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1 BBI 2004-2005 Annual Report

Table of ContentsMessage from the Chair 2

Message from the Executive Director 3

Training Report 5

Treasurer’s Report 6

Auditor’s Report 7

Financial Statements 8

BBI Long-term Sustainability Strategy 17

Black Business Initiative:A Timeline 1995 - 2004 19

BBI Statistics 21

Black Executives on the BBI’s Impact 25

The Black Business Initiative Society 2004-2005 Annual Report was designed in Halifax, N.S., by Design North with printing by Halcraft Print Ltd. Photography by Paul Adams, Peter D. Marsman, Andrew Tench, and Dan O’Brien.

We are The Black Business Initiative Society, a province-wide business development initiative cre-ated to develop businesses and job opportunities among Black Nova Scotians.

The Nova Scotia provincial government and the federal government announced the program to help confront the problems facing the Black Community.

Black Business InitiativeBoard

Michael R. Wyse,Chair

Garnet Wright, Vice Chair, Chair BBI Construction Committee

Dr. Rudolph A. Ffrench, Treasurer, Chair Finance Committee

Bruce Johnson, Secretary

Paul L. Walter

Geraldine Browning, Chair Recruitment Committee

Carlo Simmons

Cassandra Dorrington, Chair Human Resources Committee

Milton Williams

Joseph Parris

Jocelyn Dorrington, Chair Training Committee

Greg Browning

Candace L. Thomas

Gordon Tynes, Past Chair

Resource Members:

Mike Hayes. ACOA

Brian Watson, NS Offi ce ofEconomic Development

Rose Davidson,Human Resources & Skills Development Canada

Black Business InitiativeStaff

S. I. Rustum Southwell,Executive Director

Idy Fashoranti, Controller

Gordon Adisenu-Doe, Economic Development Manager

Matthew Johnson Jr., Regional Business Development Manager

Julius Kanyamunyu, Regional Business Development Manager

Evan Williams,Regional Business Development Manager

Cheyanne Gorman,Accounting Clerk

Ellen Johnson,Administrative Assistant

Tracey Thomas, Training Manager

Jill Provoe, Training Associate

Katrina Jarvis, Administrative Assistant

Head Offi ce:Black Business InitiativeCanada/Nova Scotia Business Service Centre1575 Brunswick StreetHalifax, NS, Canada B3J 2G1

Telephone: 902-426-2224Fax: 902-426-6530Toll Free: 1-800-668-1010e-mail: [email protected] site: www.bbi.ns.ca

The Black Business Initiative Society

Who are the BBI?

Training Offi ce:Black Business Initiative Training Centre2101 Gottingen StreetHalifax, NS, Canada B3K 3B2


BBI 2004-2005 Annual Report 2

Message from the Chair

Michael Wyse

It is indeed a time to celebrate! On behalf of the staff and Board of Directors, I am pleased to an-nounce that the Black Business Initiative has

successfully closed two offerings of the Community Economic Development Investment Fund (CEDIF). Although start-ups are important, fostering a dynamic and vibrant Black presence necessitates moving be-yond start-ups. It requires a broad range of innova-tions, focused on supporting, strengthening, and growing companies to the next level. The CEDIF is an example of the types of tools that the BBI must devel-op and manage to effectively fulfi ll its mandate.

I extend sincere appreciation to the Offi ce of Economic Development, the provincial Department of Finance, and the Securities Commission for their support in successfully establishing the CEDIF. I also want to thank those of you who so wisely chose to invest in Nova Scotia by investing in the Black Business Community Investment Fund Limited.

I am pleased to see the latest BBI TV commercials. This is a high impact way to illustrate the importance of BBI’s work and showcase Black-owned businesses that exemplify the qualities of innovation and excellence. I extend our sincere appreciation to Global Television for their sponsorship, and production expertise.

Nova Scotia’s 2004 Black Business Summit truly lived up to its billing as a ‘must attend event’! Keynote addresses by Ambassador Andrew Young, Daymond John, and Farley Flex were both inspirational and entertaining. The Black Business Initiative is proud to be able to connect the Black business community to business icons and leaders of this calibre.

The introduction of the prestigious Hector Jacques Award of Business Excellence was the highlight of the Annual General Meeting (AGM) Gala. Named in honour of the fi rst Chair of the BBI Board, the award is given to companies demonstrating sound business management practices and notable success in their respective market. Congratulations to Larry Gibson, owner and CEO of Burnside Flooring, the fi rst recipient of the BBI’s Hector Jacques Award of Business Excellence. Larry’s astute business sense and entrepreneurial accomplishments propel him to a level of excellence worthy of celebrating.

An amendment to the Public Service Act established the Offi ce of African Nova Scotian Affairs as a government department. Our Board of Directors extends best wishes to Barry Barnet, Minister of African Nova Scotian Affairs, and his team and look forward to collaborating with ANSA in addressing areas common to our respective mandates.

I am pleased to report that in furthering our commitment to community collaboration and partnerships, the Black Business Initiative signed a Memorandum of Understanding with The Greater Halifax Partnership. Additionally, we look forward to offi cially signing with Blue Water Business Development Corp. Ltd. and the Nova Scotia division of Community Business Development Corporations at our AGM this year.

I am extremely pleased to welcome Candace Thomas, Milton Williams and Greg Browning to the BBI Board of Directors. The Black business community will be the benefi ciary of their extensive knowledge. With sincere appreciation, I will also recognize and thank outgoing Board members Paul Walter, Geraldine Browning, Rudolph Ffrench and Gordon Tynes, who have remarkably completed the maximum nine years of unbroken volunteer service to the Black business community of Nova Scotia. You have unselfi shly served to create a path that is forever etched in Nova Scotia’s historical journey towards equity, inclusion and empowerment. It has indeed been a pleasure and an honor to chart this course with you.

As Chair, I am proud to see we are now ready to implement a more robust structure to deliver our services. These changes will make the BBI model a best practices example in Canada and worldwide. Consequently, we realize that this is possible only with a dedicated team of professionals.

I would therefore like to thank the entire Board of Directors for their hard work, dedication and support. It makes me proud to be a part of this initiative and I credit the hard work of an extremely professional and dedicated staff for these results. Despite the many challenges, they have kept the BBI at the forefront of innovation and business development.

Congratulations and continued success.

“I am proud to see we are now ready to implement a more robust structure to deliver our services”.

Micheal WyseChair, Black Business Initiative Society



March 31st 2005 ended the 9th year of opera-

tion for the Black Business Initiative. When

we report to you next year ten years would

be completed. Year nine will be recognized as the year

of restructuring the organization.

BBI is now well on the way to creating a viable long term business model, which will assist in sustaining community development and growth of Black-owned companies in Nova Scotia. The process began a few years ago and started to take shape after the fi rst successful closing of the Community Economic Development Investment Fund (CEDIF), in 2004. A second successful offering this year brought the fund up to $230,000.

The new direction we are about to embark on is the same vision and strategic wish list of both the BBI Task Force and the Ad-Hoc Committee outlined in their 1995 reports. It also aligns with the Provincial Government economic strategic direction of “Opportunities for Prosperity “ and the Atlantic Canada Opportunities Agency, “ Rising Tide” economic development sustainability strategy. With help of our lawyers and accountants, the new structure is now in place. The future now has the proper structure to succeed.

Strategic Initiatives:

During its annual retreat the BBI emphasized the fact that, society and the way we do business in 2005 is drastically different from the way business was done in 1996. Consequently, the BBI’s board of directors is building a structure that will be able to help with sustainable economic development in our community and impact on the business climate in Nova Scotia.

