Innovation

A New Incentive for Small Businesses Considering Exporting

The federal government's $50 million CanExport program will defray some trade costs

Written by The Canadian Press

International Trade Minister Chrystia Freeland has announced $50 million in new funding for small businesses looking to export their goods. Under the CanExport program, the federal government will reimburse up to 50 per cent of any spending between $10,000 and $100,000 by companies seeking to expand their overseas trade.

Businesses with fewer than 250 employees and annual revenue between $200,000 and $50 million will be able to offset the costs of travel, trade fairs, market research and other expenses related to exports.

Trade accounts for around two-thirds of the Canadian economy, and the Department of Global Affairs says one in five Canadian jobs is linked directly to exports.

While the falling loonie has made Canadian goods cheaper and more competitive, exports have not shown the strength that some had predicted.

MORE EXPORT SAVINGS STRATEGIES:

Will you make use of the CanExport program? What other incentives should the federal government provide to encourage small businesses to export? Let us know by commenting below.

Originally appeared on PROFITguide.com