BDC Capital, the venture arm of the Business Development Bank of Canada (BDC), has named Jason Baibokas as the managing director of its $100-million Black Entrepreneurs Fund. This appointment marks a critical step in BDC Capital’s commitment to fostering Black entrepreneurship and addressing funding disparities in the Canadian business ecosystem.
A Strategic Leader at the Helm
Baibokas, who brings over 25 years of experience in capital markets, business advisory, and entrepreneurial growth, will be responsible for defining and executing the fund’s investment strategy. According to BDC Capital, he will lead the development of a dedicated investment team and engage with stakeholders to shape the fund’s investment thesis and criteria.
Before joining BDC Capital, Baibokas served as a principal at investment and advisory firm KASCorp and was the chief financial officer at 8Twelve Financial Technologies, a digital mortgage platform based in Toronto. His extensive background positions him well to navigate the complexities of venture investment and drive sustainable growth for Black-led businesses in Canada.
A Commitment to Underserved Entrepreneurs
The Black Entrepreneurs Fund was first announced in June 2024 as part of BDC Capital’s broader initiative to support underrepresented business owners. Alongside the Black Entrepreneurs Fund, BDC also launched a $100-million Indigenous Entrepreneurs Fund, complementing its $500-million Thrive platform for women entrepreneurs. These funds aim to bridge historical funding gaps and provide equitable access to capital for entrepreneurs from diverse backgrounds.
Driving Inclusive Economic Growth
BDC Capital’s latest initiatives align with its broader strategy to increase funding availability amid economic challenges such as inflation, high borrowing costs, and labor shortages. Just last month, the institution committed nearly $1 billion to its Growth Venture Fund and Growth Equity Partners (GEP) program to bolster support for high-potential businesses navigating uncertain market conditions.
With Baibokas at the helm, the Black Entrepreneurs Fund is expected to make a tangible impact on Black-led businesses, fostering innovation and long-term economic development in Canada’s entrepreneurial landscape. As BDC Capital finalizes the fund’s investment criteria and begins deploying capital, this initiative stands as a milestone in the journey toward a more inclusive and dynamic Canadian economy.
