OCDE - Financing SMEs and Entrepreneurs 2026 - Canadá de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Key facts on SME financing In 2024, Canadian small businesses establishments (1-99 employees) constitute d 98% of all businesses. Small businesses employed 5.8 million individuals at the enterprise level, or 46.6% of the private sector labour force. Supply-side survey data show that outstanding debt held by all businesses increased in 2024 to CAD 1 363 billion. Lending to small businesses increased to CAD 160.1 billion (from CAD 134.8 billion in 2023). As a result, small businesses’ share of total outstanding business loans in 2024 was 11.7%. Small business credit conditions eased by the end of 2024. The average interest rate charged to small businesses decreased from 9.0% in 2023 to 7.3% in 2024, with an average prime rate (the rate charged to the most creditworthy borrowers) of 6.8% (from 6.9% in 2023 ). The business risk premium (measured as the difference between the average small business interest rate and the business prime rate) declined to 0.5%, reflecting an easing in access to financing for small businesses and large businesses in Canada. Bank of Canada survey results indicate that lenders reported that overall business lending conditions eased towards the end of the second half of 2024. Borrowers also reported easing of credit conditions during the same period. In 2024, the small business 90-day delinquency rate rose to 0. 86% after reaching 0. 25% in 2023 and 0.26% in 2022. Total venture capital (VC) investment levels in Canada were CAD 7.9 billion in 2024 , up from CAD 7.1 billion in 2023. The Business Development Bank of Canada (BDC), a crown corporation with the mandate to support Canadian entrepreneurship, had CAD 48.1 billion in financing and investments, as of 31 December 20 24,

CAD 7.1 billion in 2023. The Business Development Bank of Canada (BDC), a crown corporation with the mandate to support Canadian entrepreneurship, had CAD 48.1 billion in financing and investments, as of 31 December 20 24, committed to 109 000 clients operating across Canada. As the most active VC investor in Canada, the BDC invests both directly into firms and indirectly through external VC funds, with the objective of making Canadian VC a financially viable and attractive asset class for private sector inves tors and institutional investors. The Government of Canada has further supported the development Canada’s VC ecosystem by convening public, private, and institutional sources of financing through its Venture Capital A ction Plan (VCAP) and Venture Capital Catalyst Initiative (VCCI). Taken together, the Government of Canada h as invested CAD 1.2 billion, resulting in a combined total of over CAD 3 billion in capital raised from public and private sources to help Canadian companies start up and grow. The Government of Canada has established a number of programmes to provide support targeted t o entrepreneurs from underrepresented groups. The Government has made total investments of near ly CAD 7 billion in the Women Entrepreneurship Strategy (WES); of CAD 189 million in t he Black Entrepreneurship Program (BEP); of CAD 60 million for Futurpreneur, a programme to support youth entrepreneurs; and of CAD 25 million to Canada’s 2SLGBTQl+ Chamber of Commerce to deliver a program aims to address the unique challenges faced by 2SLGBTQl+ entrepreneurs to help start and grow Canada2 

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

businesses. The Aboriginal Entrepreneurship Programme also provides access to capi tal and business opportunities to First Nations, Inuit and Métis Nation entrepreneurs. The Government of Canada offers a wide range of initiatives and programs to help busines ses capitalize on opportunities, diversify markets, and grow globally. Global Affairs Canada’s (GAC) Trade Commissioner

