Small businesses are the backbone of our economy and the heart of our communities. The Government of Canada knows that small business are the engines of Canada's economy, and we will continue working for them so they can keep growing, creating jobs and supporting communities.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, kicked off Small Business Week 2022 by highlighting how the Government of Canada continues to support small businesses as they grow, innovate and adapt to the economy of the future.
At the event, held at the Canadian Chamber of Commerce, Minister Ng talked about changes to the Canada Small Business Financing Program that cut red tape for small business and increase their access to financing.
The changes include expanding financing eligibility to cover intangible assets, such as new product trademarks or software upgrades; 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. Financial institutions will soon start offering these enhanced features.
Throughout the week, Minister Ng will continue to highlight measures that are helping Canadian small businesses start up, scale up, and access new markets around the world.
The government recently announced new measures to make life more affordable for Canadians, including small business owners, by ensuring kids get access to dental care, families can keep a roof over their heads, and money stays in the pockets of Canadians. Along with introducing $10-a-day child care $10 and cutting taxes to relieve pressures on small businesses, we are more invested than ever in supporting small businesses and the critical role they play in driving economic growth in communities across the country.
A strong economy is one that works for everyone. That is why the government has launched programs like the Women Entrepreneurship Strategy and the Black Entrepreneurship Program to provide funding, mentorship and resources to under-represented entrepreneurs. These initiatives are helping remove systemic barriers under-represented groups face in accessing the financing, networks and advisory services they need to reach their business goals, create jobs and drive economic growth.
Another key government action to support small businesses is the $4-billion Canada Digital Adoption Program, launched in March 2022 to help up to 160,000 businesses move online, boost their e‑commerce presence and incorporate technologies that help them become more productive and competitive.
To help small businesses and families affected by Hurricane Fiona, the government has announced $300 million in new funding for the Disaster Financial Assistance Arrangements. The Government of Canada is committed to supporting the family-run shops that contribute so much to fostering dynamic, healthy communities.
BDC, the Business Development Bank of Canada, recently launched its $500 million Thrive Venture Fund and Lab for Women, the largest investment platform of its kind in the world.
