TORONTO – Tomorrow, the world celebrates International Women’s Day. It is a day to recognize and draw attention to the social, economic, cultural and political achievements of women around the world. Supporting women in business is yet another way to spur innovation, job creation and productivity growth in the economy.

Passionate, confident and committed are some characteristics that describe an entrepreneur. Starting, owning or growing a business can be a rewarding endeavour, but can also be a challenging one. Covid-19 has exacted numerous challenges for the business community, especially among small to medium-sized enterprises (SMEs).

While there is a lack of comprehensive data on business ownership by gender, a Survey on Financing and Growth of Small and Medium Enterprises 2017 by Statistics Canada, suggests 15.6% of SMEs were majority owned by women (see graph above). That is roughly one-quarter the rate represented by men (63.5% of SMEs were majority owned by men).

Women and entrepreneurs from diverse communities can bring new ideas, products and services that enhance economic development. In 2020, women accounted for over 38% of the self-employed in Canada, that is, 1.08 million persons (Statistics Canada).

Promoting business ownership among women and improving the performance of women-owned enterprises fuels individual economic empowerment and strengthens gender equality in leadership roles.

The government of Canada recognizes the critical role women entrepreneurs play in the economic success of communities across the country. Some may also suggest that the pandemic has had a disproportionate impact on women business owners.

Therefore, the Government is responding with The Women Entrepreneurship Strategy (WES) Ecosystem Fund. It is part of the government’s plan to help support women entrepreneurs facing hardship due to the pandemic.

On March 4, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced the $4.8 million in top-up funding to organizations that help women business owners adapt and grow throughout the crisis.

“Women entrepreneurs have faced unique challenges during this pandemic”, Minister Ng said in Thursday’s press release. “I am thrilled our government is able to provide these critical investments so women-led businesses can continue contributing to Canada’s economic future”, she added.

Communities around the nation are rallying to boost women’s entrepreneurship. In Mississauga, the City’s Economic Development Office is hosting a virtual Women’s Entrepreneur Conference (March 9) to offer insight to female entrepreneurs and ways to adapt during times of change.

The underlying theme is that through collective efforts and promotion of access to finance, markets, leadership opportunities and networks, women can help build a stronger more robust economy.