opportunities to First Nations, Inuit and Métis Nation entrepreneurs. The Government of Canada offers a wide range of initiatives and programs to help busines ses capitalize on opportunities, diversify markets, and grow globally. Global Affairs Canada’s (GAC) Trade Commissioner Service (TCS) helps Canadian businesses grow by connecting them with government funding and support programs, international opportunities, and a network of employees in nearly 150 internati onal locations. The TCS offers the CanExport Program, which consists of four sub-programs: CanExport SMEs, CanExport Innovation, CanExport Associations and CanExport Community. Export Development Canada (EDC) is Canada’s official export credit agency, with a mandate to support and develop Canada’s export trade and Canadian capacity to engage in that trade an d respond to international business opportunities. To fulfill its mandate, EDC offers a range of services including insurance, financing, bonding, and equity investments as well as trade knowledge. In 2024, EDC facilitated over $46 billion in business for SMEs. Canada’s seven regional development agencies (RDAs) are the federal government’s front line for regional economic development with points of service in communities of all sizes and are often called upon to deliver targeted programs tailored to the respective region. They play a critical role in supporting regional innovation ecosystems and helping businesses grow. While nationally coordinated, th eir programs are tailored to reflect the unique needs and opportunities of each region. RDAs deliver two nationally standardized programs; first the Regional Economic Growth through Innovation (REGI) supports small and medium-sized enterprises (SMEs) and strengthens regional innovation ecosys tems and second, the Community Futures Program (CFP) fosters economic development, primarily in rural communities, though a network of Community Futures Organizations (CFOs) that offer business support and imp roved access to capital. Together, these programs help build strong, resilient regional economies. 3

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Table 1. Scoreboard for Canada

to capital. Together, these programs help build strong, resilient regional economies. 3

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Table 1. Scoreboard for Canada Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs CAD billion 83.4 83.4 86.4 85.7 90.1 87.7 92.2 93.5 97.4 99.6 104 106 109.8 117.9 127.5 140.4 134.8 160.1 Outstanding business loans, total CAD billion 480 534 482 490 514 557 602 659 739 775 834 918 984.9 10 007 1 097 1 236 1 346 1 363 Share of SME outstanding loans % of total outstanding business loans 17.4 15.6 17.9 17.5 17.5 15.8 15.3 14.2 13.2 12.9 12.5 11.5 11.15 11.71 11.63 11.36 10.0 11.8 New business lending, total CAD billion

126 142 151 169 188 204 234 270 285.7 287.7 317.8 361.3 370.8 402.8 New business lending, SMEs CAD billion

20.2 21.7 22.8 23.2 24.0 22.8 25.2 27.2 26.8 26.7 28.9 31.1 30.1 23.4 Share of new SME lending % of total new lending

20.2 21.7 22.8 23.2 24.0 22.8 25.2 27.2 26.8 26.7 28.9 31.1 30.1 23.4 Share of new SME lending % of total new lending

16 15.3 15.1 13.7 12.7 11.2 10.8 10.1 9.39 9.30 9.11 8.60 8.12 5.81 Outstanding short-term loans, SMEs CAD billion 15.1

6.9

15.6

24.2

15.6 38.6 Outstanding long-term loans, SMEs CAD billion 21.1

12.8

12.4

32.4

23.8 42.6 Share of short-term SME lending % of total SME lending 41.6

43.4 36.3 35.1 39.0 46.0 55.7 47.2 36.2 42.8 30.1 19.50 39.62 31.52 19.66 47.6 27.1 Government loan guarantees, SMEs CAD billion 1.20 1.30 1.20 1.30 1.30 1.08 1.06 1.01 1.11 1.30 1.54 1.75 1.89 3.27 3.91 3.97 4.29 4.69 Direct government loans, SMEs CAD billion 4.40 4.10 5.50 4.70 6.00 5.80 4.60 6.50 6.70 7.9 8.0 8.4 8.10 9.92 11.35 13.18 12.01 14.55

Interest rate, SMEs % 7.50

6.20 5.80 5.30 5.40 5.60 5.10 5.10 5.30 5.20 5.70 5.30 4.80 4.09 6.21 9.00 7.28 Interest rate, large firms % 6.10

3.10 2.60 3.00 3.00 3.00 3.00 2.80 2.70 2.90 3.64 3.60 2.77 2.45 4.11 6.94 6.77 Interest rate spread Percentage points 1.40

3.10 3.20 2.30 2.40 2.60 2.10 2.30 2.60 2.30 2.06 1.70 2.03 1.64 2.10 2.06 0.51 Collateral, SMEs % of SMEs needing collateral to obtain bank lending 47.7

56.1 66.7 64.8 76.0 56.0 66.6 80.0 74.0 64.1 70.0 72.73 61.10 57.77 62.02 46.70 65.25 Percentage of SME loan applications SME loan applications/ total number of SMEs 17.0

14.0 18.0 24.0 26.0 30.0 27.0 23.0 26.0 26.0 27.0 26.71 16.10 16.70 17.69 25.40 9.04 Rejection rate Percentage of businesses' debt financing requests that were rejected.

