We believe that small businesses are the heart of communities across Canada. Local business owners inspire, support and represent their neighbours, and we think that’s something to celebrate.
In honour of Small Business Month, here the top five reasons Canadian small businesses are important.
Be sure to check out our exclusive cash back offer at the end of this blog post!
Top Five Reasons Canadian Small Businesses are Important
1. Small businesses create meaningful jobs: According to Industry Canada, 97.9% of all businesses in Canada are small businesses (as of December 2015). On top of that, from 2005 to 2015, 87.7% of all new jobs (1.2 million jobs) were created by small businesses.
2. Small businesses drive innovation: The top three industries attracting entrepreneurs in Canada are retail, construction, and professional services. Small businesses tend to be early adopters of new technology, be more agile to changing trends, and creatively build teams that possess an incredibly diverse set of skills. Small businesses produce nearly 35,000 new Canadian entrepreneurs each year.
3. Small businesses grow the economy: The financial impact of small businesses goes beyond their employees. When a company is owned by people who live in your community, the money tends to stay local, and that boosts the area’s economy. Neighbourhood stores take out small business loans from nearby banks, shops purchase goods from local suppliers, and on and on. As of 2017, small- and medium-sized businesses contribute 41% of Canada’s gross domestic product. In 2017, 41.9 percent of Canada's exports of goods was attributable to small businesses. Locally or nationally, small business is a vital piece of the economy.
4. Small businesses represent the community: Independently owned restaurants, pharmacies, boutiques, and businesses reflect the culture and needs of their neighbourhoods. Local cafes feature regional specialties, and shops may supplement their inventory based on the demand in their particular community. Women lead or co-lead a third of small- and medium-sized businesses in Canada, and there are nearly 1 million Canadian female business owners who contribute more than $117 billion annually to the Canadian economy.
5. Small businesses open opportunity for flexible work and lifestyles: Each year, more and more Canadians are choosing to work from home. The growing number is fuelled by the increasing desire of entrepreneurs to trade the 9-to-5 workday for career flexibility. Micro-enterprises (firms with 1 to 4 employees) account for 54.1% of all private employers across Canada, and most of these are home-based businesses. Working from home cuts down on commuter traffic, offers unique business tax deductions, and allows for more creative and quality time with friends and family.
Small businesses are the backbone of our economy and employ over 8 million hard-working Canadians. To celebrate Small Business Month, we are extending a special offer to our customers (that’s you!) to give back to the Canadian small businesses that support our communities.
From October 1-31, get 3% cash back for any financing you need to help grow your business!
How do you get in on this special promotion?
Apply here during the month of October*.
Get funded.
Receive your cash back shortly after your financing.
We believe in your small business, and we hope you’ll take advantage of our special offer today! *You must apply during the month of October - Promotion is valid during Small Business Month (October 1-31, 2019). Make sure to use the link provided. If you apply over the phone, don’t forget to mention you are a Merrco client to benefit from the offer.