Ron McKinnon
Ron McKinnon
Member of Parliament for Coquitlam—Port Coquitlam
Budget 2021 –Analysis by Ron McKinnon, MP- What is in Budget 2021 for Entrepreneurs?
May 4, 2021

What is in Budget 2021 for Entrepreneurs?

Supporting Entrepreneurs, Including Equity Deserving Entrepreneurs

Entrepreneurs, especially those from equity-deserving groups such as racialized Canadians, young people, LGBTQ2 people, and more, face barriers to starting and growing a business. That holds our economy back. To help simplify and streamline the government’s support programs and help equity-deserving entrepreneurs access funding and capital, mentorship, financial planning services, and business training, the government will launch the Small Business and Entrepreneurship Development Program. That will help all Canadians have an equal chance to succeed and contribute to economic recovery and growth:

Supporting Women Entrepreneurs

Canadian women entrepreneurs are essential to Canada’s economic success, but women still face unique and systemic barriers to starting and growing a business, and they remain underrepresented in the economy. The pandemic has disproportionately impacted women, and the government is committed to supporting Canadian women entrepreneurs.

Supporting Black Entrepreneurs

The pandemic has highlighted and exacerbated systemic barriers faced by Black entrepreneurs and owners of small and medium-sized businesses in Canada. Black business owners make invaluable contributions to communities across the country, and their success will contribute to Canada’s economic recovery. In September 2020, the Government of Canada, in partnership with financial institutions, announced an investment of up to $221 million—including up to $93 million from the government—to launch Canada’s first-ever Black Entrepreneurship Program.

Leveraging Procurement Opportunities

To increase diversity in procurement, economically empower historically disadvantaged businesses, support small businesses and our supply chains, improve fairness in procurement opportunities for Canadian suppliers, create jobs, and contribute to a more inclusive economy:

To read the Budget 2021 speech or to review the budget documents, please visit https://www.canada.ca/en/department-finance/services/publications/federal-budget.html

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