergency grants, then built a loan program for Black businesses declined by Canadian banks, then moved to capacity building. Now we're at equity investments—but we're also launching a $50 million housing fund.
Black people in Canada have the lowest homeownership rate of any racial group. Without home equity, you can't invest in businesses, education, or health—or leave wealth to future generations. That's why the racial wealth gap keeps compounding.
This is just the latest chapter in our whole-community approach to Black economic empowerment.
BB: So, thestats are really stark; Black-led businesses received less than 1% of venture funding in Canada in 2023. Can you walk us through what this funding gap actually looks like on the ground for Black entrepreneurs trying to scale their businesses?
Black entrepreneurs have always had to bootstrap because access to capital just isn't the same. We can't rely on the 'bank of mom and dad' or leverage home equity the way others can, so we start out undercapitalized.
Even when there was a post-George Floyd spike in investment, it was short-lived. Funding for Black-led businesses dropped 73% the next year, then another 50% after that. Last year saw the lowest investment in Black-founded businesses in a decade.
The reality is, outcomes for Black Canadians in business, health, and education are worse than before, because investments have only addressed symptoms—not the systemic barriers that keep us locked out. That's why we're focused on strategic, sustainable solutions that actually close the gap.
BB: With anti-DEI and 'anti-woke' backlash rising in the U.S., do you see that sentiment threatening your work here in Canada? How is it impacting BOF's mission right now?
Backlash always follows progress. Whenever there are real steps toward equity, you see pushback—like after the #MeToo movement, or now with DEI. People treat equity like it's a pie: if someone else gets more, they get less. But equity actually grows opportunity for everyone.
What's happening in the U.S. isn't new—it's just louder now. It's easier to spot who's truly committed. Companies doubling down on equity are our real partners. Those pulling back were never mission-aligned; they were just checking boxes.
At BOF Capital, we're not about box-ticking. We're offering market-rate investments that drive both returns and real social impact. For us, equity isn't a trend. It's a smart, sustainable business decision.
BB: You've structured BOF capital with the two distinct funds, one being for business investment and the other for home ownership. Why was it crucial to address both entrepreneurship and housing wealth simultaneously in your strategy?
If we're serious about real economic empowerment for Black communities, we can't just focus on entrepreneurship—we have to tackle the root causes of the capital gap, and that starts with homeownership.
I mentioned earlier that Black Canadians have the lowest homeownership rate in the country. That's not by accident. Systemic barriers have kept us from building equity for generations—look at Africville, or the fact that the Black-white homeownership gap in the U.S. hasn't budged since 1968.
Without home equity, Black entrepreneurs can't access the capital others use to start or grow businesses. That's why we're creating pathways to build wealth through business ownership and homeownership, attacking the problem from both sides.
BB: The Ourboro Opportunity Fund focuses on a shared equity down-payment assistance model to increase Black homeownership. Can you explain how shared equity works and why this approach is powerful for closing the racial wealth gap?
Shared equity is about breaking down the biggest barrier to homeownership: the down payment. Many Black Canadians can afford to carry a mortgage, because often their rent payments are just as high or higher than what a mortgage would be. The problem is, they can't get over that initial hurdle of the big down payment.
Our program steps in to co-invest with them, helping cover the down payment so they can buy their first home.
We share in the home's equity, and when the homeowner sells, refinances, or buys us out, our share goes back into the fund to help the next family. It's a cycle—building wealth for Black families now, and for generations to come.
BB: With 145,000 Black-owned businesses across Canada, how will BOF Capital identify and prioritize which ventures to support? What criteria will determine which entrepreneurs receive backing from the Growth Fund?
We're focused on growth-stage Black-led businesses—ventures that have proven themselves, have steady revenue, and need capital to scale. About 75% of our Growth Fund will go directly to these businesses. The remaining 25% will support earlier-stage companies through investments in Black-led venture capital funds.
Our goal is impact: by prioritizing businesses ready to grow, we can help them reach the next level and create real economic change. At the same time, our partnerships with Black-led VCs and the support ecosystem from BOF charity means we're building a pipeline—helping entrepreneurs move from grants and capacity building to early-stage funding, and eventually to growth investment.
BB: Beyond capital, you're also promising mentorship and market access. What does that comprehensive support system look like? And how does it differ from traditional venture funding approaches?
For us, it's about true wraparound support. BOF Capital doesn't just invest money—we open doors. That means connecting entrepreneurs to valuable networks, offering business and strategy advice, and helping them access new markets and investors. Money alone isn't enough; real growth comes from mentorship, guidance, and market access. That's what sets us apart from traditional venture funding—we're partners in every sense, not just cheque writers.
BB: BOF is described as an initiative by and for the Black diaspora. How important was it to ensure that BOF capital remained community-controlled, rather than seeking funding from traditional institutional investors who might have different priorities?
From day one, BOF has insisted on Black leadership and excellence at every level—our board, our team, our investment committee. Too often, Black organizations are told to lower the bar. We're doing the opposite: setting new standards and proving what's possible when we lead ourselves. There's no precedent for a Black-led charity launching an investment vehicle like this in Canada—or even the U.S. or U.K. We're building this ship, sailing it, and steering it as a community. That's how we ensure real, sustainable change.
BB: How will you measure whether this initiative has truly created the generational change or the sustainable change that you're aiming for in Black communities?
Success for BOF Capital is about real, measurable impact. We'll track how many Black families achieve homeownership and build equity, and how many businesses scale and create jobs thanks to our investment. We'll measure returns that flow back into BOF the charity, fueling work in education, health, justice, and more. If we see families building generational wealth, businesses thriving, and a pipeline of new funds growing this movement, we'll know we're driving sustainable, long-term change. That's the legacy we're aiming for.