Rejection rate Percentage of businesses' debt financing requests that were rejected.

9.0 8.0 7.0 9.0 12.8 7.0 9.0 9.5 9.0 8.3 8.4 5.5 7.1 8.00 7.57

Source: See Table 5.4 

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Macroeconomic and financing conditions Overall, the lending condition environment during 2024 was impacted by a number of macroeconomic factors, including: the easing of monetary policy by the Bank of Canada, a modes t but steady growth in employment, a moderate growth in gross domestic product (GDP) and a gradual decrease of price pressures. GDP at market price increased by 0.6% in the fourth quarter of 2024, following a 0.5% ri se in the third quarter. On an annual average basis, Canada’s GDP grew by 2.6% in the fourth quarter of 2024. From January 2024 to December 2024, employment slightly rose in average by 0.1% each month to 20.9 million and the unemployment rate was 6.7% at the end of 2024 (from 5.7% in January). The consumer price index (CPI) rose 1.8% year over year in December 2024, following a 1.9% increase in November. The Bank of Canada’s policy interest rate declined from 5.00% in January 2024 to 3.25% in December 2024. SMEs in the national economy In 2024, Canadian small businesses (1-99 employees) 1 constituted 98.2% of all businesses. Small businesses employed 5.8 million individuals at the enterprise level, represent ing 46.6% of the private sector labour force. Of this number, 75.1% was employed in the services sector and 24.5% i n the goods sector.2

businesses employed 5.8 million individuals at the enterprise level, represent ing 46.6% of the private sector labour force. Of this number, 75.1% was employed in the services sector and 24.5% i n the goods sector.2 Table 2. Distribution of firms in Canada, 2024 By firm size Firm size (employees) Number of firms % of employer firms 1-4 649 908 59.1 5-9 200 011 18.2 10-19 122 323 11.1 20-49 79 414 7.2 50-99 27 811 2.5 100-199 11 335 1.0 200-499 5 615 0.5 500 + 3 351 0.3 Total 1 099 768 100

Source: Statistics Canada. Business Register, 2024.

SME lending Figure 1. Debt financing by source of financing in Canada, 2024Figure 1 shows the major suppliers of small business financing in 2024. Most small business financing (81.9%) was provided by banks (domestic and foreign), credit unions and caisses populaires. The remainder came from finance companies, financial funds and insurance companies. 5

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Figure 1. Debt financing by source of financing in Canada, 2024

Note: Finance companies comprise establishments, both public (government-sponsored enterprises) and private, primarily engaged in extending credit or lending funds raised by credit market borrowing, such as by issuing commerc ial paper and other debt instruments, and by borrowing from other financial intermediaries.

Source: Statistics Canada, Survey of Suppliers of Business Financing, 2024.

Supply-side survey data, which include only lending from the private sector and exclude lending funded by the Government, show that outstanding debt to all businesses increased by 11.7% in 2024 to CAD 1 363

Source: Statistics Canada, Survey of Suppliers of Business Financing, 2024.

