Government of Canada invests up to $6.7 million to help 1,000 small and medium-sized businesses in Ontario export
TORONTO, April 22, 2019 /CNW/ - When Canadian small and medium-sized enterprises (SMEs) export, they become more productive, create more jobs, grow and scale at higher rates, and invest more in research and development.
Through 14 trade agreements, including the new North American Free Trade Agreement, the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Canadian SMEs now have access to 1.5 billion customers and yet only 12% are exporting.
To increase Canada's overseas exports by 50% by 2025, the Government of Canada has taken action with a $1.1-billion Export Diversification Strategy.
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, announced a $5-million FedDev Ontario investment in the Toronto Region Board of Trade to expand its Trade Accelerator Program (TAP) to 15 communities across Southern Ontario.
The Minister also announced a $1.7-million investment through Innovation, Science and Economic Development's Mobilizing SMEs to Export initiative under the Export Diversification Strategy for the Toronto Region Board of Trade to expand TAP into unserved Northern communities across Canada.
These investments in the TAP expansion will help up to 1,000 SMEs in Ontario export to new markets.
The Export Diversification Strategy is a part of the Government of Canada's plan to help small and medium-sized businesses start up, scale up and access new markets.
"Our global brand is strong once again and the world wants – and needs – more Canada. Today's investment in the Toronto Region Board of Trade's Trade Accelerator Program will help nearly 1,000 small and medium-sized businesses export to 1.5 billion customers made available through Canada's many trade agreements. Our government, under the leadership of Prime Minister Justin Trudeau, is delivering on our commitment to help small and medium-sized businesses start up, scale up and access new markets."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Canada is known as a nation of innovators because our industry leading firms have seized the opportunity that exporting brings and taken high-quality Canadian goods and services to new markets. I look forward to 1,000 talented small and medium-sized businesses increasing their productivity by harnessing the power of exporting through Toronto's expanded Trade Accelerator Program."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
"Our Trade Accelerator Program has demonstrably empowered more than 530 businesses across Canada with proven success. We are proud to have helped our graduates grow export sales by nearly 50%, with 85% of those grads reaching new global markets. We thank the federal government for its investment in enabling the export journey and success of 1,000 additional businesses."
– Jan De Silva, President & CEO, Toronto Region Board of Trade
- Innovation and Skills Plan
- Canadian Trade Commissioner Service
- Accelerated Growth Service
- Industrial Research Assistance Program
- Innovative Solutions Canada
- Venture Capital Catalyst Initiative
- Women Entrepreneurship Strategy
- Canada-European Union Comprehensive Economic and Trade Agreement
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
- Canada-United States-Mexico Agreement
SOURCE Innovation, Science and Economic Development Canada
For further information: Corinne Havard, Press Secretary, Office of the Minister of Small Business and Export Promotion, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]