TORONTO, Oct. 7, 2020 /CNW/ - Canadian small business owners impacted by the COVID-19 pandemic remain cautiously optimistic about their future, according to Scotiabank's recent New Path to Impact Report. Two-thirds of businesses report being in a worse situation now, compared to before the COVID-19 pandemic. Despite the strong headwinds businesses are facing during the pandemic, the report revealed 40% of small business owners are 'very' or 'extremely' optimistic about the future of their business.
While the future effects of COVID-19 are uncertain, the report uncovered that most businesses are feeling more prepared, with 69% stating their business is better equipped to survive a second wave of the pandemic.
"The resiliency of Canadian business owners throughout the pandemic has been commendable. Whether they've pivoted to rely more on digital channels, taken advantage of relief programs or adjusted their business model to serve today's market, they've had to get creative to find ways to survive," says Jason Charlebois, Senior Vice President, Small Business, Scotiabank. "While we cannot predict how the next six months will unfold, now is the time to start focusing on the future, with cautious optimism. Charting a new path forward has to start with a plan, so seek advice early, use the resources available, and be ready to pivot – it's the greatest chance of survival in a post-pandemic world."
The Scotiabank New Path to Impact Report also found:
"Support for small businesses during COVID-19 has been integral to keeping the economy and the country strong, and Scotiabank applauds the federal government for extending a hand up to small businesses across Canada with essential programs," said Dan Rees, Group Head of Canadian Banking, Scotiabank. "The Canada Emergency Business Account (CEBA), especially, has given many business owners that peace of mind to be able to keep their operations going or prepare for what's to come, and we strongly encourage the government to continue investing in businesses of all sizes as they face more challenges ahead."
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Scotiabank is committed to supporting businesses of all sizes. Through a team of dedicated advisors, Scotiabank provides personal and business banking solutions, personalized advice, and dedicated programs that cater to a business owner's unique needs and future goals. Visit the Scotiabank Advice+ Centre for Business for more details: https://www.scotiabank.com/ca/en/small-business/advice-centre.html
As part of the Bank's commitment to empowering women in business, The Scotiabank Women Initiative™ is helping to advance women-owned and women-led businesses across Canada through three key pillars: Access to Capital, Mentorship, and Education and in 2019, committed to deploy three billion dollars in capital to women-led businesses in its first three years. For more information on The Scotiabank Women Initiative, visit scotiabankwomeninitiative.com.
Read the full Scotiabank New Path to Impact Report online here.
Research conducted by Maru/Blue on behalf of Scotiabank from August 28-September 3, 2020. A total of 500 completed surveys were collected from a random sample of small business owners across Canada.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.