Hon. Tony Loffreda: Honourable senators, this week is Small Business Week, a week-long event that celebrates Canada’s entrepreneurship and the 1.2 million employer small businesses in Canada.

According to Statistics Canada’s latest data, small businesses account for 97.9% of all businesses in Canada. In my home province, this represents nearly 250,000 businesses. Across the country, they employ 8.2 million Canadians, which represents 67.7% of the total private labour force.

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This week, the Business Development Bank of Canada will be hosting a number of events to help businesses rise to the challenge of managing and growing a small business, especially against the current backdrop of labour shortages, rising interest rates and inflation.

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Colleagues, we know that the pandemic was difficult on our business community. Small businesses were under immense pressure to innovate, digitize and make their products available online for easy order and delivery. It was a question of survival.

Unfortunately, some did not recover from the various lockdowns and health restrictions, while others are struggling to recuperate lost revenues — which is why I welcomed the government’s recent decision to extend the repayment deadline for the Canada Emergency Business Account.

However, for the most part, Canada’s business community showed us the true meaning of resiliency. Business owners are naturally always looking to the future. They are creative, adaptable and fully committed to growing their business. They put everything on the line every single day. I admire their passion and perseverance, and how they are eager to adapt to the economy of the future.

Thankfully, the government is also there to support businesses to break into the online marketplace and use technology to increase their sales. Launched in March 2022, the $4-billion Canada Digital Adoption Program hopes to help 160,000 businesses move online, boost their e-commerce presence and incorporate technologies that help them become more productive and competitive.

I have always said that small businesses are the heartbeat of any economy. I would even argue that they are the heart and soul of our neighbourhoods and towns. There are incredible business success stories in all corners of our great nation. This week, we celebrate these individuals, their families and their staff who are injecting life into our local communities.

Honourable senators, please join me in celebrating Canada’s entrepreneurial spirit and our small businesses — whether online or in our communities — for being an important part of our economy, and for contributing to our overall prosperity and well‑being. We thank them for all that they do. Thank you.