The focus this year on government relations, partnerships, branding and public awareness, client priorities and regional outreach resulted in some very impressive achievements. Mike Wyse and the Board of directors should be given signifi cant praise for the results of the BBI’s operations.

Of additional signifi cance was the Summit 2004. Hector was the chair this year again having chaired the fi rst Summit in 2000. Her Honour Myra Freeman declared the conference open. BBI’s Chair, Mike Wyse, welcomed the delegates and Ministers Ernie Fage, (Economic Development) and Barry Barnet (African Nova Scotian Affairs) brought greetings on behalf of the provincial government. Reverend Elias Mutale blessed the conference and Dr. Bishop drummed the dignitaries in.

Ambassador Andrew Young gave the keynote address on fi rst day of the Summit. Speaking without notes for almost two hours, the Ambassador lived up to expectations. On the second day, Farley Flex gave a presentation followed by Daymond John, the featured keynote. This young man who created a 450 million-dollar clothing company (FUBU) from his mother’s basement was selling inspiration to the crowd. He was an elegant and impressive presenter. All of the panelist were exceptional presenters and established business people. They delivered on the theme of “Building Bridges to Business Success.” The Golf Tournament, Boat Cruise and Bizshow created the right balance between doing business and relaxing.

The launch of the Hector Jacques Award of Business Excellence was the highlight of the AGM Gala. The BBI Board and Staff congratulate the fi rst winner Larry Gibson, his family and staff for all their hard work over the years.

Board /Staff Changes:

Governance is the term used to refer to the way a Board carries out its responsibility to ensure that the organization meets its objectives and obligations. Effective Board performance is mainly the result of dedicated directors and senior managers performing their duty of care to the institution.

The Board, led by Mike Wyse, is ensuring that values and direction will continue in the innovative model it has developed. We recruited three new Board members, Candace Thomas, Milton Williams and Greg Browning to replace four outgoing Board members.

The four outgoing Board members - Paul Walter, Rudolph Ffrench, Geraldine Browning and Gordon Tynes - take with them a combined 36 years of BBI experiences each attending some 110 Board meetings and an additional 60-70 committee and retreat days. We will never be able to repay them.

A strong Board sets the business strategy and the direction for the organization: vision, mission, short and long-term goals.

Our objective is to align BBI’s organizational structures, processes, reward systems, people practices and policies, and governance model to create an effective organization capable of achieving the business strategy. As such, we are changing the organizational structure and staff roles.

Message from the Executive Director

S.I. Rustum Southwell

BBI is now well on the way to creating a viable long term business model, which will assist in sustaining community development and growth of Black owned companies in Nova Scotia.


In the past year we’ve said farewell to some good people. Funmi Joseph became permanent at ACOA and David Noylander, Tabatha Cromwell, Violet Fletcher, Stephanie Parsons, Terry Wright and Jay Metcalf went onto greener pastures. As in the case with the Board our succession strategy allowed us to recruit some outstanding new staff members. We welcomed Julius Kanyamunyu, Ellen Johnson, Jill Provoe, Katrina Jarvis and Evan Williams to the team at the BBI.

Operations

Changes are already taking place. As we continue to reorganize, the youth coordinator position was eliminated and a Training Associate position created.

Tracey Thomas heads the Training Department. She continues on high energy with exciting programming planned. A list of new modular training is proposed and we are revisiting our strategy of holding industry sector roundtables. A session with businesses operating in the food-service sector was held with others to come. The Training Department is also responsible for management of the Hector Jacques Award.

Gordon Doe, whose responsibilities include the long-term strategy and the Black Business Community Investment Fund, has completed the application and selection process to choose the fi rst company to invest in. Bin Doctor, an environmental company was the fi rst company chosen. As the Economic Development Manager, Gordon has the challenging job to keep us moving forward.

Although Idy Fashoranti is involved with implementing the balanced scorecard and the accounting principles of the re-structuring for the long-term strategy, she is also occupied with training Cheyanne Gorman, in the Accounting Clerk position. Idy has been the only controller of the BBI and has proven to be an able accountant for the initiative.

We attended and sponsored some incredible events over the past year. African Nova Scotian Music Association hosted a spectacular music awards event; Dalhousie Law School’s Indigenous Black and Mi’kmaq Program hosted an enjoyable 15th anniversary celebration of the program; and Valley African Nova Scotian Development Association held an African Heritage Month Gala.

Other events that we attended or sponsored include, Cumberland African Nova Scotian Association documentary “Weaving A Story” and successful community consultations in Truro, Yarmouth and North Preston. BBI Board held its February meeting at the North Preston Community Centre.

In November we hosted the Kenyan High Commissioner his Excellency Peter Ogego. BBI’s annual Christmas meet and greet and Directory Launch followed in December.

Networking:

Our team attended a variety of conferences. A selected few include the provincial collaborations among the economic development organizations attended by Julius, Matthew, Idy and Gordon; ACOA’s session on the social economy; the Immigration Action Project of the African Canadian Services Division and the Atlantic Universities session on the “Changing Role of Universities”. BBI gave a keynote address on “Racism in the Workplace” at a conference hosted by a project of Human Resources and Skills Development Canada.

Three Black-owned companies were among the fi nalist at the Chamber of Commerce Awards dinner this year. BBI was there to congratulate, Darla Johnston of Sackville Laser (Best New Business), Larry Gibson of Install A-Floor (Business of the Year) and Mike Duck who won the Silver Medal for Businessperson of the Year.

As a follow up to our Memorandum of Understanding (MOU) with the Greater Halifax Partnership (GHP), we are actively participating with their Smart Business Retention and Expansion Program (SmartBusiness).

We are proud of the calibre and integrity of the people on the Board and staff who served this organization. A personal thanks to the staff team for their extremely hard work. I offer my respect and thanks to the Board for the years of volunteering.

This year was a diffi cult one. Too many Board and staff members lost loved ones. We offer our prayers and support, to Carlo Simmons and Gordon Tynes who both lost their fathers and to Idy Fashoranti and Jay Metcalf who grieved the loss of their brothers. The love and prayers of the Black Community will comfort you in time of loss.

We will continue to help Black Business succeed.

Peace.

S.I. Rustum SouthwellExecutive Director


The objective of the training department has been and will continue to be “to further entrepreneurial development, education and training in the Black

community” to help Black business succeed.

Last year the BBI hosted the 4th Black Business Summit, with the theme “Building Bridges to Business Success…Transforming Micro to Small and Medium Enterprises.” The Summit was an opportunity to showcase local businesses at different stages of their business cycle from start up to growth and expansion. As always, we had a line up of dynamic speakers, Ambassador Andrew Young - former Mayor of Atlanta, Daymond John - founder & CEO of FUBU and Farley Flex - Canadian Idol judge. The summit was a success with over 300 delegates attending. It was viewed as a good investment for their personal and/or professional development.

In addition, during the Summit in 2004, the Hector Jacques Award of Business Excellence was launched. This annual award will recognize demonstrated business excellence of a company or individual within the Nova Scotia Black business community. Mr. Jacques presented the inaugural award to the fi rst recipient, Mr. Larry Gibson, President and CEO of Burnside Floors Plus.

