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Small Business Reports Confirm Strong Sector
Two reports released today provide significant indicators of the economic health of small business in British Columbia, announced Iain Black, Minister of Small Business, Technology and Economic Development during an address to the Vancouver Board of Trade.
Both the Small Business Profile 2009 and the Small Business Roundtable 4th Annual Report to Government confirm that B.C.'s small business sector is strong and vibrant.
"Small business remains a vital source of job creation, innovation and economic stimulation in our province,
" said Black. "The latest Small Business Profile shows that B.C. is leading the country in the number of small businesses per capita, in the share of self-employed workers, in the sector's contribution to provincial GDP, and much more.
"
The Small Business Profile 2009 is created in partnership between the Province, BC Stats and Western Economic Diversification Canada.
"Through Canada's Economic Action Plan, our government is building the foundation for our future prosperity,
" said Andrew Saxton, MP for North Vancouver on behalf of Lynne Yelich, Minister of State for Western Economic Diversification. "Not only is small business a mainstay of B.C.'s economy, but it is also a driving force in our economy, employing over one million people and making up 98 per cent of all B.C. business.
"
The Small Business Roundtable report is its fourth report to government. Since forming in 2005, the roundtable has held over 35 consultations with more than 600 small business owners. Its 24 members represent small business organizations from every region of B.C. The report presents recommendations to government and the small business community on ways to improve B.C.'s business sector.
"Our report emphasizes that small businesses in British Columbia are innovative and resilient, and can lead the way to prosperity,
" said Small Business Roundtable co-chair Linda Larson. "This resilience, coupled with the B.C. government's continued commitment to help small businesses succeed, is helping small businesses weather the economic storm.
"
"Small businesses are integral to the health of our communities and will play a lead role in the coming economic recovery,
" said Black. "I'm looking forward to continuing government's partnership with small business and other levels of government, to better support the entrepreneurial spirit that drives our economy.
"
For a copy of the Small Business Profile 2009, visit http://www.resourcecentre.gov.bc.ca/publications.htm and click "Guides and Publications." For a copy of the Small Business Roundtable 4th Annual Report to Government, visit www.smallbusinessroundtable.ca/publications.
Contact:
Rob Duffus
250 356-9428
Donna Howes
Communications Manager
British Columbia
Western Economic Diversification Canada
Tel: 604-666-1318
Cell:604-505-6616
WD Toll-Free Number:1-888-338-WEST (9378)
Teletypewriter (TTY): 1-877-303-3388
WD Website: www.wd-deo.gc.ca.
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Backgrounder
Small Business Reports Support Sector
Highlights from the Small Business Profile 2009
- British Columbia leads the country in small businesses per capita, with 87.7 small businesses per 1,000 people in 2008.
- Small business accounted for over a third - 34 per cent - of British Columbia's GDP, the highest of all provinces.
- British Columbia's share of self-employed workers is the highest in the country, accounting for 18.5 per cent of total employment, well above the national average of 15.4 per cent.
- 384,300 small businesses operated in the province in 2008, with nearly 82 per cent as micro-businesses with fewer than five employees.
- Small business employs about 1,058,100 people, providing nearly 56 per cent of all private-sector jobs in B.C.
- Women make up 34 per cent B.C.'s self-employed - the fourth-highest rate in the country.
- Since 2001, small businesses in B.C. have created 172,700 new jobs - 10,800 in 2008 alone.
- There were nearly 8,500 small businesses in B.C.'s high-tech sector in 2008, making up about 96 per cent of all high-tech business.
- Small business workers have seen annual earnings increase by 24 per cent over the past five years -more than twice the increase for large business workers.
Highlights of the Small Business Roundtable 4th Annual Report
Recommendations to the small business community include:
- Strive to leverage government resources
- Take creative approaches to retaining staff
- Become involved in the local community
- Develop worker skills, and learn how to participate in the green economy.
Recommendations to government include:
- Continue support for training and labour development
- Continue to reduce regulatory burdens on small business
- Continue to reduce tax complexity
- Continue to build on the success of B.C.'s international trade outreach to expand trade
The roundtable report acknowledges government's support for small business, including:
- Accelerating a reduction in the small business corporate income tax rate from 4.5 to 2.5 per cent, saving small businesses an estimated $401 million over three years
- Increasing the small business tax threshold from $400,000 to $500,000 in January 2010, saving small businesses $20 million per year
- Eliminating over 152,000 regulations since 2001 - a red tape reduction of over 42 per cent
- Spearheading efforts to create a new private-sector pension plan for British Columbians without a retirement savings plan
- Breaking down barriers to doing business, including developing on-line tools such as BizPaL and providing greater flexibility through the Mobile Business Licence.
- Supporting labour market planning through $100 million per year on trades training since 2001; $3 million towards youth entrepreneurship education; $16 million over three years to help B.C.'s immigrant workforce; and $17 million in Labour Market Agreement projects helping businesses develop and deliver training suited to their needs.
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