Honourable senators, this week we are celebrating Canadian entrepreneurship. From October 19 to 25, the Business Development Bank of Canada (BDC) is hosting Small Business Week.

For 45 years, the BDC has been celebrating small businesses by offering them conferences, round tables with industry leaders, tools to grow their businesses, and networking opportunities.

This week is entirely dedicated to them, but it is also an opportunity for us to highlight the exceptional work of our small and medium-sized businesses across the country.

COVID was tough on our small- and medium-sized enterprise, or SME, community. The post-COVID environment hasn’t been much easier. Businesses continue to face labour shortages, inflation and supply chain disruptions. But entrepreneurs are resilient, resourceful and creative. When faced with adversity, they innovate and adapt to ensure their survival and long-term success.

I’ve always said entrepreneurs are the backbone of our economy. Wealth is created by entrepreneurs.

Every morning, a small business owner wakes up and puts everything on the line. Every day, they risk losing it all, but they do it because they love what they do. They are proud of the products they sell and the services they offer. And they do it because they are part of a community. In fact, they are a big part of our economy.

In Canada, 98.1% of all businesses have fewer than 100 employees. That’s over 1 million businesses. Medium-sized enterprises represent nearly 17,000 more. Together, SMEs employ close to 8 million Canadians, accounting for 63.6% of the total private sector workforce. We also know that around 75% of business owners plan to retire in the next decade. Many of them have family-owned businesses that have served their communities for generations.

One way to preserve this legacy and create wealth for workers is through employee ownership trusts, or EOTs, a tax mechanism that allows owners to sell company shares to employees. The benefits of EOTs are many: stronger local economies, better employee performance, increased productivity and higher wages for middle-class families. More broadly, EOTs can enhance Canada’s economic sovereignty, something we should all support at this pivotal time in our history. That’s why it’s more important than ever to foster an environment where small- and medium‑sized businesses can thrive.

Indeed, I encourage all Canadians and honourable senators to continue supporting our local businesses. It’s our duty to help grow our economy, especially in these uncertain times when global pressures are unpredictable and ever-changing.

Thank you, meegwetch.