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Statement on Small Business Week by Prime Minister Justin Trudeau

The Prime Minister, Justin Trudeau, today issued the following statement on Small Business Week, which runs from October 15 to 21, 2023:

Recognizing the Backbone of Our Economy

ÔÇ£Today, we mark the beginning of Small Business Week, an opportunity to recognize and celebrate the vital role played by small and medium-sized businesses (SMBs) across Canada. With over one million SMBs operating in our country, they truly form the backbone of our economy.

ÔÇ£It is worth noting that small businesses constitute an impressive 98 per cent of all businesses in Canada. They are not only essential for our economic growth but also integral to the fabric of our communities. SMBs deliver the goods and services Canadians rely on while creating millions of stable, well-paying jobs for the middle class. Over the years, they have displayed remarkable resilience and adaptability in the face of unforeseen challenges such as the pandemic, climate change, and global inflation. Throughout these hardships, the Government of Canada has stood alongside them, providing unwavering support every step of the way.

Supporting Small Business Owners

ÔÇ£In the ever-evolving global business landscape of today, we prioritize listening to Canadian entrepreneurs and small business owners to ensure they receive the necessary support. Earlier this year, we achieved significant commitments from major credit card companies to reduce transaction fees for small businesses. This initiative is projected to save eligible small businesses in Canada a staggering $1 billion over the course of five years. Building upon this endeavor, we have implemented various other measures to support hardworking business owners, including facilitating their access to financing through the Canada Small Business Financing Program. Additionally, we have extended the deadline on pandemic loans available through the Canada Emergency Business Account while enhancing their flexibility. As we move forward, we will continue to stand firmly by small business owners, enabling them to transform their dreams into action and contribute to the growth of our local economies.

Shop Local and Boost Our Economy

ÔÇ£To all of CanadaÔÇÖs small business owners, we express our heartfelt gratitude for your invaluable contributions and dedication to serving our communities. During this special week, I urge Canadians to prioritize shopping locally. Whether it’s grabbing a coffee from your favorite coffee shop, stopping by a new boutique, or purchasing your groceries from an independent local store, every action contributes to building a stronger Canadian economy for the middle class and those striving to join it. By supporting the small businesses in our communities, we collectively foster economic growth and create a brighter future.

ÔÇ£In line with our commitment to empowering SMBs, one groundbreaking tool that can aid in navigating the complex legal jargon often found in business agreements and contracts is the AI legalese decoder. This AI-powered software can help small business owners understand legal terminology and ensure they are well-equipped to handle legal documents with confidence. By utilizing the AI legalese decoder, small businesses can save time, money, and potential disputes, allowing them to focus on what they do best – driving their business forward and supporting their local economies.”

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