Empowering Small Business Owners in Canada
10 March 2025
The SPARC Business Forum 2025 brought together government officials, small business owners, and community members at OTT headquarters in Toronto to discuss the future of Canadian businesses. Key topics included trade partnerships, economic resilience, and the role of inclusivity in growth. Speakers highlighted strategies to navigate global trade challenges and explore international opportunities.
Small Businesses: The Backbone of Canada’s Economy
Rechie Valdez, Canada’s Minister of Small Business, emphasized the significance of SMEs in the economy, stating, “Small businesses are 98% of all businesses in Canada, the backbone of our economy. We have to do everything we can to support them.”
Unforeseen challenges brought about the current trade environment could lead to supply chain disruptions, tariffs, and changing trade agreements. However, Canada is taking steps to support small businesses. Valdez pointed out that the government’s efforts, saying, “We’re lowering taxes, easing financial burdens, and putting money back in the pockets of small business owners.”
Expanding Markets and Diversifying Supply Chains
Philippine Consul Katrina Borja-Martin and Philippine Trade and Investment Centre (PTIC) Trade Commissioner Mario Tani were keynote speakers in the event where they promoted business between the Philippines and Canada. They highlighted that investing in expansion and exploring international trade opportunities is another opportunity businesses can be part of. This approach helps businesses tap into available resources and innovation available in the Philippines to diversify their supply chains and mitigate risks.
Inclusivity: A Key to Economic Growth
Canada has a diverse population and making sure that all entrepreneurs have access to tools, finance and programs is integral to have an inclusive business ecosystem. Beyond economic policies, inclusivity plays a critical role in ensuring long-term business success. Valdez emphasized, “Diversity in Canada is a fact, but inclusiveness is a choice. We choose to always support and create an environment to help make sure that everyone feels like they have a chance to build a business.”
Moving Forward
Initiatives like the SPARC Business Forum are critical in providing entrepreneurs with the information to empower them to succeed. By embracing inclusivity, leveraging government support, and fostering partnerships, SMEs can continue to drive Canada’s economy forward.
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Disclaimer: The views and opinions expressed by the authors in this publication are their own and do not necessarily reflect the views of OTT Remit, OTT Financial Inc., and the OTT Group of Companies. This publication is provided for general information purposes only and should not be considered as exhaustive or comprehensive in covering all aspects of the discussed topics. It is not intended to replace seeking advice from a specialist or professional.