Last year, our modular training programs saw a new format where we offered one-evening workshop sessions around key areas of business, as well as, continued with our four-evening modular training courses. The training course offered consisted of bookkeeping levels I and II, business plan development, marketing, proposal writing, web page design, and business plan development with 75 people registered and 53 completing the training. The workshops offered were submitting to Revenue Canada and networking 101 where 10 people registered and 8 completed. Regionally we offered web page design, networking 101 and bookkeeping level 1 in Yarmouth, Kentville and Amherst, respectively. Regionally 21 people registered and all completed the training.

In the Metro area, BBI partnered with Ryse Productions to provide six youth with hands on training in digital

Report from the Chair,Training Committee

Jocelyn Dorrington

Jocelyn DorringtonTraining Offi cer

photography and video production to expose them to this as a viable career option. The participants gained fi rst hand experience in operating a digital portrait studio while learning a variety of skills including customer service.Over 20 people attended a roundtable discussion on the food service industry hosted by the BBI. The goals of the roundtable were to identify issues that may impact on African Canadians within this industry, discuss action plans to mitigate those issues, discuss and provide net-working opportunities for companies within the indus-try and to explore the role, if any, BBI could play in the creation of an association specifically for the food service industry. A full report can be found on our website at www.bbi.ns.ca.

Another new initiative launched this past year was the start of a networking club. The goal of the networking club is to network, interact, motivate, explore leads and referrals, and make contacts within the Black Business community. The group is growing and the feedback is very positive.

Business is Jammin’, the youth entrepreneurship program for the BBI, was designed to expose youth ages 13-30 to entrepreneurship as a viable career option through training and developmental workshops. This year the Business is Jammin’ program conducted over 22 workshops and training sessions. Thomas Edison once said “If we did the things we are capable of, we would astound ourselves,” by exposing youth to opportunities within skilled trades, technology, traditional and non-traditional businesses we are expanding their opportunities and hoping this message will resonate with them.

Partnerships are an important part of any successful organization. For the upcoming year BBI will explore ways to strategically partner with other organizations to initiate training in the regions as well as locally, with the hopes of fostering a dynamic and vibrant Black presence within the Nova Scotia Business community to help Black businesses succeed.

“It doesn’t matter who you are, where you come from. The ability to triumph begins with you. Always.” Oprah Winfrey

The objective of the training department has been and will continue to be “to further entrepreneurial development, education and training in the Black com-munity” to help Black business succeed.

Hector Jacques (right) presented the inaugural Hector Jacques Award to the fi rst recipient, Larry Gibson.


Report from the Treasurer

Dr. Rudolph Ffrench

“I feel that the Black Business Initia-tive has accomplished a great deal and will continue to make further progress with fi nancial responsibility as a key element.”

This past fi nancial year was one of signifi cance with growth and a measure of re-structuring for the Black Business Initiative. This achieve-

ment can be directly attributed to the dedication and skill of a motivated staff working within an extremely demanding environment, with a Board that has not deviated from its commitment.

The results we have achieved over the last few years and specifi cally within the last two years are due to our team executing our strategic plan in a disciplined and focused manner.

The independent external auditors, Grant Thornton LLP, and our bankers, the Royal Bank of Canada, continued their appointments with the organization; and contributed to our development regarding business initiatives and services.

Once again, the funding agencies both federal and provincial came forward with strong fi nancial support for the Black Business Initiative. Despite uncertainties as related to the approval and timing of the Government grants and allocations, the funding agencies have strongly supported our organization, as we continue to demonstrate that with fi nancial effi ciency and integrity we can and will move forward.

One of the decisive steps taken within the last three years to strengthen the BBI and position it for future growth was the successful launching two years ago of the Black Business Community Investment Fund Limited to the public. With a target of $100,000, fi nancial support exceeded $129,000. This past fi nancial year we once again secured fi nancial support of $104,000. The earlier lessons we learned and the continued enhancement of the BBI’s reputation contributed signifi cantly to this endeavour.

As I retire from the Board of Directors and my position as Treasurer, I do so with a great sense of pride in BBI’s achievements. I would be remiss if I did not mention the untiring efforts by the members of the Finance Committee on various issues and new initiatives.

In closing, I feel that the Black Business Initiative has accomplished a great deal and will continue to make

Dr. Rudolph FfrenchTreasurer, Banking Sub-Committee

further progress with fi nancial responsibility as a key element. The team efforts of the Finance Committee and especially my fellow Board members, Garnet Wright and Paul Walter, must be commended.Finally, I would like to compliment Rustum Southwell as Executive Director, for his indefatigable effort over the years. The staff should also be commended, in particular Idy Fashoranti, Controller, Cheyanne Gorman, her Assistant, and Gordon Doe. I recognize also the work and contributions made by all the members of the Board of Directors. I wish the BBI continued great success in the future in serving the Black Business Community!

The BBI assists clients fi nancially in a variety of ways. The table below outlines some of these services for the period 1996-2005.

**This is a total for 2002-2004

2004-05 ‘96-2004

Interest Payments Subsidy $ 1,798 $ 58,263

Marketing Plans $ 1,538 $ 14,056

Business Plans $ 3,850 $ 93,372

One-on-One Training $ 8,101 $ 23,699

Communication and Marketing $ 11,100 $ 12,492**

Bookkeeping $ 10,901 $ 72,684

Other $ 1,366 $ 32,706

Financial Assistance


Au

dito

r’s Rep

ort

Suite 1100, Cogswell Tower2000 Barrington StreetHalifax, Nova ScotiaB3J 3K1T (902) 421-1734F (902) 420-1068E [email protected] www.GrantThornton.ca

Canadian Member of Grant Thornton International 1

Grant Thornton LLPChartered AccountantsManagement Consultants

Auditors' Report

To the Directors ofBlack Business Initiative Society

We have audited the balance sheet of Black Business Initiative Society as at March 31, 2005 andthe statements of revenues and expenses, unrestricted net assets and cash flows for the year thenended. These financial statements are the responsibility of the Society’s management. Ourresponsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Canadian generally accepted auditing standards.Those standards require that we plan and perform an audit to obtain reasonable assurancewhether the financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financialposition of the Society as at March 31, 2005 and the results of its operations and its cash flows forthe year then ended in accordance with Canadian generally accepted accounting principles.

Halifax, Nova Scotia Grant Thornton LLPApril 22, 2005 Chartered Accountants

Auditor’s Report


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Black Business Initiative SocietyStatements of Revenues and ExpensesYear Ended March 31 2005 2004

RevenuesGovernment contributions $ 1,100,000 $ 925,000Department of Justice Canada - 20,000Interest 13,117 54,635H.R.D.C. project funding - 46,787Other 32,863 39,922

Total revenues 1,145,980 1,086,344

ExpensesGeneral and administrative

Amortization 20,413 13,630Annual General Meeting, net (Note 10) 21,932 32,309Audit and accounting fees 9,100 9,100BBCIFL costs 6,842 6,105Black Business Enterprise development costs 12,196 23,230Board of Directors 36,424 44,022Collection agency fees 11,762 6,461Credit inquiry 439 293Dues, fees and subscriptions 5,451 5,062Interest and bank charges 4,885 8,464Legal fees 8,346 3,264Management information system 20,191 34,331Parking 1,575 1,557Postage 10,211 6,512Office supplies 9,982 12,104Other 5,147 4,982Professional development 14,544 10,473Rent 43,622 43,191Telephone 13,228 12,954Travel 4,459 8,693Salaries and benefits 367,202 379,336

Total general and administrative 627,951 666,073

Business assistanceProvision for loan guarantees and loan losses 5,993 30,108Black Business Directory, net (Note 10) 15,730 18,553Black Business Summit, net (Note 10) 106,333 657Communication and marketing 45,015 32,974Consulting fees 17,345 12,244Training 226,881 221,208Travel 15,466 13,673Loan interest subsidy 2,140 2,242Community development funds 15,269 7,250Special events, net (Note 10) - 2,856H.R.D.C. funded projects - 46,787

Total business assistance 450,172 388,552

Total expenses 1,078,123 1,054,625

Excess of revenues over expenses $ 67,857 $ 31,719

See accompanying notes to the financial statements.

