OTTAWA, ON, Oct. 21, 2022 /CNW/ - Small businesses are the backbone of the Canadian economy and the heart of our communities. They support Canadians every day, and the Government of Canada will continue to be there to support them.
Throughout BDC Small Business Week 2022, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, highlighted how the Government of Canada continues to support small businesses across the country, helping them grow, innovate and adapt to changing times.
The Minister started the week by highlighting updates to the Canada Small Business Financing Program at a Canadian Chamber of Commerce event in Ottawa. These changes are designed to increase financing options while cutting red tape for small businesses. The updates include expanding financing eligibility to cover intangible assets; increasing maximum loan amounts from $350,000 to $500,000; extending government coverage periods for equipment and leasehold improvements; and introducing a line of credit option of up to $150,000.
Minister Ng also travelled to Prince Edward Island to meet with representatives of PEI chambers of commerce and the Tourism Industry Association of Prince Edward Island as well as small business owners who were affected by Hurricane Fiona. She reaffirmed the government's commitment to provide $300 million in additional disaster relief funding to help local businesses and communities across the Atlantic region and Quebec rebuild and recover.
At StartUp Canada's Startup Day 2022 session on the 2021 Mastercard Index of Women Entrepreneurs, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, on behalf of Minister Ng, outlined how the Government of Canada is building an economy that works for everyone by supporting women business owners and entrepreneurs through the more than $6 billion Women Entrepreneurship Strategy (WES). WES programs, along with the Black Entrepreneurship Program, are helping remove the barriers diverse under-represented entrepreneurs face in reaching their business goals, while bringing more talent into the economy, creating jobs and strengthening communities.
Minister Ng also highlighted ongoing government support for small businesses, such as extending the deadline for repaying Canada Emergency Business Account (CEBA) loans by one year to December 31, 2023. The Minister noted the Canada Digital Adoption Program, which offers grants and advisory services to help small businesses boost their e-commerce profile and incorporate technologies that will help them become more productive and competitive.
"Small businesses are the heart of our communities and the backbone of our economy. They represent 98% of all Canadian businesses, employ over 10 million hard-working Canadians, and make our neighbourhoods unique and dynamic. This Small Business Week, I invite all Canadians to join me in celebrating our neighbours, our friends, and the people who make our communities special. No matter what opportunities or challenges lie ahead for small businesses, our government will continue to support them and help bring their dreams to market in Canada and around the world."
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
- BDC Small Business Week has been a registered trademark of the Business Development Bank of Canada since 1986. This year, it is taking place from October 16 to 22, and the theme is Dare to do things differently: Power up your growth.
- Budget 2022 introduced more funding to help businesses make a strong recovery from the pandemic. Highlights include:
- the Canada Recovery Hiring Program to help rehire and hire staff;
- the Canada Digital Adoption Program to assist with the cost of new technology; and
- changes to the Canada Small Business Financing Program to provide more access to loans.
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SOURCE Innovation, Science and Economic Development Canada
Alice Hansen, Press Secretary, Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development, 613-612-0482, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
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