The key challenge facing small and medium-sized businesses in this province and across the country is a labour shortage.
Michael Denham, President and CEO of the Business Development Bank of Canada says they’re encouraging clients to take advantage of financing available to invest in ways that will reduce the need for talent when it’s hard to come by.
It will help businesses in automating and digitising, which won’t make businesses so dependent on staff during a labour shortage.
Back in 2017, the BDC offered a $280-million financing package to foster the growth of some 800 small businesses in Canada.
Denham says small and medium-sized businesses are the backbone of the economy.
He says a number of local companies benefited from the funding announced in 2017, including Quidi Vidi Brewing and the Barry Group on the west coast.