Deputy Prime Minister and Minister of Finance, Chrystia Freeland, addressed reporters in Toronto today, highlighting the key investments in Budget 2024 aimed at supporting small businesses. She was accompanied by Small Business Minister Rechie Valdez.
Minister Freeland emphasized the importance of small businesses as the backbone of the Canadian economy. She highlighted the government’s commitment to aiding these enterprises through targeted investments and support programs.
“In Budget 2024, we have prioritized initiatives that will directly benefit small businesses across Canada,” said Freeland. “These measures are designed to foster growth, create jobs, and ensure the resilience of our economy in the face of ongoing challenges.”
Minister Freeland announced new funding to help small businesses adapt to the digital economy, including grants for technology adoption and training programs.
“We recognize the importance of digitalization in today’s business landscape,” Freeland stated. “That’s why Budget 2024 includes significant investments to support small businesses in embracing new technologies and enhancing their online presence.”
Access to capital remains a significant hurdle for many small businesses. Minister Freeland unveiled measures to improve access to financing, including the expansion of loan programs and partnerships with financial institutions.
“We are committed to ensuring that small businesses have the resources they need to grow and succeed,” Freeland said. “Through Budget 2024, we are expanding access to capital, enabling businesses to invest in their operations, hire new employees, and contribute to economic recovery.”
In addition to direct financial support, Budget 2024 includes initiatives to revitalize local economies and strengthen community resilience. Minister Freeland highlighted programs aimed at promoting tourism, supporting local infrastructure projects, and fostering entrepreneurship.
“Our government understands the vital role that small businesses play in our communities,” Freeland emphasized. “That’s why we are investing in programs that will help local economies thrive, create vibrant communities, and improve the quality of life for Canadians.”
Small Business Minister Rechie Valdez echoed Minister Freeland’s sentiments, emphasizing the collaborative efforts between federal, provincial, and municipal governments to ensure the success of small businesses across Canada.
“As we continue to navigate these uncertain times, the resilience and innovation of small businesses will be instrumental in driving our economic recovery,” Valdez concluded. “Through Budget 2024, we are laying the foundation for a more inclusive, sustainable, and prosperous future for all Canadians.”