OTTAWA, ON, Oct. 21, 2022 /CNW/ – Small companies are the spine of the Canadian financial system and the center of our communities. They help Canadians on daily basis, and the Authorities of Canada will proceed to be there to help them.

All through BDC Small Enterprise Week 2022, the Honourable Mary Ng, Minister of Worldwide Commerce, Export Promotion, Small Enterprise and Financial Growth, highlighted how the Authorities of Canada continues to help small companies throughout the nation, serving to them develop, innovate and adapt to altering instances.

The Minister began the week by highlighting updates to the Canada Small Enterprise Financing Program at a Canadian Chamber of Commerce occasion in Ottawa. These adjustments are designed to extend financing choices whereas slicing purple tape for small companies. The updates embody increasing financing eligibility to cowl intangible belongings; growing most mortgage quantities from $350,000 to $500,000; extending authorities protection durations for gear and leasehold enhancements; and introducing a line of credit score choice of as much as $150,000.

Minister Ng additionally travelled to Prince Edward Island to satisfy with representatives of PEI chambers of commerce and the Tourism Trade Affiliation of Prince Edward Island in addition to small enterprise homeowners who have been affected by Hurricane Fiona. She reaffirmed the federal government’s dedication to offer $300 million in extra catastrophe reduction funding to assist native companies and communities throughout the Atlantic area and Quebec rebuild and get well.

At StartUp Canada’s Startup Day 2022 session on the 2021 Mastercard Index of Girls Entrepreneurs, the Honourable Ahmed Hussen, Minister of Housing and Range and Inclusion, on behalf of Minister Ng, outlined how the Authorities of Canada is constructing an financial system that works for everybody by supporting ladies enterprise homeowners and entrepreneurs by way of the greater than $6 billion Girls Entrepreneurship Technique (WES). WES applications, together with the Black Entrepreneurship Program, are serving to take away the limitations various under-represented entrepreneurs face in reaching their enterprise objectives, whereas bringing extra expertise into the financial system, creating jobs and strengthening communities.

Minister Ng additionally highlighted ongoing authorities help for small companies, comparable to extending the deadline for repaying Canada Emergency Enterprise Account (CEBA) loans by one 12 months to December 31, 2023. The Minister famous the Canada Digital Adoption Program, which presents grants and advisory companies to assist small companies increase their e-commerce profile and incorporate applied sciences that can assist them turn out to be extra productive and aggressive. 

Quote

“Small companies are the center of our communities and the spine of our financial system. They signify 98% of all Canadian companies, make use of over 10 million hard-working Canadians, and make our neighbourhoods distinctive and dynamic. This Small Enterprise Week, I invite all Canadians to hitch me in celebrating our neighbours, our buddies, and the individuals who make our communities particular. It doesn’t matter what alternatives or challenges lie forward for small companies, our authorities will proceed to help them and assist deliver their goals to market in Canada and around the globe.”
– The Honourable Mary Ng, Minister of Worldwide Commerce, Export Promotion, Small Enterprise and Financial Growth

Fast details

• BDC Small Enterprise Week has been a registered trademark of the Enterprise Growth Financial institution of Canada since 1986. This 12 months, it’s happening from October 16 to 22, and the theme is Dare to do issues in a different way: Energy up your development.
• Price range 2022 launched extra funding to assist companies make a robust restoration from the pandemic. Highlights embody:

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SOURCE Innovation, Science and Financial Growth Canada

For additional data: Alice Hansen, Press Secretary, Workplace of the Minister of Worldwide Commerce, Export Promotion, Small Enterprise and Financial Growth, 613-612-0482, [email protected]; Media Relations, Innovation, Science and Financial Growth Canada, [email protected]