cover image: re: Government should collaborate with Fintechs Recommendations 1. Work with fintechs to administer small business loans to deserving companies

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re: Government should collaborate with Fintechs Recommendations 1. Work with fintechs to administer small business loans to deserving companies

1 May 2020

While NCFA applauds the government’s work to help startups and SMEs cope with the liquidity and demand crisis created by the COVID-19 pandemic, more financial support and incentives are needed to help companies and the economy bridge to better times. [...] Collectively, SMEs are the backbone, and future, of the Canadian economy supporting at least 70% of all jobs across the country and 41.7% of GDP. [...] Startups in particular need assurance, transparent information and support from government to help navigate the current health and economic crisis, to protect staff and their business, and to ensure their survival once operating restrictions are gradually lifted in the coming months. [...] The risk of losing this collective private and public investment and the cost of rebuilding (if at all possible) would be more expensive than providing the required support to bridge companies and the economy to better times. [...] The sheer magnitude of the economic and financial crisis requires a comprehensive and complementary suite of measures to enable all of Canada's smaller, earlier-stage companies not only to survive the present trough but also to be fully equipped to move into high gear as soon as possible.

Authors

Craig Asano

Pages
5
Published in
Canada