Ottawa – Rechie Valdez, Minister of Small Business, celebrated Small Business Month (SBM) by meeting with local entrepreneurs and business organizations to highlight the federal government supports that are available to help them thrive.
Minister Valdez kicked off October by announcing that the federal government has negotiated lower credit card interchange fees by up to 27% for small businesses across Canada. These lower fees for Visa and Mastercard took effect on October 19, 2024. Minister Valdez also announced that the Canada Carbon Rebate will be distributing $2.5 billion to about 600,000 small and medium-sized businesses across Canada where the federal fuel charge applies. The amount is dependent on a business’ number of employees. For example, Ontarian small businesses will receive $401 per employee. Small and medium-sized businesses that filed their taxes before July 15 will receive an automatic payment by the end of this year.
Throughout SBM, Minister Valdez met with small business owners across the country. She also engaged with diverse groups of entrepreneurs at the Mississauga Board of Trade, the CanadianSME Magazine Small Business Summit, the Casa Foundation for International Development’s Friends of Africa summit, the Elevate Festival, the Alliance of Nigerian Entrepreneurs gathering, the RPA Women Entrepreneur Awards Gala, the Federation of African Canadian Economics’ Small Business Sunday event, the Toronto Small Business Forum, and the Misfit Ventures Misfits Unleashed event.
During these engagements, Minister Valdez highlighted the federal government’s groundbreaking investments—through programs like the 2SLGBTQI+ Entrepreneurship Program, the Women Entrepreneurship Strategy and the Black Entrepreneurship Program—that are helping fight the systemic barriers under-represented entrepreneurs face. She also spotlighted federal government investments in inclusive venture capital and Futurpreneur, as well as support for Indigenous entrepreneurs.
Minister Valdez also updated entrepreneurs on federal investments to help small businesses adopt digital tools and innovations, including the $2.4 billion committed in Budget 2024 to secure Canada’s artificial intelligence (AI) advantage. This includes $200 million in the Regional Artificial Intelligence Initiative, which will help bring new AI technologies to market and accelerate AI adoption by small businesses across the country. She also mentioned the Canada Digital Adoption Program, which has helped more than 60,000 small businesses improve their digital capabilities and adopt e-commerce platforms.
The Minister wrapped up her SBM-related activities on October 30 by announcing a new partnership between the First Nations Health Authority and the CAN Health Network that will help over 200 First Nations communities across British Columbia access health care innovations from Canadian start-ups. Start-ups in the health care sector have expressed that they face unique challenges breaking into the new market and increasing uptake of their technologies. The federal government’s investment in the CAN Health Network is connecting innovative health care providers with promising start-ups that are offering made-in-Canada solutions to meet their unique needs and challenges.
“Small businesses are the heart of our communities and the backbone of our economy, employing nearly 8 million hard-working Canadians. It was incredible to spend Small Business Month celebrating their invaluable contributions and meeting key organizations that are dedicated to helping entrepreneurs thrive. Our government will continue to have the backs of small businesses from coast to coast to coast, whether they’re just starting out, looking to grow or striving to extend their reach into new markets.” – Rechie Valdez, Minister of Small Business