Two reports call for more help for small businesses in Quebec and Canada

The Senate report

A Senate committee led by Senators Clément Gignac and Toni Varone reported on Oct 14 that small and medium-sized businesses struggle to get capital and credit. It blames a financial sector concentrated in a few large institutions.

Just 11.6 per cent of the value of bank loans went to small and medium-sized businesses in 2021, against an average of 44 per cent in OECD countries.

Canada's output per US dollar per hour

73 cents

For every dollar produced per hour worked in the United States, Canada produces 73 cents, and the gap keeps growing, the committee says.

Entrepreneur Olivier Primeau, who met about 70 businesses during Quebec's election campaign, says owners spend more than 30 hours a month on paperwork. He hopes Premier-designate Paul St-Pierre Plamondon will act on his six recommendations.

Owners who plan to retire within 10 years

75 %

Nearly 75 per cent of small business owners plan to retire within a decade, and the senators want tax breaks for owners who sell to Canadian buyers.