October 22, 2014
Every October, Canada recognizes BDC Small Business Week TM as a national celebration of Canadian entrepreneurs and the contributions that they make.
Small businesses are the backbone of our economy and are Canada's job creators. Together, small and medium businesses across the country account for almost 98 percent of all business in Canada and employ 90 percent of our workforce. Furthermore, they are responsible for generating 39 percent of our GDP. Understandably, they play a critical role in our economy by creating jobs and in bringing new ideas to the marketplace. This is especially true in Ontario, where there are more than 388,400 small- and medium-sized businesses, which employ more than 3.8 million workers.
Since 2006, our government has created an environment where our businesses can grow and succeed in the increasingly competitive global economy. Today, Canada has an 11 percent tax rate for small businesses. According to KPMG, Canada ranks first among G7 countries for our positive environment in which to start a business.
We have taken concrete action to support the competitiveness of small businesses by cutting government red tape, increasing Canada's openness to trade and investment, and strengthening the financial sector. We also took further action to support Canadian small business owners by introducing the small business tax credit.
Small business is important to us at FedDev Ontario and we've been working hard to ensure that the right support is in place to assist entrepreneurs and their businesses reach their full potential. Since our launch in 2009, FedDev Ontario has invested nearly $1.2 billion to support businesses, organizations and communities in southern Ontario. Our third-party funding and co-investing partnerships with groups like Canadian Manufacturers and Exporters, the Ontario Chamber of Commerce, the Yves Landry Foundation and Community Futures Development Corporations, (CFDCs) have significantly extended our reach to the number of small businesses we can help. FedDev Ontario currently provides funding to 37 CFDCs in southern Ontario that offer community economic development and business counselling services, as well as access to capital, for entrepreneurs in their communities.
We know that the sustained growth of small businesses in southern Ontario is hindered by challenges in accessing capital and developing the necessary business skills. That is why our Agency's new programming suite is tailored to the meet the region's ever-changing needs. FedDev Ontario offers programming for new entrepreneurs with great ideas who want to start a company. There are programs for existing businesses that want to grow, purchase equipment, train their staff or buy new software to enter a global supply chain. And, finally, FedDev Ontario offers initiatives for businesses looking to partner with post-secondary institutions in order to bring their product to the marketplace.
In addition, in our role as convenor, we are committed to making sure that business owners are aware of opportunities to create partnerships, and we will continue to champion their innovative ideas to grow and diversify the southern Ontario economy. One of the services we now offer is Canada Business Ontario, which provides free business information and can help small business owners navigate through suitable government programs that are available.
It is clear to us that supporting southern Ontario's small business community ultimately leads to job creation and a robust entrepreneurial ecosystem. FedDev Ontario will continue to make strategic investments in southern Ontario in order to create jobs, growth, and long-term economic prosperity. Now that's something to celebrate!
