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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

Now more than ever we need to support small businesses in Burlington

Now more than ever we need to support small businesses in Burlington

(April 1, 2020, Burlington) The need has never been greater as our local economy continues to be dramatically weighed down by the daily impacts of COVID-19. Some small businesses have made the decision to close completely, others are working in reduced capacity.  In times of unprecedented hardship our small businesses and independents often experience the brunt of this crisis. Your assistance is needed.

Small businesses are an essential part of our community.  They are risk-takers by nature; many are family owned and many are residents of the community where their business is located. They are the entrepreneurs that hire our children, sponsor our teams, donate for our events – they are our neighbours.

Team Burlington, which is a collective of the combined talents of The Burlington Chamber of Commerce, Burlington Economic Development, Burlington Downtown Business Association, Aldershot Village BIA and Tourism Burlington, encourages residents to support small businesses online from the safety of their home. They have made seven suggestions:

  • Shop small businesses online: even though their doors may be closed, many businesses are still offering on-line sales and incentives with no-contact shipping/delivery
  • Order takeout or delivery: show your support to restaurants/eateries that are still offering takeaway options by ordering at home
  • Purchase a gift card for future use: you may have to wait to use it but it provides cash to the business now when they need it most
  • Submit a positive review online for your favourite business
  • Connect online by following a few more local businesses and commenting on their posts
  • Attend an online fitness workout: many fitness providers are offering classes from home virtually
  • Support a local not-for-profit/charity: to the extent that you are able, please donate directly to local not-for-profits and charities to ensure that critical support continues to be available to those most vulnerable in our community

Brian Dean, Executive Director of the Burlington Downtown Business Association emphasizes “Shopping locally during this challenging time for Burlington business is more than a good idea, it is a necessity to help keep these small businesses flourishing”.

The days, weeks and months ahead are uncertain.  These are your neighbours. This is your community. Small businesses need your support, now, more than ever.  We’re all in this together.


Media Contacts

Samantha Statham
Marketing & Events Manager, Burlington Downtown Business Association
samantha@burlingtondowntown.ca 905.407.4057

Kelly Harris
Marketing Specialist, Tourism Burlington
Kelly.harris@burlington.ca 416.726.8359

2020 Ontario Economic Report

2020 Ontario Economic Report

Supporting Economic Prosperity in Communities Across Ontario.

The Ontario Economic Report (OER) is the landmark research platform of the Ontario Chamber of Commerce (OCC), presenting the collective voice of our 60,000 members in 135 communities across the province. This research highlights the year ahead and year that was, offering a unique lens on the economy.

The data contained within the 2020 OER reflects the theme of the OCC’s annual Ontario Economic Summit by exploring Ontario’s competitiveness throughout the following three sections. We have gauged the temperature of business through the Business Confidence Survey, benchmarked small business competitiveness with the Small Business Friendliness Indicator, and examined regional growth projections in the Economic Outlook.

Click to tweet: As the @OntarioCofC’s landmark report, the 2020 Ontario Economic Report provides key insights into the province’s diverse business community with the goal of informing future public policy to create a more competitive and prosperous Ontario. Read #OER2020 today. www.occ.ca/oer

 

VIEW THE FULL 2020 ONTARIO ECONOMIC REPORT
The Importance of Small Businesses

The Importance of Small Businesses

Chamber Network Highlights Importance of Small Business to Ontario Economy and Communities

Ontario Chamber Network kicks off Small Business Week 2019 Too Big to Ignore Campaign

(Burlington, October 21, 2019) – Today, the Ontario Chamber of Commerce (OCC) and the Burlington Chamber of Commerce launched Small Business Too Big to Ignore, a campaign taking place October 21 to 25, 2019 for Small Business Week highlights the important contributions of small businesses to communities across the province.

“Small businesses of 100 or fewer employees are the core of our membership and employ nearly 3 million Ontarians, accounting for over two-thirds of all private sector workers. They are powerful economic drivers in local communities and across the province. That is why for Small Business Week, we’re identifying the challenges small business owners face and celebrating everything they give back to our province,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce.

The OCC’s report, Obstacles and Opportunities: The Importance of Small Business in Ontario, highlights the contributions of small businesses to the provincial economy, while also recognizing, and offering solutions to, the most pressing challenges that small business owners face.

The report identifies the top three obstacles for small businesses in Ontario:

  1. Small businesses need access to talent.
  2. Small businesses need government investment in infrastructure; and
  3. Small businesses are concerned about the rising costs of doing business.

“Small businesses make up 98 per cent of all Ontario businesses and account for 30 per cent of the provincial GDP. They are the backbone – and heart – of our community,” said Carla Y. Nell, President and CEO of the Burlington Chamber of Commerce. “This week, we’re proud to engage with small businesses across Burlington to recognize and celebrate the significant role they play in our economy and the broader community. We also want to discuss how we can support them to ensure they are not ignored.”

Resources:

For more information or to arrange an interview, please contact: 

Carla Y. Nell
President and CEO
Burlington Chamber of Commerce
carla@burlingtonchamber.com