Federal Budget Offers Investments for Business, Assistance Must Remain Available When Required

Category: News Releases

Apr 2021

 

FOR IMMEDIATE RELEASE
APRIL 22, 2021

FEDERAL BUDGET OFFERS INVESTMENTS FOR BUSINESS, ASSISTANCE MUST REMAIN AVAILABLE WHEN REQUIRED

HAPPY VALLEY-GOOSE BAY – The Labrador North Chamber of Commerce (LNCC) says Budget 2021 has many positives for businesses, but flexible and targeted support is key as we prepare to move into a period of recovery.

“This long-awaited budget includes supports for business sectors including tourism, housing, green energy and communications, and there is a strong focus on job creation and supports for vulnerable sectors,” says LNCC Chairperson Andy Turnbull. “But as many members indicate they are not yet in a stable financial position, we fear decreasing CEWS and CERS supports in July with a possible discontinuation in September is too soon.”

We continue to see signs of economic rebound including an increase in consumer confidence, the resumption of airline service, and vacation planning throughout Atlantic Canada. The LNCC is confident that if targeted and flexible government assistance remains available for industries and businesses who need it most, the country will continue to show strong signs of recovery.

Several investments outlined in Budget 2021 are encouraging for Labrador SMEs. Investment highlights include:

·     Introduction of the new Canada Recovery Hiring Program for businesses to hire new workers as the economy reopens;

·     $5M to Statistics Canada to enhanced availability of business condition data;

·     Early Learning and Child Care and Indigenous Early Learning and Child Care with a 50 per cent reduction in average fees and an average of $10 a day by 2025-2026;

·     Reduction in credit card swipe fees for businesses;

·     Additional $1B for the Universal Broadband Fund;

·     $2.6B to BDC to assist SMES with technology adoption;

·     The renewal of the Venture Capital Catalyst Initiative to support entrepreneurs;

·     $4.3B for the Indigenous Community Infrastructure Fund to support shovel-ready infrastructure projects;

·     $1B to incentivize private sector capital into clean technology companies;

·     Increased annual financing by $560M to the Canada Small Business Financing Program;

·     $1B to support the tourism sector, performing arts, sports, festivals and cultural events including $500M for the Tourism Relief Fund

“Budget 2021 includes investments to support businesses, economic growth and job creation,” says Turnbull. “We are optimistic that those proposed investments will reach Labrador and have a true impact on growing the regional economy. We will continue to work with our government representatives to ensure the needs of Labrador businesses and our members are met.”

-30-

 

Contact:

Julianne Griffin, CEO

(709) 899-5095

[email protected]

 

LISTEN TO THE CBC RADIO INTERVIEW HERE (46:06).

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