Small Business, Big Impact: Supporting Ontario Entrepreneurs Through Uncertainty

In an exclusive interview with CanadianSME Small Business Magazine, Paul Casey, Director of Small Business at Meridian Credit Union, shares his perspective on how Ontario entrepreneurs can navigate economic uncertainty while continuing to build resilient, sustainable businesses.

Paul Casey is the Director of Small Business at Meridian Credit Union, where he leads the organization’s Small Business banking team across Ontario. Since stepping into the role in July 2023, Paul has focused on building the team, expanding access to capital, and helping entrepreneurs navigate an evolving economic landscape.

With extensive experience in small business and commercial banking, Paul is passionate about relationship-based banking and supporting the growth of local communities. He is committed to helping business owners access the financing, advice, and resources they need to achieve their goals and build long-term success.

Meridian’s survey suggests Canadians are buying more locally following recent tariffs. How can small businesses turn that support into lasting customer loyalty?

At Meridian, we’re inspired by the hard work, creativity, and determination of small business owners – and we see how much they give back to their communities. The good news for business operators is that Canadians see and appreciate that, too. 77% of Canadians told us that supporting local small businesses is their way of standing up for their community especially in the face of recent tariffs. Additionally, 84% agree that small businesses deliver big impact for their communities and 85% say that buying from local small businesses makes them feel good. 

That groundswell of support creates an opportunity for small business owners to let their customers know how much their support means and to highlight the ways they give back to the community – economically and from a social impact perspective. I encourage businesses to weave those stories into their marketing and customer engagement efforts What we’ve consistently seen from successful small businesses is that loyalty is built on authenticity and relationships. Stay true to your values as you grow because customers who choose local are often buying into what your business stands for. And treat every customer as a relationship, not a transaction, through consistent, genuine communication and exceptional service. 

With 75% of respondents expecting a difficult two years for local businesses, what are you seeing firsthand among Ontario entrepreneurs?

Despite the challenges, we’re seeing tremendous resilience from Ontario entrepreneurs. Business owners are certainly paying closer attention to costs, cash flow, and growth plans than they were a few years ago, but they’re also adapting quickly. Many are reviewing supply chains, looking for new markets, investing in productivity, and finding ways to strengthen relationships with their customers and communities. 

Like the majority of Canadians we surveyed, Meridian believes that small businesses that proactively navigate the next two years will ultimately emerge even stronger. That’s why our team of small business advisors are investing time with business owners to help them review and optimize their cash flow plans, operational contingencies, lending needs, and growth opportunities. Sometimes the most valuable thing we can provide is a trusted sounding board for an owner who is trying to make important decisions in an uncertain environment.

We’re also proud to support entrepreneurs through initiatives like the Small Business Big Impact Awards, which will award $250,000 in prize money to Ontario small businesses. Programs like this are designed not only to provide financial support, but also to recognize the important contributions small businesses make to our communities every day.

What three practices distinguish small businesses that are staying resilient despite economic uncertainty?

Strong relationships with customers and the community are essential not only because they provide stability for the business, but because they give owners the confidence and support needed to keep moving forward during challenging periods. 

Having a strong cash management plan is equally important – it’s a lesson many businesses learned during the pandemic, and one that remains relevant today. That can be as simple as invoicing promptly, encouraging early payment where appropriate, and making strategic use of business credit solutions to better manage working capital. It’s also worth reviewing your full banking set-up with your financial institution – the right tools can improve cash flow, streamline administration and reduce costs. 

Another important characteristic of resilient businesses is adaptability. Every day, we see Meridian small business Members show tremendous creativity – planning ahead, making disciplined decisions about where to invest, and acting early rather than waiting for conditions to improve. 

For aspiring entrepreneurs putting their plans on hold, what financial preparation and support could help them move forward confidently?

Running a small business is exciting and rewarding – and it’s a challenging, evolving experience for even experienced business owners. Before taking the leap, I’d encourage aspiring entrepreneurs to start by developing a detailed business plan and sharing that with trusted partners and advisors to identify weaknesses, optimize opportunities and put in place realistic contingencies. 

From there, focus on a few financial fundamentals: build a cash cushion to carry you through the early months when income can be inconsistent, keep your personal and business finances separate from day one, and understand what financing you’ll need before you need it.

You don’t have to figure it out alone. At Meridian, our Start-Up Lending Program helps new business owners’ access up to $35,000 in flexible financing for equipment, technology, inventory or working capital. 

Additionally, our team of Small Business Advisors offer support by phone, email, video or in person, so you can get advice when it suits your schedule. And through partnerships with organizations like BDC and CFIB, we’re also helping entrepreneurs access additional tools, resources and expertise as they launch and grow their businesses.

What should Ontario entrepreneurs know about the Small Business Big Impact Awards, and what makes a nomination stand out?

This is the sixth and biggest year for Meridian’s Small Business Big Impact Awards, and we’re providing $250,000 in grants for Ontario-based small businesses to help them expand their positive impact. 20 finalists will be selected based on their innovation, environmental stewardship, inclusive employment practices, and overall community support initiatives. It’s easy to check your business’ eligibility and nominate your business online by visiting us online at www.meridiancu.ca  

I also encourage business owners to review the stories of last year’s finalists, which you can find on the Small Business Big Impact Awards section of our website – and to tune into our Small Business Big Impact podcast hosted by our CEO, Jay-Ann Gilfoy to hear about the stories, challenges and most important lessons other small business owners have experienced. 

Disclaimer: The views and opinions expressed in this interview are those of the interviewee and do not necessarily reflect the official policy or position of CanadianSME Small Business Magazine. Our platform is dedicated to fostering dialogue and sharing insights that inspire and empower small and medium-sized businesses across Canada.