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Financial Statements


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Black Business Initiative SocietyBalance SheetMarch 31 2005 2004

AssetsCurrentTemporary investments (market value $948,654

2004 - $973,849) $ 948,650 $ 973,849Receivables 229,367 122,512Prepaid expenses 14,638 43,702

1,192,655 1,140,063

Loans and investments (Note 4) 137,778 120,000Capital assets (Note 5) 42,119 37,273

$ 1,372,552 $ 1,297,336

LiabilitiesBank indebtedness (Note 6) $ 153,907 $ 147,752Payables and accruals 47,856 28,774Deferred revenue - 5,150Provision for guaranteed loans (Note 8) 73,270 85,998

275,033 267,674

EquityUnrestricted net assets (Page 4) 1,055,400 992,389Net assets invested in capital assets (Note 7) 42,119 37,273

1,097,519 1,029,662

$ 1,372,552 $ 1,297,336

Contingent liabilities (Note 8)Commitments (Note 11)

On behalf of the Board

Director Director


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Black Business Initiative SocietyStatement of Unrestricted Net AssetsYear Ended March 31 2005 2004

Unrestricted net assets, beginning of year $ 992,389 $ 956,798

Excess of revenues over expenses 67,857 31,719

Transfer from (to) net assets invested in capital assets forPurchase of capital assets, net of government assistance (25,259) (9,758)Amortization 20,413 13,630

Unrestricted net assets, end of year $ 1,055,400 $ 992,389

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Black Business Initiative SocietyStatement of Cash FlowsYear Ended March 31 2005 2004

Increase (decrease) in cash and cash equivalents

OperatingExcess of revenues over expenses $ 67,857 $ 31,719Amortization 20,413 13,630

88,270 45,349

Change in non-cash operatingworking capital (Note 9) (84,365) (9,694)

3,905 35,655

InvestingIncrease in loans and investments (10,000) (20,000)Purchase of capital assets (25,259) (9,758)

(35,259) (29,758)

Net (decrease) increase in cash and cash equivalents (31,354) 5,897

Cash and cash equivalents (Note 9)

Beginning of year 826,097 820,200

End of year $ 794,743 $ 826,097


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Black Business Initiative SocietyNotes to the Financial StatementsMarch 31, 2005

1. Nature of operations

The Black Business Initiative Society is registered under the Societies Act, established toprovide funding and guidance to black-owned businesses “to foster a dynamic and vibrant Blackpresence within the Nova Scotia business community.”

2. Economic dependence

The Society’s operational funding is derived primarily from the Province of Nova Scotia throughthe Office of Economic Development and ACOA. The agreement with the Province of NovaScotia is renewed annually.

3. Summary of significant accounting policies

These statements have been prepared in accordance with Canadian generally acceptedaccounting principles, and reflect the following policies and practices:

Government contributionsRevenue from government contributions is recorded on the accrual basis.

AmortizationCapital assets are amortized using the diminishing balance method at the rates indicated in Note5.

LoansLoans receivable arise as a result of funding previously guaranteed loans which are acquired bythe Society due to non-compliance in the area of loan performance. These loans are carried atthe unpaid principal plus accrued interest, less provision for loan losses. Loans considereduncollectible are written off.

Provision for loan guarantees and loan lossesThe provision for loan guarantees and loan losses is determined by assessing the collectibility ofthe loan portfolio considering each loan’s repayment history, security pledged and othercircumstances. The provision at year end will equal the estimated uncollectible balances of allloans considered doubtful and estimated amounts that may be required to satisfy loanguarantees. The provision for loan losses is shown on the balance sheet as a reduction of loansand investments and the provision for guaranteed loans is reflected as a liability. The currentyear’s increase or decrease in the required provision is shown in the statement of revenues andexpenses as a provision for loan guarantees and loan losses.

Cash and cash equivalentsCash and cash equivalents include cash on hand, overdraft with the bank and temporaryinvestments.

Government assistanceGovernment assistance provided to assist in the funding of certain initiatives is applied againstthe costs relating to those initiatives.

Government assistance related to capital assets is applied against the cost of the asset.

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3. Summary of significant accounting policies (continued)

InvestmentsTemporary investments are recorded at the lower of cost and market.

Long term investments in entities for which the Society does not exert significant influence arerecorded at cost and are written down if a permanent impairment in value occurs.

Use of estimatesIn preparing the Society’s financial statements, management is required to make estimates andassumptions that affect the reported amounts of assets and liabilities and the disclosure ofcontingent liabilities at the date of the financial statements and reported amounts of revenuesand expenses during the year. Actual results could differ form those estimates.

Financial instrumentsThe Society’s estimate of the fair value of cash and cash equivalents, receivables and payablesand accruals approximate their carrying value.

Cash equivalents held by the Society are subject to interest rate, market and credit risk. Cashequivalents held are managed by professional investment managers and in management’sopinion these risks are not significant.

4. Loans and investments 2005 2004

In addition to the loan guarantees as disclosed in Note 8, as at March 31, 2005 the Society hasmade the following loans and investments:

LoansForeclosed loans $ 7,778 $ -

Equity loans, interest free, convertibleafter a specified term into term loans,secured by shares 30,000 30,000

Less: provision for loan losses (30,000) (30,000)7,778 -

InvestmentsInvestment in common shares, representing7.58% of the voting shares of a private enterprise,at cost 100,000 100,000Investment in 12.8% of the common shares ofBBCIFL, at cost 30,000 20,000

130,000 120,000

Total loans and investments $ 137,778 $ 120,000

Continuity of provision for loan losses:Provision, beginning of year $ 30,000 $ 101,923Transferred to Royal Bank - (12,041)Write-offs - (59,882)

Provision, end of year $ 30,000 $ 30,000

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5. Capital assets 2005 2004

Accumulated Net NetRate Cost Amortization Book Value Book Value

Computer hardware 20% $ 77,265 $ 48,322 $ 28,943 $ 31,526Computer software 50% 45,371 32,746 12,625 4,645Furniture andequipment 50% 12,022 11,471 551 1,102

$ 134,658 $ 92,539 $ 42,119 $ 37,273

6. Bank indebtedness

The Society has an operating line of credit (LOC) of $200,000 of which $126,250 was used atMarch 31, 2005. The LOC bears interest at Royal Bank prime plus 1.0%.

Bank indebtedness also includes cheques drawn on the Society’s bank account in excess of theactual balance.

7. Net assets invested in capital assets 2005 2004

Beginning of year $ 37,273 $ 41,145

Transfers (to) from unrestricted net assetsPurchase of capital assets, net of government assistance 25,259 9,758Amortization (20,413) (13,630)

End of year $ 42,119 $ 37,273

8. Contingent liabilities

a) During the year, the Society approved loans for clients totalling $76,500 (2004 - $61,500)of which $59,001 (2004 - $58,644) was outstanding at year end. Totals loans outstandingas at the year end totalled $158,117 (2004 - $173,448). These loans have been madethrough and are being administered by Royal Bank of Canada on behalf of the Society.

