HALIFAX, NS, July 30, 2022 /CNW/ – Small businesses are at the heart of Canadian communities and are the engines that drive the economy. Their success will be critical to accelerating an inclusive economic recovery—one that is taking place increasingly in the digital world.
The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, visited Nova Scotia from July 28 to 30 to meet with diverse Canadian entrepreneurs, business owners and small business organizations to discuss the government’s ongoing efforts to support small businesses as they adopt digital technologies, export into new markets and create local jobs.
During the first day of her trip, Minister Ng announced the call for applications for the second round of the Women Entrepreneurship Strategy (WES) Ecosystem Fund. She was joined at the announcement by Andy Fillmore, Parliamentary Secretary to the Minister of Innovation, Science and Industry and Member of Parliament for Halifax. Up to $40 million will be available to support multi-regional and national not-for-profit organizations that provide mentorship, financial planning and business training to women entrepreneurs. More information is available on the WES Ecosystem Fund website.
At an event hosted by Halifax Partnership, Minister Ng highlighted the benefits of the Canada Digital Adoption Program (CDAP) for small and medium-sized enterprises across the country. She was joined by Kody Blois, Member of Parliament for Kings–Hants. The Minister noted that small businesses across Atlantic Canada have access to the $2,400 Grow Your Business Online grant to help them adopt e-commerce or expand existing e–commerce operations. Businesses can also get access to funding and expert digital advisory services to boost their existing business technology through CDAP’s Boost Your Business Technology grant.
Throughout her visit, the Minister met with Indigenous, Black, women and rural small business owners across Nova Scotia. During these meetings, she learned how innovative Nova Scotian companies are boosting economic growth, creating jobs and helping Canada’s inclusive economic recovery.
Minister Ng concluded her tour by participating in the plenary session of the National Black Canadians Summit. The event brought together Black Canadians from all ages, sectors and walks of life to share their experiences, raise awareness and spark an inclusive national dialogue. During her remarks, the Minister pointed to the progress being made to support Black business owners and entrepreneurs through the Black Entrepreneurship Program.
Boosting economic recovery, supporting diverse entrepreneurs and accelerating the digital transformation of Canadian businesses will help them stay competitive while creating jobs and growing the economy.
“Atlantic Canadian entrepreneurs and business owners are innovative and resilient, and they are core drivers of economic growth in their communities. Whether it’s through historic investments in digital adoption or targeted supports for Black and women entrepreneurs, the government will continue to support Atlantic Canadians as they start up, scale up and export to new markets in Canada and around the world.”
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
- Announced in Budget 2021, the Canada Digital Adoption Program (CDAP) is an investment in helping businesses succeed. It is expected to support as many as 160,000 small businesses and help create thousands of jobs, including up to 28,000 job placements for students and recent graduates to gain valuable work experience.
- CDAP consists of $1.4 billion in grants and advisory services to help small and medium-sized enterprises (SME) adopt e-commerce, and up to $2.6 billion in loans from the Business Development Bank of Canada (BDC) to help SMEs cover the cost of implementing digital transformation plans.
- The Grow Your Business Online option provides microgrants of up to $2,400 and support from e–commerce advisors to help small businesses implement digital storefronts and e-commerce capabilities.
- The Boost Your Business Technology option provides grants covering 90% of costs, up to $15,000, for advisory services to develop a digital adoption plan; access to interest-free loans from the BDC; and opportunities for student placements.
- SMEs interested in applying for a grant or loan under CDAP can answer a few quick questions online to help determine the funding that is best suited to meet their needs.
- Retail e-commerce rapidly increased during the pandemic. According to Statistics Canada data, year–over-year retail e-commerce increased by more than 110% in May 2020 compared to May 2019.
SOURCE Innovation, Science and Economic Development Canada