Small Business: What the 2020 SONA and Budget Speech Means for You
A study conducted in October 2019, by Retail Capital, entitled, “Roll With The Punches”, found, among other things, that collectively, small businesses employ 10.8 million people. This accounted for 66% of all formal jobs. It further found that small businesses contributed 20% of the GDP. These figures do not include informal traders.
Clearly small businesses play a significant role in the economy. However, many small business owners tend to have closer ties to communities and therefore more involved in community projects. One would easily find a small business owner supporting community initiatives either contributing financially or giving back some other tangible and intangible initiatives and projects that uplift communities.