The Society has guaranteed total loans made through and administered by Royal Bank ofCanada of which $158,116 (2004 - $173,448) was outstanding as at March 31, 2005.

Continuity of provision for guaranteed loans 2005 2004

Provision, beginning of year $ 85,998 $ 97,996Provision for the current year - 6,137Write-off of guaranteed loans (12,728) (18,135)

Provision, end of year $ 73,270 $ 85,998

b) During the year, the Society guaranteed a line of credit for a client in the amount of$200,000. As at the year end, no amount had been drawn down on the line of credit.

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9. Supplemental cash flow information 2005 2004

Changes in non-cash operating working capital

Prepaids $ 29,064 $ (19,955)Receivables (114,633) 14,395Payables and accruals 19,082 18,187Deferred revenue (5,150) (8,323)Provision for guaranteed loans (12,728) (13,998)

$ (84,365) $ (9,694)

Cash and cash equivalents consist of:Cash on hand and overdraft with banks $ (153,907) $ (147,752)Temporary investments 948,650 973,849

$ 794,743 $ 826,097

10. Details of net expenses 2005 2004

Black Business DirectoryRevenue $ 650 $ 485Expense 16,380 19,038

Net expense $ 15,730 $ 18,553

Black Business SummitRevenue $ 80,031 $ -Expense 186,364 657

Net expense $ 106,333 $ 657

Special eventsRevenue $ - $ 700Expense - 3,556

Net expense $ - $ 2,856

Annual General MeetingRevenue $ - $ 14,830Expense 21,932 47,139

Net expense $ 21,932 $ 32,309Fin

ancial S

tatemen

ts



10


11. Commitments

Premises rentalThe Society has entered into a ten-year lease arrangement with the Atlantic CanadaOpportunities Agency. The arrangement requires payment of basic annual rent plus aproportionate share of facility operating costs. The estimated cost to the Society over the nextfour fiscal years will be as follows:

2006 $ 39,8002007 40,2002008 40,6002009 27,200

Equipment usageThe Society has entered into a three-year contract with Pro Plus 2000 Inc. This contractrequires the payment of fees for the use and maintenance of Microsoft Office XP PRO andapplication hosting and support. The cost to the Society will be approximately $18,300 in thenext fiscal year.

12. Comparative figures

Certain of the prior year figures have been reclassified to conform with presentation adopted inthe current year.

Finan

cial Statem

ents


Goal of Strategy

The goal of this strategy is fi rst, to ensure that the value, relevance and impact of BBI’s services continue for the long term, and second, to enable BBI to become fi nancially sustainable.

Objective of Strategy

The strategy’s objective is to make BBI’s corporate structure fl exible enough to accommodate multifunctional business initiative. Accordingly, BBI has decided to adopt a composite structure whose distinct business units would utilize the most appropriate legal structure for their respective purposes. In a sense, this is a composite structure built similar to a holding company.

Defi nition of Sustainability

Sustainability in the context of BBI’s vision is to enable BBI to meet present and future needs of NS Black-owned businesses from both internally and externally generated resources for the long-term. These resources are both human and fi nancial. Internally generated resources would come from offering for-fee services and externally generated resources would come through maintaining and forming strategic partnerships.

BBI The Black Business Initiative will continue to exist as a society.As the carrier of the brand of the entire operations, BBI will provide the services it currently offers its clients. In fact, the sole motivation for redefi ning our operations is to ensure BBI’s long term sustainability. BBI will expand the reach and enrich its services offering of:• Training, mentoring and Counseling• Loan and Equity Services• Communications Activities• Strategic Initiatives

BBE

The Black Business Enterprises will be a new non-profi t limited-by-guarantee company. In moving towards this composite structure we shall ensure that good governance practices are in place. BBE will serve as our governance fl agship by housing the other operating units BBC, BBI, BIJ. Through service agreements, providing effective control and oversight, BBE will balance the role of providing good governance against the need for fl exibility to permit independent operations of the entities.

BBC

Black Business Consulting will also be a new not-profi t limited-by-guarantee company. BBC will be the main driver of revenue-generation using internal resources to offer for-fee services. The goal is to leverage our assets to generate wealth for our Black business community. These assets include the excellent business practices, competent board and staff, excellent brand recognition: Black to Business magazine, summit, logo, etc., and wide and effective networks.

BBI long-term SustainabilityStrategy

Just as failure to plan is planning to fail, good planning guarantees long term suc-cess. Our plan as we enter our 10th year of

operations is to ensure that the credibility that BBI has built for itself as a catalyst to Black Entrepreneurial responsibility and trustworthi-ness will be sustained for the long-term. Our sustainability strategy spells out why and how we intend to execute this plan with the help of our auditors, lawyers and partners.


BIJ

Currently a project managed by BBI’s Training department, Business is Jammin’ will be registered as a Charity. The goal is to expand the scope and reach of BIJ’s youth entrepreneurial training and development activities by accessing more resources. We believe the charitable status will facilitate this by accessing more sponsorship funds, encouraging volunteerism and efficiently undertaking community based projects.

Affiliate Company

BBCIFL

The Black Business Community Investment Fund Limited (BBCIFL) is an associated /affiliated entity of BBI. BBCIFL though a separate legal entity was sponsored by BBI. BBI currently serves as BBCIFL’s registered office and provides day-to-day management in support of its operations.

BBCIFL’s mandate of raising private capital for equity investment in NS Black-owned business makes it an important affiliate to a sustainable BBI model.

Halifax, Tuesday, May 31, 2005 The BBCIFL presented its first Fund investment, in the amount of $100,000, to The Bin Doctor, a Halifax-based based environmental company.

“This is an excellent deal in a well-managed, growing

business,” said Garnet Wright, President BBCIFL. “The Bin Doctor is an ideal fit. They’re representative of the kind of solid business for which this Fund is designed to work.”

The Bin Doctor offers a green bin cleaning service and products for green compost bins such as environmentally friendly cleaners and cardboard liners. The Bin Doctor also operates a recycling depot in Halifax.

Robert Loppie, President of The Bin Doctor, said, “We are thrilled and honoured to be the first recipient of the Fund. The investment money will be used for new product development and market expansion.”

Mr. Loppie explained that his company rolled out around 100,000 green bins in the province of Nova Scotia just five years ago. Since then, the number has grown to almost 250,000 in the province.

The Bin Doctor cleaning products and kitchen bin liners are sold throughout Atlantic Canada. As part of his market expansion plans, Mr. Loppie has designed the prototype of a cardboard liner for the Ontario market.

With a capital base of $230,000, the Black Business Community Investment Fund, sponsored by the Black Business Initiative, is designed to increase the level of economic activity and prosperity within the Nova Scotia Black-owned business community.

The Fund is managed and governed by a 12 member volunteer board of directors. More details about the Fund can be found on the BBI’s website at www.bbi.ns.ca.

The Black Business Community Investment Fund (BBCIFL) Announces First Recipient

Garnet Wright (left), President BBCIFL, presented the first BBCIFL Fund investment cheque to Robert Loppie and Jason Vaillancourt of The Bin Doctor.


