Small Businesses Strengthening The Economy

Last year, the Canadian economy took a great hit due to the global recession. As a result, the Canadian news media was wrought with stories about job losses, bankrupt businesses and financial despair for a good portion of the population. With the turn of the decade however, the nation appears more optimistic than it has been in over a year about the future of Canada’s economic status.

The Synergy Merchant Services Blog has kept on top of a number of surveys that were conducted over the course of 2009 that took a look at the feelings among Canadian business owners and their views about either the decimation or growth of their staff. Today, the QMI Agency reported on The Toronto Sun’s website that small businesses are becoming increasingly optimistic about their hiring practices in the first half of 2010.

According to the report: “Three-quarters of business owners in this country said staffing levels will remain unchanged over the next six months and another 22% plan to hire in near term. Only 4% plan to slash employees in the first half on 2010.” It goes on to note that employers intend on investing more in their businesses this year as well.

The success of small businesses in Canada is no small deal. The QMI Agency reveals that small business makes up a whopping 98 per cent of Canada’s 2.3 million businesses. They are, says the report, “the backbone of the national economy”.

The Synergy Merchant Services team remains proud of the fact that they have worked diligently to ensure that numerous small business owners throughout the nation have our innovative merchant cash advance program to thank for assisting the growth of their companies. We are even prouder of the fact that we have had the pleasure of developing strong working relationships with Canadian entrepreneurs who are such huge parts of what drives the national economy.

Derrick Ragland, the global head of Business Banking at HSBC acknowledges the importance of small businesses throughout the world in the strengthening of the world’s financial situation after the recent crisis.

Said Ragland: “There is a rebalancing of the world economy, and emerging markets are becoming more and more important as a driver of growth,” said Derrick Ragland, global head of Business Banking at HSBC…Small businesses are at the heart of this growth, driving local job creation, investment and productivity.”

Synergy provides working capital to small to medium-sized businesses all over Canada. If you process Visa, MasterCard and Interac transactions at your location, we would love the opportunity to offer you a free, no obligation quote for a merchant cash advance in the hopes that we may assist your business in helping to grow both the national and global economy that much more.