It’s a good thing that Synergy Merchant Services is here to support Canada’s small to medium-sized business owners. We’ve made it no secret in blogs of past that banks are making it more and more difficult for these entrepreneurs to secure business loans to help grow their businesses.
Add to that, the fact that “the majority of Canadian business owners feel neglected by the government”. At least, this is what is being reported in an article published by The Toronto Sun today. By the looks of things, the federal government isn’t doing a whole lot to win the confidence of those business owners who are recognized as the backbone of the nation’s rebounding economy.
The report reveals that according to a new “Regus poll of more than 5,000 entrepreneurs in 58 countries found 71% of Canada’s small- and medium-sized business owners feel overlooked and under-supported by the government.” It goes on to note that cash flow tops the list of biggest challenges faced by these business owners.
It’s interesting to note that this survey was completed by business owners both in and outside of Canada. So evidently, these opinions are quite widespread. In fact, 86 per cent of the entrepreneurs who were polled globally as well as in Canada said government venture capital funds should be available.
Wes Lenci, the Regus regional vice-president for Canada, had this to say: “In spite of its massive importance to the national economy, the small and medium enterprise segment continues to struggle to get its voice heard. In the aftermath of the global down turn, this key sector for the economy has had difficulties securing capital and maintaining cash flow.”
The survey also revealed some other interesting findings. 74 per cent of respondents throughout the world feel that banks should, in fact, be forced to lend more money to smaller businesses. In Canada, 62 per cent of the respondents agree that the lending policies of banks should be regulated by the federal government.
As well, 59 per cent of Canadian entrepreneurs plan on investing in new machinery while 49 per cent intend on buying new inventory. Both new equipment and new products are among the top reasons that our clients participate in our merchant cash advance program. Renovations and advertising are also popular choices for owners seeking extra capital.
Considering that there is no evidence that the feds are about to help small business owners out, our program is quickly becoming the most viable option for business owners in Canada. As always, we look forward to continuing to assist these great entrepreneurs in growing our nation’s economy.