1995• The Task Force Report is accepted by Government after several community consultations• Task Force and Adhoc committee agree to move forward with the BBI Task Force business model• Funding of Five Million over Five years is announced

1996 • First BBI Board announced• First Chair of the Board – Mr. Hector Jacques• First loan issued• Launch of BBI Website• First staff hired – fully staffed by June 1996

• Located at Canadian Business Service Centre• Official opening of BBI at Pier 22, October 1996

• 250 clients served

1997• First Annual General meeting • Attended first Trade Mission to Boston

• First publication of “Black to Business” magazine.• First publication of “Black Business Directory”• Began sector roundtables• Business Skills Development BBIs #1 priority• Full & part time jobs created surpass 100 • 450 clients served

BLACK BUSINESS INITIATIVE A TIMELINE :1995-20041995 – 1997 1998 – 1999

1998• Trade mission from Boston to Halifax• Second Chair of the Board – Mr. Gordon Tynes

• Training Dept. Opens• BBI sponsors ANSMA first music awards • BBI sponsors Black Loyalist first business plan• First Training Manger hired• Second Trade mission to Boston

1999• Business is Jammin’ youth entrepreneurship program is launched

• BBI creates strategy to save East Preston Mall. • BBI, Jacques Furgo Geosciences & Sable gas host community meeting• BBI began regional Board meetings in Yarmouth• BBI in partnership HRDC and Wade deliver Youth Employment Initiative• ANSMA creates the BBI award for music development• Mike Duck wins Ernst & Young Entrepreneur of the year award


2002• Third Black Business Summit – Keynotes: Susan Taylor and Dennis Kimbro

• 2001 census shows 40% increase in Black business • Global TV ad campaign began• 76 new business starts• Donovan Bailey at BBI Youth Summit

2003• Launched Afrikayak program through Business is Jammin’ Program• Launch of the CEDIF

• 4th Chair of the Board – Mr. Mike Wyse• Business is Jammin’ delivers 250 camps & workshops• ACOA hires 3 former BBI managers• Over 150 loans approved

2004• Fourth Black Business Summit – Keynotes: Daymond John & Ambassador Andrew Young • CEDIF reaches its investment goal• CEDIF Board is established • Business is Jammin’ website is launched• Twelve companies over a million in sales• Hector Jacques Award of Business Excellence created & launched, first recipient

Larry Gibson, Pres. & CEO Burnside Flooring.• MOU signed with Greater Halifax

Partnership• Mike Duck Wins Harry Jerome

top business award

BLACK BUSINESS INITIATIVE A TIMELINE :1995-2004

2000 – 2001 2002 – 2004 2000• First Female Regional Business Development Manager joins BBI• First Black Business Summit – Keynote: Mr. Les Brown

• 100th loan awarded• First Self Employment’s Benefits Program ran in partnership with Human Resources Development Canada (HRDC)• 60 new businesses started• 72 working partnerships with community organizations• 809 interventions with clients

2001• 5th anniversary of the BBI held at World Trade and Convention Centre (WTCC)• Completed first mandate• Part of Team Canada Atlantic on a Trade Mission to Atlanta, GA.

• First Female to serve as Chair of the Board – Mrs. Barbara Miller-Manning

• New Funding announced by Atlantic Canada Opportunities Agency (ACOA) & Nova Scotia Office of Economic Dev. (NSOED)• Second Black Business Summit – Keynotes: Stedman Graham and Dennis Kimbro


2004-2005

Overview Of Loan Portfolio

The Black Business Initiative administers a diverse portfolio of accounts that includes loans, equity and a Community Development Fund to encourage entrepreneurship opportunities for black Nova Scotians.

As of March 31, 2005, the portfolio consisted of 183

loan accounts totaling $1,869,180. Table 1 shows the

number of applications for the 2004-2005 year.

Table 2 shows the distribution of approved

applications by geographic region. Table 3 is a nine

year cumulative total of the number and value of

applications from 1996-2005.

Chart 1 shows the classifi cation of

loans approved by size.

Region Loan Community Development

South 3 1

North 1 1

Metro 9 1

Central 3 2

Table 2:Distribution of approved applications by geographic region 2004-2005

Activity Number

Loan approvals 16

Loans issued 14

Withdrawn Loans 2

Development fund approvals 5

Applications Declined 11

Total Applications

32

Table 1:Number of Applications 2004-2005

Loans Number Dollar Value

Loan approvals 183 $ 1,869,180

Loans issued 161 $ 1,650,799

Withdrawn Loan amount 22 $ 203,255

Development fund approvals 39 $ 175,095

Equity Approved — $ 58,700

Leveraged Amount

— $ 1,762,356

Owner’s Equity — $ 1,345,550

Project Investments — $ 100,000

Table 3: Portfolio Authorizations 1996-2005

Chart 1:Loan Approval – Classifi cation by size1996-2005

$15,000-$25,000

$10,000-$14,999

$ 5,000 - $ 9,999

$ 2,500 - $ 4,999

$ 2,499 or less

StatisticsStatisticsStatisticsBBI

32%

19%

28%

13%

8%

** The number representing Leveraged Amounts is the number of approved applications that were able to leverage additional funding from other sources.*** Our clients were able to leverage additional funds from 17 different sources.**** Owner’s Equity represents the owner’s contribution to their business.


2004-2005

“The Black Business Initiative administers a diverse portfolio of accounts that includes loans, equity and a Community Development Fund to encourage entrepreneurship opportunities for black Nova Scotians..”

Table 4 shows the distribution of loans by sector. Sixty one percent (61%) of the loans have been issued in the following sectors

• Automotive• Barbershop/Hair Salon• Construction and Contracting• Professional services• Restaurant and Food industry• Retail & Clothing • Other services

These sectors are representative of 106 of the total 183 loans approved.

Chart 2:# Of Loans Issued By Geographic Region

North

South

Metro

Central

Industry # Loans Approved

% Loans Approved

# Businesses Approved

% Businesses Approved

% of BusinessesOperating

Automotive 10 5% 6 4% 50%

Barbershop / Hair Salon 12 7% 8 6% 62%Construction / Contracting 21 11% 19 14% 74%Convenience Store 5 3% 5 4% 0%Courier 3 2% 3 2% 33%Entertainment 8 4% 6 4% 33%Environmental / Recycling 9 5% 4 3% 50%Exports 5 3% 3 2% 0%Fashion Consultant 2 1% 1 1% 100%Film / Photography 4 2% 2 2% 100%Fitness Sports / Dance 7 4% 4 3% 25%Manufacturing 5 3% 4 3% 25%Professional Services 11 6% 10 7% 44%Publishing 1 1% 1 1% 100%Restaurant / Food 24 13% 17 13% 35%Wholesale 8 4% 4 3% 75%Tailoring 8 4% 3 2% 33%Tourism 3 2% 3 2% 67%Transportation 7 4% 7 5% 71%Event Planning 1 1% 1 1% 100%Retail / Clothing 11 6% 8 6% 13%Bookstore 1 1% 1 1% 100%Other 17 9% 15 11% 87%

Total / Average 183 100% 135 100% 55%

Table 4: Loan Distribution by Sector as of March 31, 2005

StatisticsBBI

133

2115

14

Chart 2 shows the distribution of loans by region.