Supply-side survey data, which include only lending from the private sector and exclude lending funded by the Government, show that outstanding debt to all businesses increased by 11.7% in 2024 to CAD 1 363 billion, while outstanding debt to small businesses increased by 18.8%, to CAD 160.1 billion (Figure 2). Small businesses’ share of total outstanding business loans increased by 1.7 percentage points, to 11.7% in 2024. The declining trend of the small business’ share is explained by the fact that outstanding debt for small businesses grew marginally compared to the growth of outstanding debt for medium-sized and large businesses. Over the 2007-24 period, outstanding debt for small, medium-sized and large firms increased by 91.9%, 118.4% and 229.8%, respectively. Over the longer 2000-24 period, outstanding debt grew at an average annual rate of 2.7%, 4.6% and 7.1% for small, medium-sized and large firms by 2.7%, 4.6 % and 7.1% respectively (see Figure 2). As a result, small businesses’ share of total outstanding business loans declined over the 2000-24 period. 61% 3% 21% 15% 0% Domestic banks Other banks Credit unions, caisses populaires Finance companies Portfolio managers, financial funds and insurance companies6 

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Figure 2. Business debt outstanding in Canada By firm size, in CAD million (LHS) and as a percentage (RHS)

Note: Firm size is proxied by loan authorization level. Small firms are proxied by loans with an authorization level below CAD 1 million, medium firms are proxied by loans with an authorization level between CAD 1 million and less than CAD 5 million; large firms are proxied by loans with an authorization level greater than CAD 5 million.

firms are proxied by loans with an authorization level between CAD 1 million and less than CAD 5 million; large firms are proxied by loans with an authorization level greater than CAD 5 million.

Source: Statistics Canada, Survey of Suppliers of Business Financing, 2000 –2024; and Innovation, Science and Economic Development

Canada. Supply-side survey results show that lending activity for businesses increase d in the second half of 2024 for small businesses, medium-sized businesses and for large businesses. During th at period, lenders disbursed approximately CAD 169 billion in new loans to large businesses. This r epresented a 2.0% increase in disbursals compared to the first half of 2024. Lending activity inc reased for small and medium-sized businesses, with loan disbursals increasing by about 0.9% and by 0.4%, respectively. Total lending activity in 2024 compared to 2023 increased by 14.8% for large business es and decreased by 9.3% and 22.2% for medium-sized and small businesses, respectively. 3 Table 3. Value of disbursements in Canada In CAD million Business Size Half 1 2023 Half 2 2023 Half 1 2024 Half 2 2024 Large (authorisation levels of CAD 5 million or more) 146 797 144 956 165 863 169 158 Change % 1.2 -1.3 14.4 2.0 Medium-sized (authorisation levels between CAD 1 million and CAD 5 million) 24 289 24 625 22 106 22 296 Change % -1.1 1.5 -10.3 0.9 Small (authorisation levels below CAD 1 million) 15 664 14 431 11 683 11 727 Change % 2.0 -7.9 -19.0 0.4 Total 186 751 184 038 199 651 203 181

Small (authorisation levels below CAD 1 million) 15 664 14 431 11 683 11 727 Change % 2.0 -7.9 -19.0 0.4 Total 186 751 184 038 199 651 203 181 Change % 1.0 -1.5 8.5 1.8

Source: Statistics Canada, Survey of Suppliers of Business Financing, 2024; and Innovation, Science and Economic Development Canada.

0 5 10 15 20 25 30 0 200 000 400 000 600 000 800 000 1 000 000 1 200 000 Small Medium Large Small Business Share (Right axis) 7

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Credit conditions The results of the 2024 Credit Conditions Survey showed that the request rates for debt financing decreased significantly in 2024 to reach 9.0% from 25.7% recorded in 2023. The 2024 ratio of funds authorised to funds requested was 90.7%, close to the 2010-2023 average of 89.2%. Although the average interest rate charged to small businesses in 2024 decreased to 7.3% from 9.0% in 2023, it remained at a historically high level 4. The average prime rate (the rate charged to the most creditworthy borrowers) decreased to 6.8% in 2024 from 6.9% in 2023. The business risk premium (measured as the difference between the average small business interest rate and th e prime rate) decreased to 0.51% from 2.06% in 2023. This last indicator reflects an easing in access to financing for small businesses in Canada, from the lenders’ perspective. Close to 65% of small businesses were asked to pledge collateral to secure their l oans in 2024, in comparison with 46.7% in 2023.

