Today, the Honourable Rechie Valdez, Minister of Small Business, issued the following statement in celebration of Global Entrepreneurship Week, which runs from November 18 to 22:
"Canada's small businesses have a huge economic impact. They make up 98% of all businesses in Canada and create good, middle-class jobs for millions of hard-working Canadians. As we mark the start of Global Entrepreneurship Week 2024, we celebrate entrepreneurs across the country.
"We are committed to supporting entrepreneurs from all walks of life. Breaking down barriers for diverse entrepreneurs is crucial because when we build an inclusive economy, we build a stronger economy that makes us competitive on the world stage. That's why we've invested in programs to support entrepreneurs from under-represented communities, such as women, Black, Indigenous and 2SLGBTQI+ entrepreneurs. In addition, our $60 million investment in Futurpreneur Canada is helping expand loan eligibility to more young entrepreneurs and increase the amount of loans to $75,000.
"Not only are we investing to support entrepreneurs here at home but we're also investing to help them make global connections so they can be successful in international markets.
"Our investment in the 2SLGBTQI+ Entrepreneurship Program is helping entrepreneurs from this community expand to international markets. Trade missions to New York and Palm Springs in the U.S. and to Brazil resulted in new connections and business opportunities for participants. The Women Entrepreneurship Strategy is also helping women entrepreneurs reach global markets. The Asia Pacific Foundation of Canada, a recipient organization, led six trade missions between May 2020 and August 2024, with more than 200 women and gender-diverse delegates participating.
"The Trade Commissioner Service also helps entrepreneurs through funding and support programs, international opportunities and its network of trade commissioners in over 160 cities worldwide.
"The work we're doing to help entrepreneurs on the global stage is on top of other actions we've taken to support them. We reduced the small business tax rate to 9%, raised the income threshold for the small business tax rate from $15 million to $50 million, lowered credit card interchange fees by up to 27% and improved the Canada Small Business Financing Program.
"And by the end of this year, eligible small and medium-sized businesses will receive the Canada Carbon Rebate for Small Businesses directly in their bank accounts, with the amount based on the province and number of employees. For example, an eligible small business in Winnipeg with 10 employees will receive $4,810, a small business in Mississauga with 50 employees will receive $20,050 and a medium-sized business in Calgary with 200 employees will receive $118,200.
"It is an honour to serve as Canada's Minister of Small Business, and I can assure all entrepreneurs that our government is here to help you start up, scale up and innovate right here at home.
"I encourage Canadians to join me in celebrating entrepreneurs this week and every week for keeping our communities connected, both here at home and around the world."
