The unexpected bankruptcy of Small Business BC, a non-profit organization that has supported entrepreneurs across the province, is raising serious concerns.
In a statement on its website, the Canada-British Columbia Business Services Society, known as Small Business BC, announced it was “placed under bankruptcy” as of December 5.
The organization, funded by both the provincial and federal governments, provided grants, advisory services, programming, and education to help British Columbians start and grow small businesses.
British Columbia is home to more than 513,000 small businesses, which contribute about a third of the province’s GDP and employ approximately 1.13 million people. Small businesses make up 98% of all B.C. businesses. The closure of Small Business BC comes at a challenging time for the sector, which has been grappling with rising costs, high interest rates, and ongoing labor disputes, including those at B.C. ports and Canada Post.
A recent survey by the Canadian Federation of Independent Business found that long-term confidence among small business owners in the provincial economy stands at 55%, significantly below historic averages.
Kelowna-Mission MLA Gavin Dew, the BC Conservative critic for Jobs, Economic Development, and Innovation, called the closure “a sudden and unexpected demise of a well-known organization that has supported thousands of entrepreneurs over the decades.” In a statement on Sunday, December 8, Dew described the development as a further blow to the small business community and economic confidence.
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