Amidst Political Uncertainty, Ontario Chamber Recommends Policy Priorities to Support Small Businesses

(TORONTO, ON – October 24, 2024) – With multiple elections on the horizon in Canada and the U.S., Ontario’s small businesses – the backbone of the province’s economy – face a period of political uncertainty that could significantly impact their operations and growth.

The Ontario Chamber of Commerce (OCC) Small Business Week Campaign – Thank You (TY) Small Business – in partnership with Desjardins Group, highlights the economic impact of small businesses and the critical actions political leaders must prioritize to support their growth and success.

“The convergence of multiple elections creates both uncertainty and opportunity for small businesses,” said Daniel Tisch, President and CEO of the OCC. “With businesses under 100 employees comprising 98% of Canadian enterprises and employing nearly 11 million people, government priorities must align with small business needs to maintain economic stability and support productivity growth.”

Key policy priorities include:

• Workforce development: Develop a comprehensive workforce development strategy that supports sustainable and responsive post-secondary education, economic immigration, and business support programs to strengthen Ontario’s talent pipeline – prioritizing high-demand sectors, underserved regions, and small business needs.
• Procurement modernization: Implement value-based procurement and focus on reducing barriers for small businesses through simplified bidding processes, consolidated portals, and targeted supplier diversity programs.
• Financial support and red tape reduction: Support small businesses’ access to capital through a combination of tax incentives, expanded loan guarantees, and capital market reforms to enhance financial stability and combat affordability challenges while maintaining a focus on reducing regulatory burdens, which add costs to business owners.
• Digital acceleration: Develop and scale digitization funding and training programs for small businesses and make it easier for businesses to enhance their competitiveness in an increasingly technology-driven economy.

The 2024 Ontario Economic Report highlights persistent challenges facing small businesses, including high interest rates, limited capital access, and workforce challenges. Despite these obstacles, small businesses continue demonstrating remarkable resilience, adapting their business models and embracing innovation to serve their communities.

“Small businesses are more than economic drivers – they are the backbone of innovation and community vitality across Canada. As entrepreneurs and community leaders, business owners create the sustainable supply chains and local economic networks that power our national prosperity,” said Guy Cormier, President and CEO of Desjardins Group. “We’re committed to providing the capital and the expertise that SMEs need to scale their operations and build resilient business models.”

Canadian Small Business Week takes place annually during the third week of October. To learn more about the OCC’s support for small businesses, visit www.occ.ca/tysmallbusiness.

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About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) stands as the indispensable partner of businesses and Canada’s largest, most influential provincial chamber. Operating as an independent, non-profit advocacy and member services organization, the OCC represents a diverse network of 60,000 members. Its mission is to convene, align, and advance the interests of its members through principled policy work, value-added business services, and broad engagement to drive competitiveness and inclusive, sustainable economic growth.

About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $444.3 billion as at June 30, 2024. It has been named one of Canada’s Best Employers by Forbes magazine and by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry.

For more information, please contact:

Andrea Carmona 
Ontario Chamber of Commerce
Senior Manager of Public Affairs
andreacarmona@occ.ca | 647-234-0255

Public Relations, Desjardins Group 
514-281-7000, ext. 5553436
media@desjardins.com

Backgrounder: Ontario Chamber of Commerce’s Small Business Advocacy and Resources

Publications

• Highlighting how procuring from small businesses boosts competition, innovation, job creation and economic growth, our Power of the Purchase Order report takes a look
• Offering a unique perspective on the experience of businesses of all sizes across the province through our flagship Ontario Economic Report.
• Exploring innovative solutions and approaches to address Ontario’s housing affordability crisis, our Home Stretched report, supported by Desjardins, offers policy recommendations to the Government to address housing affordability and supply.
• In response to SME requests for a comprehensive strategy to address mental health and addiction issues in communities across the province, our Mind the Gap report examines the pandemic’s ongoing effects on Ontario communities, and explores how these effects inevitably impact business resiliency.
• Technology adoption can be an uphill battle for small businesses. With limited access to resources and skills training, it can sometimes be hard to compete with larger businesses. Our Broken Links policy brief provides a snapshot of technology adoption among Ontario’s small businesses and offers policy solutions to help them bridge digital divides.

Programs

• The Talent Opportunities Program, delivered by the OCC with funding from the Government of Canada’s Student Work Placement Program, helps employers located anywhere in Canada hire college and university students. Eligible candidates may receive a wage subsidy up to $7,000 for each ‘net new’ placement.
• Providing small businesses with the tools and supports, including in-person workshops, webinars and online resources, they need to help businesses understand the Accessibility for Ontarians with Disabilities Act, why and how to become a more inclusive employer, and how to hire and retain talent from the persons with disabilities labour pool through the Discover Ability Network.
• The OCC’s AI Hub brings together industry and academia to inform actionable public policy, promote adoption, and advance knowledge on AI use cases. Through our three core offerings: Workshops and training sessions, Policy development and advocacy, and Events and networking opportunities, our AI Hub supports ethical technology application and adoption across the province.