Canada's Minister of Small Business and Export Promotion shared how the federal government is helping small business owners start up, scale up and access new markets
VANCOUVER, April 25, 2019 /CNW/ - Small businesses make up 98% of all Canadian businesses and employ 8 million hard-working Canadians from coast to coast to coast. They are the backbone of our economy and critical to the middle class.
This week, the Honourable Mary Ng, Canada's Minister of Small Business and Export Promotion, was in Vancouver and Burnaby to meet with entrepreneurs and small business owners to talk about the ways the Government of Canada is supporting their success.
On April 23rd, Minister Ng began the day with a roundtable hosted by the Asia Pacific Foundation of Canada to discuss ways Canadian small and medium-sized businesses (SME) can harness Canada's trade agreements to export to new markets.
Minister Ng then announced, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada (WD), a $2.25-million investment over three years to expand the Export Navigator program. The announcement was made in partnership with the Honourable Bruce Ralston, B.C.'s Minister of Jobs, Trade and Technology, who also announced an investment in the initiative on behalf of the British Columbia government.
Minister Ng then announced an investment of up to $1.5 million in World Trade Centre Vancouver to expand its Trade Accelerator Program (TAP) to communities across British Columbia, followed by a moderated discussion with export-oriented businesses. These investments in the TAP expansion will help 300 SMEs in British Columbia export to new markets.
On April 24th, Minister Ng met with women entrepreneurs and small business owners, sharing with them how the government is supporting their success. She met with the co-founders of Lunapads, a local woman-led business that creates reusable alternatives to disposable feminine products, and announced an up to $100,000 investment through the Women Entrepreneurship Fund, which will support the company's expansion into the United States and European markets.
Later in the day, Minister Ng announced an additional up to $100,000 investment through the Women Entrepreneurship Fund in Tartine Tarts, a local woman-led business that makes sweet and savoury tarts to sell to local chefs, fine food stores and premium bakers, which will support the company's expansion into the United States.
When meeting with small business owners, Minister Ng shared the government's many initiatives that are making it easier for small business owners to do business, such as:
- lowering the small business tax rate to 9%, one of the lowest rates in the world;
- getting credit card companies to lower the fees they charge businesses when their customers use credit cards;
- providing access to over a billion and a half new customers through trade deals like the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Canada-United States-Mexico Agreement, commonly called the new NAFTA;
- introducing the Accelerated Investment Incentive that will allow businesses of all sizes in all sectors of the economy to write off a larger share of the cost of newly acquired assets in the year the investment is made;
- committing to universal high-speed Internet across Canada;
- investing $2 billion to help double the number of women-owned businesses by 2025; and
- reducing over 450 federal rules that impose an administrative burden on business.
"This is a small business–friendly government that is working hard to reduce red tape and make it easier for Canadian small business owners to start up, scale up and access new markets. When small businesses in communities across the country succeed, our economy grows and middle-class jobs are created."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"It takes great courage to start a business. Canadians who take that leap work long hours and face numerous challenges. The Government of Canada is here to support Canada's small business owners, like the ones in Vancouver, and is committed to helping them succeed. That's why we have reduced the small business tax rate to 9%, giving Canada one of the lowest small business tax rates in the world and helping small business owners save up to $7,500 a year."
– The Honourable Hedy Fry, Member of Parliament for Vancouver Centre
- 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
- Budget 2019
SOURCE Innovation, Science and Economic Development Canada
For further information: Corinne Havard, Press Secretary, Office of the Minister of Small Business and Export Promotion, firstname.lastname@example.org; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, email@example.com