Montreal, Sept. 30, 2015 - Building a more economically competitive Canada requires innovative ideas, the businesses to carry them and the capital to develop both. Three levels of chambers of commerce joined forces today to advise the campaigning parties that the next federal government has an important role to play in improving access to capital and supporting growing businesses.
The Canadian Chamber of Commerce, the Fédération des chambres de commerce du Québec (FCCQ) and the Board of Trade of Metropolitan Montréal also requested that the federal parties unveil their strategies to grow the economy and to improve access to capital during a press conference held at Notman House, a downtown Montreal business incubator.
“We work on many files at the Canadian Chamber of Commerce, but we have one real priority: Canada’s competitiveness,” explained the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “It is essential that innovative start-ups and developing businesses have access to the capital they need. Job creation, the economic expansion of certain regions and new product development hang in the balance,” he further explained.
“In Québec, there are many sources of venture capital, but businesses meet many challenges: long delays in getting the funds from providers to users, providers burdening the decision-making process, heavy legal and contractual obligations, and fear of losing controlling shares of the business. Business growth is the first step towards the economic growth of the province. To remain competitive, we must go a step further by facilitating access to tax exemptions for capital gains and reinstating tax credits for the shareholders of labour investment funds,” said Françoise Bertrand, President and CEO of the FCCQ.
“The next government must create an environment that fosters business growth and development here in Montréal, second-largest metropolitan area in Canada. It will have to ensure that businesses have access to the capital they will need to innovate, export and mature. We are expecting the political parties to detail the concrete measures they plan to put in place to improve access to capital, especially risk capital,” concluded Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montréal.
Today, the Canadian Chamber of Commerce is also launching a new report titled Stimulating Canadian Innovation: How to Boost Canada’s Venture Capital Industry. This new report identifies new solutions to improve access to venture capital and provides the next government with recommendations.
“When I see all of the activity that takes place in business incubators and hubs like right here at Notman House, I am reminded that Canada has one of the most intelligent and resourceful entrepreneur pools. However, they need the capital and financing to build or grow their businesses. The next federal government must act. We look forward to seeing what the political parties have to propose,” stated Mr. Beatty.
About the Canadian Chamber of Commerce
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom.
About the Fédération des chambres de commerce du Québec
With a vast network of 140 chambers of commerce and 1100 member businesses in Québec, the Fédération des chambres de commerce du Québec (FCCQ) represents more than 60,000 businesses and 150,000 business people from all economic sectors and all regions of the province. As the most important network of business leaders and businesses in Québec, the FCCQ is a staunch defender of its members’ interests in public affairs issues, fostering an innovative and competitive business environment.
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal is made up of over 7,000 members. Its mission is to be the voice of Montréal’s business community and to promote the city’s prosperity. It is involved in key areas of economic development, advocating a philosophy of action based on engagement, credibility, being proactive, collaboration, and innovation. The Board of Trade also offers a range of specialized services to individuals and to businesses of all sizes to support them in their growth at home and abroad.
For more information :
G. Will Dubreuil
Director, Public Affairs and Media Relations
The Canadian Chamber of Commerce
Fédération des chambres de commerce du Québec
Phone : 514 844-9571, poste 3242
Mobile : 514-619-4047
Michelle LLambias Meunier
Senior Advisor, Public Relations, and Press Attaché
Board of Trade of Metropolitan Montreal
Phone: 514 871-4000, extension 4042