Meetings outline government supports for small business and export promotion
VANCOUVER, Aug. 21, 2018 /CNW/ - Small and medium-sized enterprises (SME) are the backbone of the Canadian economy. They make up more than 99 percent of businesses in Canada and employ over 90 percent of the Canadian private sector workforce. That's why the Government of Canada is committed to making it easier for businesses to start up, scale up and access new markets for export.
The Honourable Mary Ng, Minister of Small Business and Export Promotion, wrapped up a successful visit to British Columbia, where she met with members of the business community, including many Chinese-Canadian business owners, to hear about the challenges and opportunities they face when doing business.
The Minister began her visit with a tour of the Richmond Night Market. The Richmond Night Market is the largest night market in North America and highlights the contributions that Chinese-Canadian entrepreneurs make to the social, cultural and economic fabric of our country.
The following day, the Minister announced $3.5 million in funding to help British Columbia small businesses hire over 2,100 young Canadians through the Canada Summer Jobs program.
On the final day of the tour, Minister Ng met with Small Business BC and participated in a roundtable discussion on helping businesses scale up and export to new markets hosted by the Vancouver Economic Commission.
The Minister's visit was an opportunity to listen to Canadian small business owners and to share government initiatives designed to help small businesses, such as Innovation Canada, Innovative Solutions Canada and funding through Western Economic Diversification Canada.
"Small businesses are the backbone of Canada's economy. They are job creators that employ 90 percent of Canada's private sector workforce. Our government and Prime Minister Trudeau are committed to making it easier for small businesses to start up, scale up and access new markets. We're doing this by lowering small business taxes, providing an array of business advisory services and funding, and encouraging export through programs like CanExport and the Canadian Trade Commissioner Service."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
- Small and medium-sized enterprises (SME) account for the vast majority of businesses in Canada—99.8 percent.
- SMEs employ over 90 percent of the Canadian private sector workforce.
- One in six jobs in Canada is related to exporting.
- There is a great opportunity to increase exports by SMEs. Only 12 percent of SMEs export; however, they account for 39 percent of the total value of Canadian goods exported.
- Launched in January 2018, Innovation Canada is a one-stop shop online destination for business owners looking for information, funding and advice for Canadian businesses.
- Launched in 2016, the Accelerated Growth Service (AGS) helps Canadian businesses access government services they need to grow, such as financing, exporting, innovation services and business advice.
- To date, over 350 companies across the country are participating in the AGS.
- The Government of Canada committed $75 million in Budget 2018 to build a stronger diplomatic presence and Trade Commissioner Service salesforce in China and Asia.
- The Government of Canada is unwavering in its commitment to lowering the Small Business Tax Rate—to 10 percent in 2018 and 9 percent in 2019—giving small businesses up to $7,500 more to invest in their companies and create jobs.
- Innovation and Skills Plan
- The Canadian Trade Commissioner Service
- Accelerated Growth Service
- Industrial Research Assistance Program (IRAP)
- Innovative Solutions Canada
- Venture Capital Catalyst Initiative
- Women Entrepreneurship Strategy
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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]