Empowering SMEs to Drive Sustainable Economic Growth
November 22, 2024
Small and medium-sized enterprises (SMEs) are the backbone of the Canadian economy. They account for over 90% of businesses in the country and employ more than 11 million people. SMEs are also responsible for a significant portion of Canada’s GDP.
In recent years, there has been a growing recognition of the importance of SMEs to sustainable economic growth. SMEs are more agile and innovative than large corporations, and they are often better able to adapt to changing market conditions. They are also more likely to invest in their communities and create local jobs.
The government of Canada is committed to supporting SMEs and helping them to grow. In the 2023 budget, the government announced a number of measures to support SMEs, including:
- Providing $1 billion in new funding for the Small Business Loan Program
- Extending the Canada Emergency Business Account (CEBA) program to provide interest-free loans to small businesses
- Launching a new Digital Adoption Program to help small businesses adopt digital technologies
- Creating a new Business Advisory Hub to provide small businesses with access to expert advice
The government is also working to reduce the regulatory burden on SMEs. In 2021, the government launched the Red Tape Reduction Initiative, which is aimed at reducing the number of regulations that businesses face. The government has also introduced a number of measures to make it easier for small businesses to start and operate, such as the Canada Business Corporations Act.
The government’s efforts to support SMEs are paying off. In recent years, the number of SMEs in Canada has grown steadily. In 2023, there were over 1.2 million SMEs in Canada, up from 1.1 million in 2022. The number of jobs created by SMEs has also grown in recent years. In 2023, SMEs employed over 11 million people, up from 10.5 million in 2022.
The government’s commitment to supporting SMEs is essential to ensuring the continued growth of the Canadian economy. SMEs are the backbone of the Canadian economy, and they are essential to creating jobs, growth, and prosperity.
Empowering SMEs to drive sustainable economic growth
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