Toronto, ON (Ontario Chamber of Commerce) With multiple elections on the horizon in Canada and the U.S., Ontario’s small businesses – the backbone of the province’s economy – face a period of political uncertainty that could significantly impact their operations and growth.
The Ontario Chamber of Commerce (OCC) Small Business Week Campaign – Thank You (TY) Small Business – in partnership with Desjardins Group, highlights the economic impact of small businesses and the critical actions political leaders must prioritize to support their growth and success.
“The convergence of multiple elections creates both uncertainty and opportunity for small businesses,” said Daniel Tisch, President and CEO of the OCC. “With businesses under 100 employees comprising 98% of Canadian enterprises and employing nearly 11 million people, government priorities must align with small business needs to maintain economic stability and support productivity growth.”
Key policy priorities include:
- Workforce development: Develop a comprehensive workforce development strategy that supports sustainable and responsive post-secondary education, economic immigration, and business support programs to strengthen Ontario’s talent pipeline – prioritizing high-demand sectors, underserved regions, and small business needs.
- Procurement modernization: Implement value-based procurement and focus on reducing barriers for small businesses through simplified bidding processes, consolidated portals, and targeted supplier diversity programs.
- Financial support and red tape reduction: Support small businesses’ access to capital through a combination of tax incentives, expanded loan guarantees, and capital market reforms to enhance financial stability and combat affordability challenges while maintaining a focus on reducing regulatory burdens, which add costs to business owners.
- Digital acceleration: Develop and scale digitization funding and training programs for small businesses and make it easier for businesses to enhance their competitiveness in an increasingly technology-driven economy.
The 2024 Ontario Economic Report highlights persistent challenges facing small businesses, including high interest rates, limited capital access, and workforce challenges. Despite these obstacles, small businesses continue demonstrating remarkable resilience, adapting their business models and embracing innovation to serve their communities.
“Small businesses are more than economic drivers – they are the backbone of innovation and community vitality across Canada. As entrepreneurs and community leaders, business owners create the sustainable supply chains and local economic networks that power our national prosperity,” said Guy Cormier, President and CEO of Desjardins Group. “We’re committed to providing the capital and the expertise that SMEs need to scale their operations and build resilient business models.”
Canadian Small Business Week takes place annually during the third week of October. To learn more about the OCC’s support for small businesses, visit www.occ.ca/tysmallbusiness.
