Government of Canada invests up to $6.7 million to help 1,000 small and medium-sized businesses in Ontario export
When Canadian small and medium-sized enterprises (SMEs) export, they become more productive, create more jobs, grow and scale at higher rates, and invest more in research and development.
Through 14 trade agreements, including the new North American Free Trade Agreement, the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Canadian SMEs now have access to 1.5 billion customers and yet only 12% are exporting.
To increase Canada’s overseas exports by 50% by 2025, the Government of Canada has taken action with a $1.1-billion Export Diversification Strategy.
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, announced a $5-million FedDev Ontario investment in the Toronto Region Board of Trade to expand its Trade Accelerator Program (TAP) to 15 communities across Southern Ontario.
The Minister also announced a $1.7-million investment through Innovation, Science and Economic Development’s Mobilizing SMEs to Export initiative under the Export Diversification Strategy for the Toronto Region Board of Trade to expand TAP into unserved Northern communities across Canada.
These investments in the TAP expansion will help up to 1,000 SMEs in Ontario export to new markets.
The Export Diversification Strategy is a part of the Government of Canada’s plan to help small and medium-sized businesses start up, scale up and access new markets.
