Skip to content
Facebook LinkedIn Youtube
Ontario chamber of commerce logo.
  • Advocacy
    • Campaign Trail & Advocacy Updates – 2025 Federal Election
    • Ontario Competes
    • Our Publications
    • Ontario Economic Report
    • Ontario’s Mining Future 2030
    • Artificial Intelligence Hub
    • Economic Reconciliation Initiative
    • Housing Affordability Initiative
    • Policy Brief Series
  • Councils
  • Events
    • Advocacy Day
    • Annual General Meeting
    • Ontario Business Achievement Awards
    • Ontario Business Advisory Council
    • Ontario Economic Summit
    • Smart Growth Symposium
    • Webinars
  • Programs
    • Seeding Digital Skills
    • Skills Bridge
    • Talent Opportunities Program
    • Export and Trade
  • Membership
    • Affinity Programs
  • News
    • Media Releases
    • Policy Updates
    • Blogs
  • About
    • Contact
    • Board of Directors
    • Staff
    • Employment
    • Strategic Plan
A magnifying glass icon on a white background.
x
x
  • Advocacy
    • Campaign Trail & Advocacy Updates – 2025 Federal Election
    • Ontario Competes
    • Our Publications
    • Ontario Economic Report
    • Ontario’s Mining Future 2030
    • Artificial Intelligence Hub
    • Economic Reconciliation Initiative
    • Housing Affordability Initiative
    • Policy Brief Series
  • Councils
  • Events
    • Advocacy Day
    • Annual General Meeting
    • Ontario Business Achievement Awards
    • Ontario Business Advisory Council
    • Ontario Economic Summit
    • Smart Growth Symposium
    • Webinars
  • Programs
    • Seeding Digital Skills
    • Skills Bridge
    • Talent Opportunities Program
    • Export and Trade
  • Membership
    • Affinity Programs
  • News
    • Media Releases
    • Policy Updates
    • Blogs
  • About
    • Contact
    • Board of Directors
    • Staff
    • Employment
    • Strategic Plan
A man is riding a bike on a hill.

Small Business Rebound Necessary for Economic Recovery

Ontario Chamber: RBC report underscores vital need to focus on small business recovery

COVID-19 Information Tariff Resources
Navigating U.S. Tariffs Shop Local
Become a Member
Become a Member >
Facebook LinkedIn Youtube

Media Release

Small Business Rebound Necessary for Economic Recovery

June 11, 2020

(Toronto – June 11, 2020) – Today, the Royal Bank of Canada (RBC) released Small Business, Big Pivot: A devastating 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 Rocco Rossi, President and CEO, Ontario Chamber of Commerce. “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 behavior 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.

-30-

About Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.

For more information, please contact:
Ariel Benjamin
Public Affairs Specialist
Ontario Chamber of Commerce
arielbenjamin@occ.ca
T: 647-882-9878

Previous

Helping Small Businesses Go Digital Critical to Economic Recovery

Next

RCU Partners with the Ontario Chamber of Commerce

Follow Us

Facebook LinkedIn Youtube

Site Nav

  • Advocacy
  • Events
  • Programs
  • Membership
  • News
  • About
  • Contact

Receive Updates

Subscribe to our mailing list and stay up to date on everything with the Ontario Chamber of Commerce

Subscribe Now
PREMIER MEMBERS
A purple and green logo on a black background. Atkins reals logo on a white background. A green logo on a black background. A teal color with a white background. A blue and green logo with a cross in the middle. A blue bell logo on a white background. Rbc bank of canada logo. A blue and white logo with a black background. A blue and gray logo with a blue and gray background. Chambers of commerce group insurance plan logo. Rr america logo on a black background. The cn logo on a black background. Canadian fuels association logo. A logo with a red, orange, and yellow background. Mccarthy tetrault logo on an orange background. The meridian logo on a black background. A black and white photo of a man and a woman. A blue and red logo with the word mcdonald's. Bruce power innovation at work logo. The logo for the ontario medical association. The power corporation of canada logo. The lily logo on a black background. Fresh intelligence logo on a black background. A colorful logo with the word mcdonald's on it. A black and yellow logo with a yellow arrow. Waste Connections of Canada A blue logo with the word cogeco on it. A blue and orange logo with the number 5 on it. The canadian maple leaf logo on a black background. A logo with an orange and black background. Imperial Oil logo A logo with a red and gray background. GSK's logo The university of cleveland college of business and economics logo. The logo for luna feel the power. A red and black logo on a black background. Tln media group logo. 404 etr express rail route logo. The logo for astrezeca. Biomarin logo on a black background. The logo for the board of canadian registered safety professionals. A green, blue, and yellow logo. A blue and white logo with a blue background. Magna logo on a black background. Pfizer logo Servicenow logo on a black background. Canada life logo on a black background. Northbridge insurance logo on a black background. A green logo with the word mnp. Tc energy logo on a white background. Destination northern ontario logo. The interac logo with a hand on it. A thin red line on a black background. The cadillac fairview logo. Meta logo. Beer canada logo on a white background. Cibc logo with a canadian maple leaf. The logo for port montreal. The federation of rental housing providers of ontario logo. The logo for bennett jones. Kpmg logo on a white background. Agnico eagle logo. The logo for colleges colleges ontario. Leger 360

Ontario Chamber of Commerce © 2025 | Privacy Policy | Service Standard | Career Opportunities
The OCC is an accredited chamber of commerce