2004-2005

Economic Impact 2004-2005

Number of New Businesses Funded 6

Number of existing businesses funded 10

Number of jobs created FT 18

Number of jobs created PT 5

Number of jobs maintained FT 2

Number of jobs maintained PT 4

Total number of jobs created & maintained 29

The following is a cumulative total from 1996-2005

Number of New Business Funded 98

Number of existing businesses funded 39

Total number of jobs created & maintained 489

Metro North South Central Total

CreatedFT 123 26 13 18 180

Created PT 101 9 12 11 133

Maintained FT 77 5 3 4 89

Maintained PT 64 0 3 3 70

Contract Created** 15 - - - 15

Contract Maintained** 2 - - - 2

Totals 382 40 21 36 489

Table 5: Distribution of Jobs By Geographic Region 1996-2005

Client Interaction

**Note: These describe jobs that are on an as needed basis by the company.

StatisticsBBI

The Black Business Initiative has made 1512 contacts during the fi scal year 2004-2005 and has added 61 new clients. Chart 4 shows the number of contacts BBI has made with clients and the general public. Chart 5 shows how that interaction occurred and Chart 6 shows the type of services BBI provided.

As BBI continues its objective to improve access to business information, internally and externally, the communications activities for 2004-2005 include a wide variety of events. Some past events were: presentations, workshops, a Food Service Roundtable, and various networking events including the inception of a Business Networking Club run by our Training & Education Centre. The BBI also held a Directory Launch and the 4th Business Summit in which individuals participated in activities spread over three days. Approximately 500 individuals were present for the community panel discussion, two luncheon sessions featuring Ambassador Andrew Young and FUBU Co-Founder & CEO, Daymond John, and of course our AGM Dinner & Gala.


2004-2005

“One of the BBI’s objectives is to improve access to business information access internally and externally..”

Chart 3:Distribution of Loans in Metro Area

Client

General

Chart 4:Number of Contacts 2004-2005

Chart 5:Type of Contact 2004-2005

Phone

eMail / Fax

Walk-in / Meeting

Site Visits

Other

** This column represents only seven months of activities

Statistics

Chart 6:Type of Service Provided 2004-2005

General

Business Advice/Mentoring

Publications

TechnicalAssistance

Training

Other

Halifax

Dartmouth

Cherrybrook

Beechville

HammondsPlains/Lucasville

Preston

Sackville

55

5216

213

31

610

902

734

120118

297

243

187

512446

28483

2

Business is Jammin’

The Business is Jammin’ program was implemented to expose youth aged 13 to 30 to training and development in the areas of

entrepreneurship skills and education. The table below shows the activities the program conducts.


Dr. Henry BishopCurator, N.S. Black Cultural Center of N.S.

The BBI’s greatest achievement is that it is still in existence. It has survived for 10 years, and that is a positive thing since so many organizations fail.

In my opinion, the BBI needs to engage more young people and think outside of the cul-tural box for entrepreneurial skills as well as life skills.

The BBI has proven that good business and good partnerships work as an effective measure of the creativity of the African Nova Scotian experience. An example of its effectiveness is the kind of powerful people it has been able to attract to its conferences and its relation-ship with the business world.

Professor David DivineJames R. Johnston Chairin Black Canadian Studies

In my view, the greatest achieve-ment of the BBI has been that it has a reputation for compe-tence, integrity, and producing results. This is hugely important for a Black business organization particularly in the light of stereo-types about Black business which have been very detrimental.The second major achievement is that the BBI has managed to work collaboratively with a range of other organizations and individuals from diverse cultural backgrounds, which shows that such partnerships are critical, if Black businesses are to succeed in this complex, ever changing, global environment in which we all are located.

The BBI should focus on provid-ing substantial grants to a small-er number of promising Black led businesses or potential Black businesses and mentor them through to successful operation. We need to see larger busi-nesses in our communities and

it may be that this could provide one of the vehicles for this.In my opinion, the BBI has been most effective in modeling its own operation, how a success-ful Black led business, should be run. I cannot emphasize enough how important this is. The BBI, through the compe-tent stewardship of its Executive Director, Rustum Southwell, has demonstrated how criti-cal visionary leadership is, to the success of any operation. I commend the BBI for its suc-cesses to date and for playing such a pivotal role in challeng-ing stereotypes about Black led businesses. In recognition of the role the BBI has played in Nova Scotia, the Executive Director, has been invited as a keynote speaker, to the historic, land-mark conference titled Multiple Lenses: Voices from the Diaspora located in Canada, October 26th-28th, 2005 at the World Trade & Conference Centre in Halifax, Nova Scotia. The subject of his speech will be, Black Canadians and Business.

Mayann Francis, Director & CEO Nova Scotia Human Rights Commission

BBI is a valuable organization for the black community and Nova Scotia because of it’s eco-nomic focus. Throughout its ten year history, BBI has raised its profile by becoming an effi-cient, effective and transparent organization. With these values at its core, they are able to pro-vide credible advice to young companies eager to succeed. Through their economic summit they have been able to bring in successful black business lead-ers as role models and mentors to black entrepreneurs. These leaders not only influence and empower the black community , they also debunk the stereo-type and myth held by some elements of the wider society that black business cannot thrive and prosper. Not only does the summit play a business edu-cation role, in my view it also plays a role in social and politi-cal education for all members of Nova Scotian community.

I think the BBI should focus on topics like sustainability of new business, seminars which focus on community development, self sufficiency and leadership.

In addition the government has continued its support of BBI. BBI has shown its ability to run an organization that is transparent. Its books are open. The annual meeting is an excel-lent opportunity to showcase to the public their successes and challenges. They have proven they are accountable.

Lou Gannon, President, African Nova Scotian Music Association

BBI has created awareness for itself within the business com-munity. Everyone instantly rec-ognizes the logo. Also, the BBI has achieved its mandate, which is the most important thing.

The BBI has outlived the more short-term “solutions” for helping the Black community. Usually it takes five years or more for a business or organiza-tion to get over the “hump” to become a viable, long-term entity. The BBI has shown it has longevity and will be around for many years to come.

Wayn Hamilton, Interim Executive Director, Office of African Nova Scotian Affairs

Community Economic Development. The BBI has proven they can success-fully help individual Black Nova Scotians with funding and training; I think a focus on helping communities make entrepreneurial endeavours would be beneficial. Many com-munities are looking at ways to keep residents from moving to larger cities like Toronto and Vancouver; therefore, encourag-ing the entrepreneurial spirit in community organizations can do nothing but help.

I think the BBI has been very effective in bringing Black Nova Scotia businesses up to the standards of the larger corpo-rate world. The BBI has been a major player in this province when it comes to promoting the entrepreneurial spirit. Their trade missions and summits are on the same level as those in the national business community.

Wilfred A. Jackson, M.S. R.S.W.Executive DirectorNova Scotia Home for Colored Children

It is our pleasure to congratu-

late the Black Business Initiative as they approach their 10th Anniversary. Mr. Rustum Southwell, Executive Director, and the Board of Directors have accomplished a great deal dur-ing their tenure. We thank the BBI for their business leadership in helping Black Nova Scotians to attain the Canadian Dream of owning their own business.

To set up a user friendly Black business centre that caters to the needs of African Nova Scotian clientele is paramount to our community. The success of BBI is a beacon for all others who seek their loans, services, train-ing, and business expertise.

The BBI should strive to create an ever-increasing number of Black businesses throughout the Province of Nova Scotia, to raise our profile on a per capita basis. Due to its success in the small business sector the BBI should seek opportunities for African Nova Scotians to move into top management levels of untouched markets such as medicine, architec-ture, airlines, computer tech-nology, oil industry, etc.

The BBI has been very, very successful in reaching its man-date of fostering a dynamic and vibrant presence within the Nova Scotia Business Community. To be recognized and funded by two levels of government is truly an achieve-ment by this Black organization.Some of the examples of the BBI success stories can be seen through its programs and ser-vices. The black to Business

magazine and the Black Business Directory are essen-tial tools for anyone wanting to explore the African Nova Scotian business community.