small businesses in Canada, from the lenders’ perspective. Close to 65% of small businesses were asked to pledge collateral to secure their l oans in 2024, in comparison with 46.7% in 2023. The Bank of Canada tightened monetary policy significantly in 2022 to curb inflation, through quantitative tightening and rapid increases in its policy interest rate. The Bank of Canad a’s policy interest rate rose from 0.25% in January 2022 to 5% in July 2023. Higher interest rates worked to ease price pressures in Canada and inflation came down. The Bank of Canada started to eased monetary policy an d reduced its policy interest rate to 3.25% by the end of 2024. Alternative sources of SME financing Leasing In 2024, the request rate for lease financing was 6.0%, while the approval rate has exceeded 99%. Request rate for lease financing reached its highest level in 2019 (13%) and has been between 4% and 7% since. Equity financing Total venture capital (VC) investment levels in Canada totalled CAD 7.9 billion in 2024 compared with CAD 7.1 billion in 2023. Between 2023 and 2024 , pre-seed capital decreased by 38.5% to reach CAD 0.1 billion, seed capital decreased by 46.7% to reach CAD 0.5 billion, early-stage capital decreased by 7.1% reaching CAD 2.9 billion, later stage capital decreased by 11.1% reaching CAD 2.1 billion, and growth stage capital reached CAD 1.5 billion. Table 4. Venture and growth capital in Canada In CAD millions Stage 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Pre-seed NA NA NA NA NA NA 13 20 87 163 161 99 Seed 85 136 159 212 236 278 317 328 787 851 958 510

Pre-seed NA NA NA NA NA NA 13 20 87 163 161 99 Seed 85 136 159 212 236 278 317 328 787 851 958 510 Early stage 657 860 1 210 1 594 1 953 1 679 2 652 1 843 6 168 4 030 3 165 2 930 Late stage 1 139 1 068 926 1 353 1 422 1 480 1 960 1 809 4 926 4 310 2 394 2 129 Growth stage NA NA NA NA NA 158 1 342 220 3 050 603 91 1 480 Total 1 881 2 064 2 295 3 611 3 611 3 595 6 284 4 220 15 018 9 957 6 759 7 148

Source: Canadian Venture Capital Private Equity Association, 2024.8 

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Other indicators The business insolvencies trended downwards over the period 2007-2021, but it started to increase in 2022 and thereafter. Specifically, the incidence of insolvencies per thousand businesses fell from 2.14 in 2020, to 1.91 in 2021 and increased to 4.56 in 2024. The decline in insolvencies should be interpreted with caution. In particular, the pandemic support programs introduced by the Government of Cana da likely helped some businesses avoid or delay insolvency. Furthermore, insolvency figures do not comprise all closures, since they do not include businesses that terminated operations without filing for bankruptcy. The

caution. In particular, the pandemic support programs introduced by the Government of Cana da likely helped some businesses avoid or delay insolvency. Furthermore, insolvency figures do not comprise all closures, since they do not include businesses that terminated operations without filing for bankruptcy. The prime rate remained low until 2021 at 2.45%. This helped keep small business financing costs low and, as a result, allowed them to maintain healthy and more manageable balance sheets. However, the prime rate rose in 2022, picked at 6.94% in 2023 and was 6.77% in 2024. The 90-day delinquency rate increased during the pandemic of COVID-19 from 0.38% in the fourth quarter of 2019 to 0.58% in the third quarter of 2020. During the same period, GDP decreased by 3%. The 90-day delinquency declined quarterly thereafter and reached 0.16% in the first quarter of 2023 . The 90-day delinquency rate was 0.86% in the fourth quarter of 2024, after trending upward since the second quarter of 2023 and peaking at 1.12% in the third quarter of 2024. Figure 3. 90-day delinquency rate (%) and GDP in Canada, 2007-2024

Source: PayNet Inc (Equifax); Statistics Canada and Innovation, Science and Economic Development Canada calculation.

