Minister Ng participates in Ontario Tech University panel on Indigenous entrepreneurship
OTTAWA, ON, March 18, 2021 /CNW/ - Indigenous businesses and entrepreneurs are the backbone of communities across the country and an important part of the Canadian economy. The Government of Canada is taking action to ensure they have the support they need to get through the COVID-19 pandemic and thrive beyond it.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, delivered closing remarks at Ontario Tech University's panel event, "Braiding Relationship, Well-Being, and Entrepreneurship," presented by Indigenous Education and Cultural Services and Brilliant Catalyst.
The panel explored the lived experiences of leading business, arts and health leaders from the Indigenous community and examined ways of making entrepreneurship more accessible to under-represented groups.
Minister Ng focused on how the Government of Canada is helping Indigenous entrepreneurs reach their goals and contribute to their communities' economic growth.
One of these measures is funding of up to $306.8 million to help small and medium-sized Indigenous businesses during the pandemic and support Indigenous financial institutions that offer financing to these businesses.
The Government of Canada will continue to be here to support Indigenous communities and businesses throughout this pandemic and into the future.
Quote
"Our government is committed to investing in programs that will strengthen the Indigenous business sector and help remove systemic barriers to success for aspiring entrepreneurs. As Canada addresses the pandemic and moves toward an inclusive economic recovery, we will continue to support businesses in every way possible and promote diverse participation in the economy for the benefit of all."
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
Quick facts
- To support Canadians during the COVID-19 pandemic, the Government of Canada introduced the largest relief package in our country's history, which includes the following major programs for business owners and their employees:
- The Canada Emergency Wage Subsidy (CEWS) is helping businesses by covering up to 75% of payroll. The current structure is being extended to June 5, 2021.
- The expanded Canada Emergency Business Account (CEBA) provides an interest-free loan of up to $60,000 with 33% forgivable if repaid by December 31, 2022.
- The Canada Emergency Rent Subsidy (CERS), available directly to business owners, covers up to 65% of rent. Businesses will receive the new lockdown support of an additional 25% where a shutdown is required by a public health order. This means they can have up to 90% of their rent covered. The current structure is being extended to June 5, 2021.
- The Highly Affected Sectors Credit Availability Program (HASCAP) offers loans at a fixed interest rate of 4% across all financial institutions for terms of up to 10 years, and 100% guaranteed by the Government of Canada. Businesses will be able to apply up to June 30, 2021.
- The Regional Relief and Recovery Fund (RRRF) is providing more than $2 billion to support small businesses across Canada that have been unable to access existing relief measures. It is delivered through Canada's regional development agencies.
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SOURCE Innovation, Science and Economic Development Canada
Youmy Han, Press Secretary, Office of the Minister of Small Business, Export Promotion and International Trade, 343-551-0246, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
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