The Black Business Summit and the high profile motiva-tional speakers that are invited is a major highlight through-out Black Nova Scotia.

We can all stand proudly whenever we hear of one more Black owned busi-ness that has achieved sales of $1 million or more.We offer our congratulations to the Black Business Initiatives for their vision, work in prog-ress, and a job well done.

Michelle WilliamsDirector, Law Programme for Indigenous Blacks & Mi’kmaq, Dalhousie University

Not only has the BBI contrib-uted to the growth of African Nova Scotian businesses, it has also served as a model for Black business development across Canada. The BBI’s vision, complemented by its sound management and efforts to be inclusive, will ensure its continued success.

on the BBI’s ImpactBlack Executives

solid business principles

In anticipation of the 10th anniversary of the Black Business Initiative we asked a few of our community leaders to comment on the organization’s past achieve-ments and future goals. Here are the responses:


Dr. Henry BishopCurator, N.S. Black Cultural Center of N.S.

The BBI’s greatest achievement is that it is still in existence. It has survived for 10 years, and that is a positive thing since so many organizations fail.

In my opinion, the BBI needs to engage more young people and think outside of the cul-tural box for entrepreneurial skills as well as life skills.

The BBI has proven that good business and good partnerships work as an effective measure of the creativity of the African Nova Scotian experience. An example of its effectiveness is the kind of powerful people it has been able to attract to its conferences and its relation-ship with the business world.

Professor David DivineJames R. Johnston Chairin Black Canadian Studies

In my view, the greatest achieve-ment of the BBI has been that it has a reputation for compe-tence, integrity, and producing results. This is hugely important for a Black business organization particularly in the light of stereo-types about Black business which have been very detrimental.The second major achievement is that the BBI has managed to work collaboratively with a range of other organizations and individuals from diverse cultural backgrounds, which shows that such partnerships are critical, if Black businesses are to succeed in this complex, ever changing, global environment in which we all are located.

The BBI should focus on provid-ing substantial grants to a small-er number of promising Black led businesses or potential Black businesses and mentor them through to successful operation. We need to see larger busi-nesses in our communities and

it may be that this could provide one of the vehicles for this.In my opinion, the BBI has been most effective in modeling its own operation, how a success-ful Black led business, should be run. I cannot emphasize enough how important this is. The BBI, through the compe-tent stewardship of its Executive Director, Rustum Southwell, has demonstrated how criti-cal visionary leadership is, to the success of any operation. I commend the BBI for its suc-cesses to date and for playing such a pivotal role in challeng-ing stereotypes about Black led businesses. In recognition of the role the BBI has played in Nova Scotia, the Executive Director, has been invited as a keynote speaker, to the historic, land-mark conference titled Multiple Lenses: Voices from the Diaspora located in Canada, October 26th-28th, 2005 at the World Trade & Conference Centre in Halifax, Nova Scotia. The subject of his speech will be, Black Canadians and Business.

Mayann Francis, Director & CEO Nova Scotia Human Rights Commission

BBI is a valuable organization for the black community and Nova Scotia because of it’s eco-nomic focus. Throughout its ten year history, BBI has raised its profile by becoming an effi-cient, effective and transparent organization. With these values at its core, they are able to pro-vide credible advice to young companies eager to succeed. Through their economic summit they have been able to bring in successful black business lead-ers as role models and mentors to black entrepreneurs. These leaders not only influence and empower the black community , they also debunk the stereo-type and myth held by some elements of the wider society that black business cannot thrive and prosper. Not only does the summit play a business edu-cation role, in my view it also plays a role in social and politi-cal education for all members of Nova Scotian community.

I think the BBI should focus on topics like sustainability of new business, seminars which focus on community development, self sufficiency and leadership.

In addition the government has continued its support of BBI. BBI has shown its ability to run an organization that is transparent. Its books are open. The annual meeting is an excel-lent opportunity to showcase to the public their successes and challenges. They have proven they are accountable.

Lou Gannon, President, African Nova Scotian Music Association

BBI has created awareness for itself within the business com-munity. Everyone instantly rec-ognizes the logo. Also, the BBI has achieved its mandate, which is the most important thing.

The BBI has outlived the more short-term “solutions” for helping the Black community. Usually it takes five years or more for a business or organiza-tion to get over the “hump” to become a viable, long-term entity. The BBI has shown it has longevity and will be around for many years to come.

Wayn Hamilton, Interim Executive Director, Office of African Nova Scotian Affairs

Community Economic Development. The BBI has proven they can success-fully help individual Black Nova Scotians with funding and training; I think a focus on helping communities make entrepreneurial endeavours would be beneficial. Many com-munities are looking at ways to keep residents from moving to larger cities like Toronto and Vancouver; therefore, encourag-ing the entrepreneurial spirit in community organizations can do nothing but help.

I think the BBI has been very effective in bringing Black Nova Scotia businesses up to the standards of the larger corpo-rate world. The BBI has been a major player in this province when it comes to promoting the entrepreneurial spirit. Their trade missions and summits are on the same level as those in the national business community.

Wilfred A. Jackson, M.S. R.S.W.Executive DirectorNova Scotia Home for Colored Children

It is our pleasure to congratu-

late the Black Business Initiative as they approach their 10th Anniversary. Mr. Rustum Southwell, Executive Director, and the Board of Directors have accomplished a great deal dur-ing their tenure. We thank the BBI for their business leadership in helping Black Nova Scotians to attain the Canadian Dream of owning their own business.

To set up a user friendly Black business centre that caters to the needs of African Nova Scotian clientele is paramount to our community. The success of BBI is a beacon for all others who seek their loans, services, train-ing, and business expertise.

The BBI should strive to create an ever-increasing number of Black businesses throughout the Province of Nova Scotia, to raise our profile on a per capita basis. Due to its success in the small business sector the BBI should seek opportunities for African Nova Scotians to move into top management levels of untouched markets such as medicine, architec-ture, airlines, computer tech-nology, oil industry, etc.

The BBI has been very, very successful in reaching its man-date of fostering a dynamic and vibrant presence within the Nova Scotia Business Community. To be recognized and funded by two levels of government is truly an achieve-ment by this Black organization.Some of the examples of the BBI success stories can be seen through its programs and ser-vices. The black to Business

magazine and the Black Business Directory are essen-tial tools for anyone wanting to explore the African Nova Scotian business community.

The Black Business Summit and the high profile motiva-tional speakers that are invited is a major highlight through-out Black Nova Scotia.

We can all stand proudly whenever we hear of one more Black owned busi-ness that has achieved sales of $1 million or more.We offer our congratulations to the Black Business Initiatives for their vision, work in prog-ress, and a job well done.

Michelle WilliamsDirector, Law Programme for Indigenous Blacks & Mi’kmaq, Dalhousie University

Not only has the BBI contrib-uted to the growth of African Nova Scotian businesses, it has also served as a model for Black business development across Canada. The BBI’s vision, complemented by its sound management and efforts to be inclusive, will ensure its continued success.

solid business principles

We can all stand proudly whenever we hear of one more Black owned business that has achieved sales of $1 million or more.

– Wilfred A. Jackson, M.S. R.S.W. Executive Director, Nova Scotia Home for Colored Children

Black Business Initiative Society2004-2005 Annual Report

www.bbi.ns.ca

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