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Improvements Coming to Small Business Financing Program

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FOR IMMEDIATE RELEASE January 22, 2022

OTTAWA - Prime Minister Stephen Harper announced today the Government’s intent to make changes to the Canada Small Business Financing Program.  The changes will allow more small businesses to apply for loans, and will make larger loans available for improving or purchasing land or buildings. These measures will enhance the ability of small businesses across Canada to grow their businesses and create jobs.

Loans will be available to more firms by increasing the revenue threshold under which a small business can apply for the program.  The new measures will support business start-up and growth by increasing the maximum loan amount, and the maximum term length, for loans financing the purchase or improvement of land and buildings.

Today's announcement is the latest of several measures that the Government is taking to help small businesses across the country grow and prosper.  In 2014, the Government:

• introduced the New Small Business Job Credit, which will lower small businesses’ Employment Insurance premiums;

• launched the Business Innovation Access Program, to help small- and medium-sized businesses access the business and technical services they need to get innovative products and services to market faster; and

• concluded negotiations on both the Canada-European Union Trade Agreement and the Canada-Korea Free Trade Agreement which will generate billions of dollars in additional opportunities for Canadian exporters and job creators.

The Harper Government has also taken action to cut red tape. Since it came into effect in 2012, the Red Tape Reduction Action Plan has provided a successful, system-wide control on the growth of regulatory red tape impacting business. To date, the Plan’s One-for-One Rule has resulted in over $22 million less in net administrative burden annually and businesses spend 290,000 fewer hours yearly dealing with regulatory red tape. Under the Plan’s Small Business Lens, our Government has also helped save an estimated $75 million annually in administrative and compliance costs for over 5,000 small businesses.

“Small businesses are the lifeblood of our economy and yet face unique challenges when looking for financing," said Minister Ritz. "These proposed changes to the Canada Small Business Financing Program will help more small businesses across the country secure the loans they need to create jobs and grow our overall economy.”

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For more information call the office of Hon. Gerry Ritz 613-992-9703