Government of Canada helping Canadian small businesses succeed
MARKHAM, ON, Aug. 16, 2018 /CNW/ - Small businesses are vital to economic growth in communities across the country. That's why the Government of Canada offers a variety of programs and initiatives to grow small business from coast to coast to coast.
The Honourable Mary Ng, Minister of Small Business and Export Promotion, met with Chinese-Canadian entrepreneurs at a small business forum held at ventureLab, in Markham, Ontario, to highlight the Government of Canada's commitment to small businesses and discuss opportunities for expanding to new markets.
Minister Ng outlined government initiatives, such as:
- CanExport, a five-year, $50-million Government of Canada program that provides direct financial assistance to small and medium-sized enterprises in Canada seeking to develop new export opportunities;
- $75 million in Budget 2018 to build a stronger diplomatic presence and Trade Commissioner Service salesforce in China and Asia;
- a cut in the tax rate for small businesses—to 9 percent in 2019—giving small businesses up to $7,500 more to invest in their companies and create jobs;
- the Women Entrepreneurship Strategy, which will invest nearly $2 billion to help women start and grow their businesses;
- the Venture Capital Catalyst Initiative, which to date has made investments that will inject up to $1.5 billion into Canada's venture capital market; and
- Innovation Canada, a one-stop shop for information, funding and advice for businesses.
By supporting small businesses, the Government of Canada is helping to create well-paying jobs and strengthen the middle class.
"Small businesses are the backbone of the Canadian economy. They create jobs, support communities and play an integral role in industry clusters across Canada. That's why our government has taken action to make it easier for small businesses to do what they do best: start out small, shake things up with new products and services, and grow to become market-leading successes."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"ventureLAB is a leading technology hub located in York Region, Canada's fastest growing municipality and largest information and communication enterprise technology cluster. ventureLAB has supported over 2,000 small businesses that are building globally competitive companies. Located in Markham at the heart of York Region, Canada's most diverse community, we are proud to support our entrepreneurs who are creating new jobs, building transformational products, and growing scalable companies in Canada and globally."
– Melissa Chee, President and CEO, ventureLAB
- Small and medium-sized enterprises (SME) account for the vast majority of businesses in Canada—99.7 percent.
- SMEs employ more than 90 percent of the private sector workforce—10.7 million Canadians.
- Canada and China have strong people-to-people ties—nearly 1.8 million Canadians have Chinese heritage.
- One in six jobs in Canada is related to exporting.
- Exporting companies pay on average 14 percent higher wages than similar firms that do not export.
- Women Entrepreneurship Strategy
- Venture Capital Catalyst Initiative
- Innovation Canada
- The Canadian Trade Commissioner Service
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SOURCE Innovation, Science and Economic Development Canada
For further information: Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, 343-291-2700; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]