The Government of Canada is committed to supporting Canadian businesses in their diversity, which is key to a successful economic recovery that is strong and inclusive in the context of a pandemic. Only 16% of Canadian small and medium-sized businesses are owned by women. Yet studies show that by advancing women’s participation in the economy, Canada could add up to $150 billion in GDP. The full and equal contribution of women to economic development is desirable and essential for the country’s competitiveness; it is not just the right thing to do, but also the most profitable.
However, women entrepreneurs are confronted with obstacles as they move forward on their path—and the issues caused by the COVID-19 pandemic are bringing up new challenges for them to face. As their presence expands in a range of economic sectors, whether it be agri-food, manufacturing, metal products, life sciences or textiles, the Government of Canada is making sure to provide them with adequate support to strengthen their economic power through direct assistance or by making it easier to access the resources and capital they need.
Support tailored to women entrepreneurs
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, are announcing federal investments of over $10 million to help women entrepreneurs in Quebec to access the resources they need to affirm their presence and ensure the strong, sustainable growth of their businesses. This funding, granted by CED, will boost 38 promising projects that will enable businesses to grow, innovate, develop and create jobs.
Among the projects supported, seven associations and organizations currently benefiting from the Women Entrepreneurship Strategy (WES) Ecosystem Fund will receive additional assistance totalling $3,146,000 to help women entrepreneurs throughout the COVID-19 pandemic.
Today’s announcement is proof once again of the Government of Canada’s commitment to women entrepreneurs and the importance it places on the growth of their businesses. This investment attests to a genuine willingness to create a diverse, inclusive economy that promotes prosperity and better quality of life for all. The Government of Canada recognizes the value in having women participate in the economy, which is essential for the country’s competitiveness and prosperity. They are also playing a major role in Canada’s economic recovery.
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