Implement More Effective Business Financing

Significant Progress

Way Forward Commitment:

To demonstrate our ongoing commitment to creating and supporting an environment where entrepreneurship and innovation can flourish, there is a need to improve integration of funding provided by departments and agencies to businesses. A range of business financing instruments are available. A review is required to determine if all are still relevant in today’s economy and whether any gaps exist for companies. Our Government will improve the integration of business financing programs, which are currently provided by multiple departments and agencies. Our Government will also complete an analysis of existing non-commercial economic development funding to improve Government-wide collaboration and maximize resources.

In 2017-18, our Government will establish key performance indicators for business financing programs to ensure economic development objectives are being met, with a focus on better processes to improve coordination, efficiency and effectiveness. In addition, we will communicate and implement enhancements and/or modifications to business financing programs.

What We’ve Accomplished:

  • A Deputy Ministers’ Committee and a Senior Officials’ Committee were established to define the in-scope programs, and ensure a consistent approach was applied to the review of programs.
  • TCII and stakeholder departments are working together to finalize the framework. The identification of key performance indicators is a key part of the deliverable.
  • In 2018-19, we will continue to take steps to ensure: programs offered to business are the most effective in helping them succeed; programs are delivered in a timely and efficient manner; and program gaps identified are addressed.