Question Period Note: 2022-23 ISED DEPARTMENTAL RESULTS REPORT (SMALL BUSINESS)

In 2022-23, what results has Innovation, Science and Economic Development Canada (ISED) achieved to ensure economic growth and prosperity for Canada’s small and medium-sized enterprises (SMEs)?

• The Government of Canada continued to support small and medium-sized enterprises (SMEs) in all regions and sectors, making it easier for them to get loans from financial institutions through the Canada Small Business Financing Program.

• Innovation, Science and Economic Development Canada (ISED) continued to advance inclusivity in the Canadian entrepreneurship ecosystem by providing financial support, training and mentorship opportunities to underrepresented groups including women and black entrepreneurs, through the Women Entrepreneurship Strategy and the Black Entrepreneurship Program.

• ISED also provided financial support, guidance and mentorship to a diverse group of young entrepreneurs through Futurpreneur Canada.

The 2022-23 Departmental Results Report (DRR) was tabled on November 9, 2023. The DRR is Innovation, Science and Economic Development Canada’s (ISED) accounts of actual performance against the priorities, planned results and resource (financial and human resource) requirements in the Departmental Plan (DP).
In combination with the Public Accounts, the DRR informs Canadians and Members of Parliament of the department’s actual expenditures and results achieved.

Ministers of departments are accountable for their DRRs and must respond to questions on content and format.

The 2022-23 DRR is structured according to ISED’s Departmental Results Framework (DRF) and has three core responsibilities:
• Companies, Investment and Growth
• People, Skills and Communities
• Science, Technology, Research and Commercialization

• Innovation, Science and Economic Development Canada’s (ISED) 2022–23 Departmental Results Report (DRR) outlined a number of key initiatives that the Department has undertaken to support Canadian small and medium-sized enterprises (SMEs), including:
o the Canada Digital Adoption Program;
o the Canada Small Business Financing Program;
o Futurpreneur;
o the Women Entrepreneurship Strategy; and
o the Black Entrepreneurship Program.

• In particular, ISED has:
o helped Canadian businesses modernize, expand their digital presence and adopt new technologies;
o introduced amendments to the Canada Small Business Financing Program to introduce a new line of credit, expand eligible loan classes and increase maximum loan amounts;
o disbursed 185 loans of up to $50,000 to underserved women entrepreneurs, totalling more than $4.6 million through the Women Entrepreneurship Loan Fund;
o disbursed $17 million in loans to Black entrepreneurs through the Black Entrepreneurship Loan Fund; and
o offered mentorship services to 1149 young entrepreneurs, as well as disbursed 883 loans to a diverse group of young entrepreneurs—including women, non-binary, and Indigenous entrepreneurs—through Futurepreneur Canada.