Government policy response The Government of Canada is working to help entrepreneurs and small and medium-si zed enterprises (SMEs) across the country grow, enhance competitiveness, increase Canada's share of global trade, and improve conditions for investment. The following programs are federal level initiatives that provide targeted financial and non-financial supports and services to drive growth and competitivenes s, support inclusive entrepreneurship, bolster international trade and provide regionally tailored supports through Canada ’s Regional Development Agencies (RDAs) . In addition to the federal government programs listed below, provincial and territorial governments also offer key programs and supports for SMEs and entrepreneurs to help businesses start, grow, and scale within their local economies. 0.00

Regional Development Agencies (RDAs) . In addition to the federal government programs listed below, provincial and territorial governments also offer key programs and supports for SMEs and entrepreneurs to help businesses start, grow, and scale within their local economies. 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 95 100 105 110 115 120 125 130 135 140 GDP (Q1 2007=100, left axis) 90-Day Delinquency Rate (Percent, right axis) 9

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Driving Growth and Competitiveness Business Development Bank of Canada The Business Development Bank of Canada (BDC) is a crown corporation mandated to support Canadian entrepreneurship by providing financing, investment capital and advisory services. BDC offers direct lending, growth and transition capital, venture capital (VC), securitization, and consulting solutions. It works to address market gaps, increase access to financing to traditionally underserved entrepreneurship groups, and support innovative sectors. It also fulfils a countercyclical role, inc reasing its support for Canadian entrepreneurs during times of economic turmoil such as during the COVID-19 pandemic and U.S. tariffs. For example, to support Canadian entrepreneurs affected by the U.S. tariffs, BDC is making available up to CAD 500 million in financing, extending working capital loans for up t o CAD 2 million with favorable interest rates to support commercially viable businesses. Additionally, BDC is Canada’s most active VC investor in Canada; as of December 31, 2024, BDC’s VC portfolio totaled CAD 3.17 billion directly into innovative Canadian companies and indirectly through VC funds, including investments in emerging areas such as clean and climate technologies, life sciences, the defence sector, and dedicated investment funds supporting women, Black Canadian and Indigenous founders. Canada Small Business Financing Program Coordinated by Innovation, Science and Economic Development (ISED) Canada, th e Canada Small

such as clean and climate technologies, life sciences, the defence sector, and dedicated investment funds supporting women, Black Canadian and Indigenous founders. Canada Small Business Financing Program Coordinated by Innovation, Science and Economic Development (ISED) Canada, th e Canada Small Business Financing Program (CSBFP) is a statutory loan-guarantee program, wh ich facilitates lending to small businesses, especially younger, smaller, and higher risk firms, typical ly with low collateral, less experience, or shorter credit history. Since its inception 25 years ago, this program has helped small businesses in Canada get access to over 200,000 loans valued at CAD 27 billion. To access a loan, small businesses apply directly through participating financial institutions who are then responsible for assessing applications, approving and disbursing the loans, registering the loans with the CSBFP and administering the loans. Recent enhancements to the program have provided small businesses with new loan options to better address modern small business needs. These enhancements included a l ine-of-credit financing option, increased loan amounts, and expansion of loan-class eligibility to include the financing of intangible assets, like intellectual property (e.g., patents, copyrights, trademarks), and working capital. Venture Capital Catalyst Initiative The Government of Canada actively supports the growth and development of the Canadian venture capital ecosystem through the Venture Capital Catalyst Initiative (VCCI). Coordinated by Innovation, Science and Economic Development (ISED) Canada, VCCI is building on the momentum of the previous Venture Capital Action Plan (VCAP). All together, the government has invested more than CAD 1.2 bill ion through the VCCI (2017 and 2021) and the VCAP initiatives. Recipient fund managers from VCAP and VCCI 2017 have collectively raised over CAD 3 billion from all investment sources, and recipient fund managers under VCCI 2021 are anticipated to raise at least CAD 1.6 billion, when leveraged wi th other public and private investments. The 2024 Fall Economic Statement proposed to launch the fourth round of the VCCI with CAD 1 billion in funding. To leverage more private venture capital, this rou nd is to include more enticing

investments. The 2024 Fall Economic Statement proposed to launch the fourth round of the VCCI with CAD 1 billion in funding. To leverage more private venture capital, this rou nd is to include more enticing terms for pension funds and other institutional investors. Additionally, Budget 2024 c ommitted a further CAD 200 million for VCCI to increase access to venture capital for equity-deservin g entrepreneurs and to invest in underserved communities and outside key metropolitan hubs.10 

