The report explains the significance of SME’s to Canada.
In fact, Small (1 to 99 paid employees) and Medium (100 to 499 paid employees) sized Enterprises are the engine of the economy and their success is vital to Canada’s prosperity!
Below are a sampling of some of the statistics:
1. SME’s contributed just over 50% to Canada’s annual GDP
2. SME’s contributed 41.9% to the total value of Canadian exports
3. SMEs employ 89.6% (10.67 million) of the private sector workforce
4. The main two reasons expressed by start-ups for not requesting financing when needed were:
– they feared their application would be turned down
– they felt the application was too difficult/ time-consuming
*A considerable number of businesses were unaware of the financing sources available.
5. More than 75% of startups had post-secondary education
6. 33% of startup owners were born outside of Canada
7. Export propensity is positively related to the firm’s age
8. Startup exporters relied on U.S. market more than non-startups
9. Firms appeared more innovative when young and in the growth phase
10. Startups have a greater demand for financing
To read the full report, click HERE.