Minister Ng and Parliamentary Secretary Bendayan meet with manufacturers and businesses in Quebec Français
OTTAWA, ON, Feb. 11, 2021 /CNW Telbec/ - Small businesses are at the heart of communities across Canada, and they have been hit particularly hard by the pandemic. The Government of Canada is working hard to ensure businesses get the support they need, so they can bridge to better times and expand into global markets.
Yesterday, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, and Rachael Bendayan, Parliamentary Secretary to the Minister of Small Business, Export Promotion and International Trade, virtually met with manufacturers and exporters, as well as representatives from Quebec's Black business communities.
Minister Ng and Parliamentary Secretary Bendayan began by meeting with the executive team from the Manufacturiers et Exportateurs du Québec (MEQ) and several of its members. They spoke about how the Government is helping manufacturers and exporters in Quebec and across Canada to expand to global markets and about the work that can be done together to build a sustainable and inclusive recovery.
Later in the day, Minister Ng and Parliamentary Secretary Bendayan participated in a virtual site tour of AV&R, a Saint-Bruno–based robotics business, and discussed its business goals in the post-pandemic economy.
The Minister and the Parliamentary Secretary finished their day with a virtual roundtable organized by the Côte des Neiges Black Community Association and Groupe 3737. During this meeting, they spoke about how the Government is supporting Black Canadian communities through a $25 million investment to help with capacity and infrastructure building. Minister Ng and Parliamentary Secretary Bendayan also highlighted the Black Entrepreneurship Program and how it will help Black business owners by providing them with the supports they need to succeed now and well into the future.
Quotes
"Since day one of the COVID-19 crisis, our government has been there to support Canada's businesses and the millions of Canadians they employ. This includes providing them with the financial supports they need to bridge to better times while also promoting the benefits of expanding into global markets. Our government will continue working with small businesses and associations to build an informed, inclusive and strong recovery that will help businesses from coast to coast to coast succeed well into the future."
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
Quick facts
- The Canadian Trade Commissioner Service (TCS) is committed to providing businesses identifying as women-led or as owned by women, Indigenous, Black, racialized, youth and/or LGBTQ2 entrepreneurs with the resources and tools they need to successfully access global markets.
- Since the start of the pandemic, CanExport SMEs has provided over $25 million to more than 750 Canadian companies: a record disbursement for the program despite the pandemic.
- While support for travel-based activities has been temporarily suspended, in response to COVID-19, the CanExport program has updated its guidelines to provide more flexible funding, particularly for virtual activities such as online trade shows and digital marketing. This has helped companies successfully pivot away from traditional in-person sales to digital platforms during the pandemic.
- The Black Entrepreneurship Program includes:
- up to $53 million for the National Ecosystem Fund to support Black-led business organizations across the country. It will help Black business owners and entrepreneurs access funding and capital and provide them with mentorship, financial planning services and business training.
- up to $33.3 million in support through the Black Entrepreneurship Loan Fund, which will provide loans of up to $250,000 for Black business owners and entrepreneurs. The Government of Canada is also partnering with financial institutions, including Royal Bank of Canada, BMO Financial Group, Scotiabank, CIBC, National Bank of Canada, TD, Vancity and Alterna Savings, to make available an additional $128 million in lending support.
- up to $6.5 million for the Black Entrepreneurship Knowledge Hub, which will conduct qualitative and quantitative research and collect data on the state of Black entrepreneurship in Canada and help identify Black entrepreneurs' barriers to success as well as opportunities for growth. The hub will be run by Black-led community and business organizations, in partnership with educational institutions.
- Please note that applications are no longer being accepted for the National Ecosystem Fund and the Knowledge Hub.
- The amounts above include costs associated with operating the funds.
- To support Canadians during COVID-19, the Government of Canada introduced the largest relief package in our country's history, which includes the following major programs for business owners and their employees:
- The Canada Emergency Wage Subsidy (CEWS) is helping businesses by covering up to 75% of payroll. It has been extended until June 2021.
- The expanded Canada Emergency Business Account (CEBA) provides an interest-free loan of up to $60,000 with 33% forgivable if repaid by December 31, 2022.
- The Canada Emergency Rent Subsidy (CERS), available directly to business owners, covers up to 65% of rent. It has been extended until June 2021. Businesses will receive the new lockdown support of an additional 25% where a shutdown is required by a public health order. This means they can have up to 90% of their rent covered.
- The Highly Affected Sectors Credit Availability Program (HASCAP) will offer loans at a fixed interest rate of 4% across all financial institutions, for terms of up to 10 years, and 100% guaranteed by the Government of Canada. Businesses will be able to apply through to June 30, 2021.
- The Regional Relief and Recovery Fund (RRRF) has more than $2 billion to support small businesses across Canada that have been unable to access existing relief measures. It is delivered through Canada's regional development agencies.
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SOURCE Innovation, Science and Economic Development Canada
Youmy Han, Press Secretary, Office of the Minister of Small Business, Export Promotion and International Trade, 343-551-0246, [email protected]; Media Relations: Innovation, Science and Economic Development Canada, [email protected]
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