Small business owners shun available resources for growth

BMO report says owners fear debt, complicated applications and being declined. As a result, they miss out on significant opportunity

Mario ToneguzziA report by BMO Wealth Management says 61 per cent of Canadian small business owners have not pursued government grants and 64 per cent are not aware of the network of business accelerators, incubators and hubs available to help their growth and innovation.

The report, Innovation: Creating wealth through business improvements, said the reasons for the majority of Canadian small business owners not applying for government grants are:

  • not wanting to incur any debt – 33 per cent;
  • believing that the process of acquiring funding was too complicated – 25 per cent;
  • fear of being declined – 22 per cent.

“Small business owners should seek out and take advantage of the resources available to help drive their businesses forward profitably,” said Chris Buttigieg, director of the Wealth Institute at BMO Wealth Management. “Innovation and profitable business changes don’t necessarily require a significant financial investment, and simple, low-tech innovations can help keep things fresh for customers, employees and the business.”

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

small businessThe views, opinions and positions expressed by columnists and contributors are the author’s alone. They do not inherently or expressly reflect the views, opinions and/or positions of our publication.

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