Minister Ng highlights Budget 2021 investments in clean technology

News release

April 27, 2021 – Burnaby, British Columbia

Budget 2021 is the Government of Canada’s plan to finish the fight against COVID-19 and ensure a robust economic recovery that is sustainable and inclusive of all Canadians.

Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, met with Jeanette Jackson, CEO of Foresight Cleantech Accelerator Centre, to discuss Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, opportunities for women in clean tech, scaling ventures, as well as accelerating trade and exports to international markets.

The COVID-19 recession has disproportionately affected low-wage workers, young people, women and racialized Canadians. For businesses, it has been a two-speed recession, with some finding ways to pivot and succeed but many—especially small businesses—fighting to survive. Budget 2021 is a historic investment to address the specific wounds of the COVID-19 recession, put people first, create jobs, grow the middle class and set businesses on a track for long-term growth. Budget 2021 will ensure that Canada’s future will be healthier, more equitable, greener and more prosperous.

The discussion between Minister Ng and Ms. Jackson focused on the measures proposed in the budget to help clean technology companies realize their full potential in providing a greener future for Canadians, increase the number of women in clean tech and help these firms export their products. Minister Ng highlighted that Budget 2021 will make significant investments in Canada’s clean tech sector and further invests in the success of women entrepreneurs.

Budget 2021 is a plan to bridge Canadians and Canadian businesses through the crisis and towards a robust recovery. It will support almost 500,000 new training and work opportunities, including 215,000 opportunities for youth, and accelerate investment and digital transformation at small and medium-sized businesses. Budget 2021 is a plan that puts Canada on track to meet its commitment to create 1 million jobs by the end of the year.

Quotes

“We need to invest now to ensure Canada has a strong recovery and is set up for long-term, sustainable and inclusive growth. Canada is a world leader in clean technology. Budget 2021 supports our world-leading clean technology sector and the success of entrepreneurs, including women, Indigenous peoples and racialized groups, and boosts the country’s venture capital ecosystem, all of which are critical for innovation-based companies. Throwing our full weight behind Canadians and Canadian businesses with this budget is the most responsible action we can take for our economy and our future.”
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade

Quick facts

  • Budget 2021 includes $1 billion to support large-scale, transformative clean technology projects.

  • Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada’s growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include:

    • Extending emergency supports to bridge Canadians and Canadian businesses through to recovery, including:
      • Extending the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support until September 25, 2021.
      • Introducing the new Canada Recovery Hiring Program for eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic.
      • Extending the number of weeks for important income support for Canadians, such as the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
    • Supporting small and medium-sized businesses through transformative initiatives, such as:
      • Launching the new Canada Digital Adoption Program that will directly help over 160,000 businesses adopt new technology and get online. It will provide them with the advice they need to get the most of new technology with the help of 28,000 young Canadians who will be trained to work with them.
      • Allowing Canadian small businesses to fully expense up to $1.5 million in capital investments in a broad range of assets, including digital technology and intellectual property. This represents an additional $2.2 billion investment in the growth of Canada’s entrepreneurs over the next five years.
      • Enhancing the Canada Small Business Financing Program:
        • Increasing annual financing by $560 million, supporting approximately 2,900 additional small businesses.
        • Amending the Canada Small Business Financing Act and its regulations by:  
          • Expanding loan class eligibility to include lending against intellectual property and start-up assets and expenses.
          • Increasing the maximum loan amount from $350,000 to $500,000 and extending the loan coverage period from 10 to 15 years for equipment and leasehold improvements.
          • Expanding borrower eligibility to include non-profit and charitable social enterprises.
          • Introducing a new line of credit product to help with liquidity and cover short-term working capital needs.
      • Supporting diverse entrepreneurs through additional investments to make our economy more inclusive, including further investments in the Women Entrepreneurship Strategy and the Black Entrepreneurship Program, and investments to support Indigenous entrepreneurs.
      • Renewing the Venture Capital Catalyst Initiative with a $450 million investment, $50 million of which will go to the Inclusive Growth Stream to increase access to venture capital for underrepresented groups, such as women and racialized communities
    • Investing $30 billion over the next five years to establish a Canada-wide early learning and child care system, in partnership with provincial, territorial and Indigenous partners, which will help all families access affordable, high-quality and flexible child care, no matter where they live. 

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Contacts

Youmy Han
Press Secretary
Office of the Minister of Small Business, Export Promotion and International Trade
343-551-0246
youmy.han@international.gc.ca

Media Relations
Innovation, Science and Economic Development Canada
ic.mediarelations-mediasrelations.ic@canada.ca

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