Changes will allow small businesses to access up to $1 million over 15 years.

An enthusiastic crowd of local entrepreneurs was on hand to welcome the Minister of Small Business and Tourism, Bardish Chagger to Invest Ottawa. It was her first visit to the city’s economic development agency. Minister Chagger took full advantage of speaking with every startup, viewing their innovative products and understanding the challenges they face as a small business.

To help address one of the main obstacles faced by small and medium-sized enterprises, the Federal Government has announced important changes to the Canada Small Business Financing Program.  Terms for real property loans are being changed to allow small businesses to access up to $1 million over fifteen years. This will reduce cash flow pressures on small businesses by not overburdening them with demanding repayment terms. Minister Chagger said that Invest Ottawa was the perfect place to make this announcement, as the organization is a key resource for Ottawa’s entrepreneurial community.

“At its roots, Invest Ottawa promotes economic development through entrepreneurship; by extension you are creating jobs and sustaining our high quality of life.”

Hon. Bardish Chagger, Minister of Small Business and Tourism.

In Canada, small to medium sized businesses represent 99.8% of all companies and employ 64% of the national workforce. On an annual basis, Invest Ottawa engages with more than 5,000 entrepreneurs. Through one-on-one consultations, workshops and seminars, Invest Ottawa ensures financing is always referenced as a top priority. This sentiment was echoed by Invest Ottawa board member and co-founder of Givopoly, Susan Richards.

“As a small business owner myself, I know the financial challenges of local entrepreneurs. With the improvements to this program, the Government of Canada is showing its commitment to our entrepreneurial community.”

Susan Richards, Invest Ottawa Board of Directors

More on the announcement here.