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Small Business Rebound Necessary for Economic Recovery

Small Business Rebound Necessary for Economic Recovery

FOR IMMEDIATE RELEASE
MEDIA RELEASE
JUNE 11, 2020

Small Business Rebound Necessary for Economic Recovery
Ontario Chamber & Burlington Chamber: RBC report underscores vital need to focus on small business recovery

(Toronto – June 11, 2020) – Today, the Royal Bank of Canada (RBC) released Small Business, Big Pivot: A devasting downturn, and how Canadian enterprises can transition. The report contains proprietary economic research which outlines how the landscape has shifted for small- and medium-sized enterprises (SMEs) during the COVID-19 pandemic. The document also includes a tangible plan to help Canadian small businesses thrive in a post-pandemic economy.

“The recession at-hand is unlike the one Canada or the world witnessed in 2008, in terms of both its structure and scale,” says, President & CEO, Carla Y. Nell. “The majority of our members are small businesses; businesses that are cornerstones of our community and the engine of Ontario’s economy. The data presented in RBC’s report echoes the concerns that we have been hearing from small businesses, one of the groups hardest-hit by the COVID-19 pandemic.”

RBC’s analysis found that small firms experienced twice the number of job losses in comparison to mid- and large-sized firms in Canada. Women, youth, minorities, and First Nations were found to have been particularly impacted since they tend to be are employed within the most disrupted parts of the small-business economy. The report also identifies which industries face significant challenges (i.e., accommodation and food service) and those that are in a stronger position to manage short-term losses (i.e., manufacturing and wholesale trade).

“Small Business, Big Pivot underscores that small firms need to leverage new technologies with the aim of adapting to the virtual economy. This will be further explored in our upcoming policy brief, Small Business, Big Impact: How SMEs are Pivoting During COVID-19, which will be released on June 22, profiling how various small businesses have succeeded in this regard,” says Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC).

Both reports identify the rise in e-commerce as Canadians take advantage of online shopping and home delivery options. Small businesses that have successfully leveraged technology and online platforms are identified as remaining resilient during this unprecedented period. Yet, changing consumer trends present challenges for small firms, especially those that are digital novices, have limited capital, or are located in parts of the province with poor or unreliable broadband internet access.

“As consumer behaviour shifts, the ability of small businesses to adapt and pivot will be a major determinant of Ontario’s long-term economic recovery. While the federal and provincial governments have taken swift action and extraordinary steps to keep small businesses afloat, permanent closures will have ramifications for local supply chains, workers, and communities alike. Policymakers, therefore, should consider the recommendations contained in Small Business, Big Pivot, as we continue to strengthen small businesses and work towards Canada’s economic rebuild,” Rossi added.

Read RBC’s Report.

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Media Contact
Lindsay Stevenson
Strategic Communications Coordinator
289 208 2844

Team Burlington Launches the Burlington Economic Recovery Network

Team Burlington Launches the Burlington Economic Recovery Network

May 4, 2020 – Burlington’s business support organizations, known as Team Burlington, are pleased to announce the launch of the Burlington Economic Recovery Network.

Comprised of Burlington Economic Development, the Burlington Chamber of Commerce, Burlington Downtown Business Association, Aldershot Village BIA, and Tourism Burlington, Team Burlington has been working closely over the last several weeks to support the business community in dealing with the impacts of the COVID-19 crisis.

The Burlington Economic Recovery Network will bring together key stakeholders and business leaders from across Burlington to develop a recovery strategy that will prepare our economy for recovery from the COVID-19 crisis. The impacts of the global pandemic are already being felt locally and there is a strong need to align economic stakeholders and business support groups to position Burlington for short and long-term economic recovery.

In a joint statement made by the leadership of the Team Burlington organizations, “We’re being proactive. The Burlington Economic Recovery Network is a natural extension of the work Team Burlington is currently doing to support businesses in dealing with the COVID-19 crisis.  The creation of the network is about preparing businesses to come out strong on the other side and help our local economy recover. Meaningful advocacy, as well as business support and programming, will be key outcomes.”

The impacts of COVID-19 are already being felt in our community and will continue to be felt long after the state of emergency has ended. It is anticipated that in Burlington alone, just under 2,000 businesses and 29,000 jobs may be directly affected. The network will work together to advocate for business support at all levels of government, including targeted relief measures and stimulus funding for the hardest hit sectors, which include agriculture, retail, tourism, healthcare and hospitality. The network will also focus on cutting “red tape” to help all sectors rebound and get back to business.

Mayor Marianne Meed Ward is looking forward to how the Economic Recovery Network will help businesses through recovery. “Our local businesses have not been immune to the negative economic effects of the COVID-19 emergency. I’m very happy with the work Team Burlington has done so far and the support and guidance they have been offering to owners and staff. I support the launch of the Economic Recovery Network as it will work to address, wherever possible, any gaps in existing supports, such as directing guidance to help manufacturers retool; clarity on direct contacts for supports at federally- and provincially-announced programs; and any constraints on our municipality to support. The Economic Recovery Network will be focused on seeing our businesses through COVID-19 and ensuring they can get back on their feet after this crisis and that’s the light at the end of this tunnel that we need.”

More information on the Burlington Economic Recovery Network will be posted on the Team Burlington COVID-19 one-stop-shop resource site, hosted on burlingtonchamber.com.

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Media Contact

Claire Green
Manager, Marketing and Attraction
Burlington Economic Development
Claire.green@burlington.ca

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