Small Businesses at the Heart of the Innovation Economy

(TORONTO – October 16, 2023) –Small businesses have always been the backbone of Ontario’s economy, a driving force behind innovation and economic growth in the province. These resilient enterprises generate new ideas, create jobs and foster community resilience. This year, the theme of the Ontario Chamber of Commerce (OCC) annual Small Business Week Campaign is Small Business, Big Ideas. The campaign is partnering with Desjardins Group to underscore the impact and potential of small business innovation and the importance of supporting these businesses beyond recovery and toward growth.

“At the heart of every successful enterprise is a big idea, hard-working entrepreneurs, and a supportive business ecosystem,” said Rocco Rossi, President and CEO, OCC. “We are proud to partner with Desjardins to bring attention to the role that small businesses play in driving innovation across Ontario. With over 97.7% of businesses in Ontario being small businesses, this poses various opportunities to invest in these businesses, enabling them to stay competitive.”

Small business owners across the province continue to grapple with compounding effects from the pandemic, including labour shortages, declining employee mental health, rising inflation, and repayment of debt.  However, they have and continue to demonstrate remarkable adaptability and resilience, with many pivoting to new business models, embracing digital technologies, and finding innovative ways to serve their communities.

To sustain this momentum and foster further innovation, we call on the Ontario Government to continue taking action to foster small business success and prioritizing the following:

• Develop and scale digitization funding and training programs for small businesses and make it easier for businesses to access them.
• Improve access to private capital and credit for small businesses through a combination of tax policies, capital market reforms, and loan guarantees.
• Offer targeted support to help small businesses invest in workplace mental health.
• Continue to procure from non-profits, non-profit social enterprises and co-operatives to meet the provincial government’s target of $3 billion in contracts awarded to small businesses by 2026.

“Desjardins is very happy to continue our partnership with the OCC, in support of small businesses across Ontario. Every successful small business starts with a spark of innovation and the desire to meet a need,” said Desjardins Group President and CEO Guy Cormier. “We are proud to provide the services that are helping Ontario’s small businesses stay competitive and expand their reach. And to foster and encourage the next generation of business leaders through entrepreneurship programs and partnerships focused on innovation.”

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.

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About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization. The OCC has 60,000 members, including large multinational corporations, small-to-medium-sized enterprises, labour unions, postsecondary institutions, non-profits, associations and close to 160 chambers of commerce and boards of trade.

About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world, with assets of $404 billion. It was named one of the 2022 Canada’s Top 100 Employers 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, online platforms and subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.

For more information, please contact:
Andrea Carmona
Manager, Public Affairs
Ontario Chamber Commerce
andreacarmona@occ.ca | 647-234-0255

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

Publications

• Attracting investment by continuing to build local business capacity, procuring from local and small businesses, and modernizing procurement to a value-based procurement strategy in the Power of the Purchase Order: Modernizing Public Sector Procurement in Ontario.
• Addressing Ontario’s housing affordability crisis as it impacts businesses’ ability to attract and retain talent in the Home Stretched: Tackling Ontario’s Housing Affordability Crisis Through Innovative Solutions.
• Offering solutions to address the barriers impeding the small businesses’ digitization efforts in the Broken Links: Driving Technology Adoption within Ontario’s Small Business.
• Addressing the compounding challenges of Ontario’s small businesses and recommending to increase access to resources and government supports in the 2023 Provincial Budget Submission.
• Providing practical solutions to support small businesses as they fuel Ontario’s economic recovery vis-à-vis Capital is Key: Financing Entrepreneurship in Ontario After COVID-19.
• Offering a unique perspective on the experience of businesses of all sizes across the province through the OCC’s flagship Ontario Economic Report.

Programs

• In partnership with the Government of Canada, the OCC delivers the Canada Digital Adoption Program Grow Your Business Online grant.  Through this program, small business owners can receive a micro-grant worth up to $2,400 to help get their business online, give their e-commerce presence a boost, or digitalize business operations. Grant recipients must commit to maintaining their digital adoption strategy for at least six months. To learn more, click here.
• 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. For more details, click here.
• 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.