FINANCING SMES AND ENTREPRENEURS 2026: CANADA © OECD 2026

Supporting Inclusive Entrepreneurship Futurpreneur Futurpreneur is a long-standing program which has been supported by the Government of Canad a since 2001 with CAD 221.5 million to-date in non-repayable contributions. Currently supported by Innovation, Science and Economic Development Canada, the program is delivered by Futur preneur Canada (FC), a not-for-profit corporation that provides mentoring, networking, online educational resources and collateral-free loans of up to CAD 75,000 with a term over five years to young Canadia n entrepreneurs between the ages of 18 and 39. Loans are delivered by FC through co-lending agreements with the Business Development Bank of Canada (BDC) and the Royal Bank of Canada (RBC) for select programs. FC also provides tailored start-up programs to entrepreneurs from equity-deserving groups, incl uding an Indigenous Entrepreneur Startup Program, Black Entrepreneur Startup Program, Core Entrepreneur Startup Program for Newcomers, and Side Hustle Program designed and delivered by staff with lived experience and in collaboration with relevant non-profit organizations representing these equity-deserving communities. Since its inception, FC has supported more than 18,700 young business owners and helped launch more than 14,700 businesses across Canada. Most recently, Budget 2024 provided CAD 60 million over five years to renew Futurpreneur to continue to administer financial an d non-financial supports to young entrepreneurs. Women Entrepreneurship Strategy The Women Entrepreneurship Strategy (WES) is a wholeof-government approach to increasing womenover five years to renew Futurpreneur to continue to administer financial an d non-financial supports to young entrepreneurs. Women Entrepreneurship Strategy The Women Entrepreneurship Strategy (WES) is a wholeof-government approach to increasing womenowned businesses’ access to support in the form of financing, networks, and expertise tha t these entrepreneurs need to start-up, scale-up, and access new markets. The WES repres ents over CAD 7 billion in investments and commitments across 20 federal departments, agencies and crown corporations. Innovation, Science and Economic Development (ISED) Canada delivers four key program streams under the Strategy: • The WES Ecosystem Fund, which helps not-for-profit organizations strengthen capacity within the entrepreneurship ecosystem and offers business supports such as training, mentorshi p and financial literacy for women entrepreneurs; • The Women Entrepreneurship Loan Fund which provides loans of up to CAD 50,000 to di verse women entrepreneurs through five partner organizations across Canada; • The Inclusive Women Venture Capital Initiative which funds projects led by notfor-profit organizations to strengthen and build a more inclusive risk and venture capital environment for Canadian women; • The Women Entrepreneurship Knowledge Hub, led by Toronto Metropolitan University, whic h is a one-stop source of knowledge, data and best practices for women entrepreneurs. Other participating federal programs include the BDC Thrive Platform and Venture Fund La b for Women, Export Development Canada’s (EDC) Inclusive Trade Investments Programs (ITIP) and Women in Trade targets, Farm Credit Canada’s (FCC) Women Entrepreneur Program and Global Affairs Canada’s (GAC) Business Women in Trade Initiative (BWIT). Since its inception in 2018, over 400,000 women entrepreneurs have been supported by WES initiatives across the Government of Canada off ering business training, mentorship, and access to more than 25,600 loans. Black Entrepreneurship Program Coordinated by Innovation, Science and Economic Development (ISED) Canada, the Black Entrepreneurship Program (BEP) is an initiative develop