YOUR PERSPECTIVE: Celebrating Small Business Week

Oct 27, 2022 | 6:00 AM

Last week was Small Business Week, an opportunity to celebrate the incredible determination, hard work, and adaptability of B.C.’s small businesses and the positive impact they have on our province.

I grew up working in my family’s restaurant in Victoria. It was a place where the community came together for good food and a local connection. I feel so lucky to have learned all about small businesses and the incredible work that goes into them.

In B.C., 98% of businesses are small businesses. They employ more than a million British Columbians, account for 36% of B.C. exports and 34% of our gross domestic product. Beyond the numbers, small businesses are part of the fabric of local communities. Many of us got our first jobs at a family business down the street, played on a team sponsored by one, and regularly visit small businesses in our neighbourhoods and communities.

When we formed government in 2017, we reduced the small business tax rate by 25%. A lot has happened since then. The past few years have brought extreme challenges, and small businesses have felt the impacts as they have navigated the effects of the pandemic, extreme weather, global labour shortages and economic uncertainty.

Supporting small businesses in our communities helps ensure a strong economic recovery and stable economy going forward, a key component of our StrongerBC Economic Plan. Over half a billion dollars in grants were provided to businesses during the pandemic. We’re supporting restaurants to save up to 20% by allowing them to purchase alcohol at wholesale prices and more recently and making the food delivery fee cap permanent.

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Last week we also announced that the capital limit for small businesses will increase from $15 million to $50 million. These initiatives and more make B.C. a great place to build and grow a small business.

And we’re expanding access to connectivity and providing more affordable, accessible childcare to help more people get the education they want and enter the workforce to help address labour shortages.

By continuing to invest in people and acting on the missions laid out in the economic plan, we are creating a stronger, more inclusive workforce, and positioning B.C. as a leader in the global market.

Since 2017, B.C. has led the country in small business job growth – including 4.9% growth in 2021. This confirms our plan is working – because an economy built for people is an economy built to succeed.

This Small Business Week, and all weeks, please continue to show your support and appreciation for the small businesses in your community.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of Fraser Valley Today or Pattison Media.

by Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation

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YOUR PERSPECTIVE: Celebrating Small Business Week

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