CANMORE, TOP. –
Black, Indigenous and Colored Canadian Small Businesses (BIPOCs) have shown greater resilience amid the pandemic and their owners say they are more optimistic about the future than small business owners. non-BIPOC companies, according to a recent Scotiabank report.
The second annual Path to impact report, who surveyed more than 900 companies across the country, found that 69 percent of BIPOC business owners feel extremely or very optimistic about the future of their business, compared to 55 percent of small business owners non-BIPOC.
Thirty-one percent of BIPOC business owners reported an improvement in their performance before the pandemic, compared to 14% of non-BIPOC businesses, thanks to BIPOC businesses offering a greater selection of online services and products and improving their performance. digital capabilities to a greater degree than their peers.
“Canadian small business owners have found ways to scale their businesses, investing heavily in digital and prioritizing flexibility to meet customer expectations,” said Jason Charlebois, senior vice president of small businesses at the Scotiabank, in a press release.
“BIPOC’s small business owners have demonstrated their adaptability and courage in reaching new markets and incorporating new technologies to grow their businesses. While uncertainty remains, small business owners can benefit from skilled advice, leveraging various tools and supports, and new talent and clients as they pivot to succeed in the new normal.
Yet 47 percent of BIPOC’s small businesses say they disproportionately face systemic barriers that put their businesses at a disadvantage.
Despite continued uncertainty about COVID-19 case rates as winter approaches, the Scotiabank report found that business optimism is on the rise as vaccination rates rise and as the economies start to reopen.
More than half (54%) of small business owners surveyed said they are doing as much or better than before the pandemic and 77% say they are well equipped to survive a future wave.
Despite this optimism, 51% of small businesses expect to need additional financial support in the future, especially since many of the federal government’s top pandemic supports will expire soon.
Programs like the Canada Emergency Rent Grant (SCRU) and the Canada Emergency Wage Subsidy (SSUC) are set to end on October 23, after being extended several times since their launch in 2020, despite the acknowledgments. government that the pandemic continues to arise. a challenge for companies.
“Only 40 percent of small businesses have normal sales levels, 60 percent aren’t yet. I think a lot of people see businesses opening up and they just assume we’re back to normal, but that’s definitely not the case, ”said Canadian Federation of Independent Business President Dan Kelly , at CTVNews.ca last week.
“January to March is already a terrible season for most companies and so having at least some assurance that they will have programs to build on will allow them to plan. “
With files from Sarah Turnbull
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