In this edition:
- Lincoln celebrates local Digital Transformation Grant recipients during Small Business Week 2022
- Niagara College receives $3.25M boost for applied research
- Governments of Canada and Ontario support indigenous business
- United Way and Niagara College partner to grow local produce ‘with the community, for the community’
- Canada’s top doctor preparing for ‘worst-case scenario’ on COVID variants
- Canadian businesses reported spending $10 billion on cyber security in 2021
Lincoln celebrates local Digital Transformation Grant recipients during Small Business Week 2022
The Town of Lincoln is pleased to commemorate Small Business Week by celebrating the small businesses in Lincoln who contribute to the economic and social well-being of the community.
“Economic recovery has brought new challenges for small business owners. High on the list is worker shortages, supply chain issues and inflation. Small business owners are finding ways to succeed and think outside the box facing these challenges,” said Paul Di Ianni, Director, Economic Development and Communications for the Town of Lincoln. “We are seeing small businesses becoming more inclusive, sustainable and digitally savvy as they adapt to a changing business landscape.”
In August of 2022 the Town of Lincoln secured a Digital Main Street (DMS) grant of $93,000 to deliver Digital Service Squad (DSS), a program that is instrumental in helping local businesses enhance their online capabilities.
Niagara College receives $3.25M boost for applied research
Niagara College will enhance its applied research outputs for the benefit of businesses in the region, and augment the educational opportunities for students, thanks to a $3.25 million investment of federal funding.
On October 14, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced more than $85 million for 76 grants through the College and Community Innovation program (CCI), managed by the Natural Sciences and Engineering Research Council of Canada (NSERC), in collaboration with the Canadian Institutes of Health Research (CIHR) and the Social Sciences and Humanities Research Council (SSHRC).
“We are proud of the award-winning work we do at Niagara College,” said Marc Nantel, PhD, Vice-President, Research & External Relations. “Thanks to this investment in our research activities, we can significantly expand the collaborative work we do with local companies by bringing more researchers, students and industry partners together to address innovation challenges. The result will be the creation of more jobs for our graduates while contributing to economic growth in our region and beyond.”
Governments of Canada and Ontario support indigenous business
The Ontario government is providing $25 million over the next three years to support economic development in Indigenous communities. This funding will help Indigenous businesses and communities recover after the COVID-19 pandemic, modernize business processes, remove barriers for Indigenous people pursuing an apprenticeship, and provide training opportunities.
“Our government is proud to invest in Indigenous businesses, help create jobs, and support opportunities to modernize business practices in Indigenous communities across the province,” said Greg Rickford, Minister of Indigenous Affairs.
The Government of Canada has also announced up to 50% loan forgiveness to support economic recovery of Indigenous businesses. These measures will benefit approximately 3,800 small and medium-sized businesses and entrepreneurs across the country, and represent $82.5 million in loan forgiveness. Loans are administered through both NACCA’s network of financial institutions and through five Métis Capital Corporations.
United Way and Niagara College partner to grow local produce ‘with the community, for the community’
On the heels of World Food Day, Niagara College (NC) and United Way Niagara are excited to announce an expanded partnership that aims to increase food security in Niagara. The United Way Niagara Garden Hub, situated at NC’s Daniel J. Patterson Campus in Niagara-on-the-Lake, is an expansive community garden that is supporting food programs locally and providing educational opportunities for residents.
“United Way had been looking for a space to grow food and improve affordable, healthy food access for marginalized people and families,” said Frances Hallworth, CEO United Way Niagara. “We are thrilled to partner with Niagara College on this monumental initiative that will help those in our community dealing with food insecurity and provide a communal hub for locals to gather, learn and grow together.”
Canada’s top doctor preparing for ‘worst-case scenario’ on COVID variants
Canada’s chief public health officer says she is preparing for “worst-case scenario” COVID-19 variants, as early signs show a fall resurgence of the virus. At the House of Commons health committee, Dr. Theresa Tam says the Public Health Agency of Canada is keeping a careful eye on the evolution of Omicron variants, which are the most common subvariants in the country.
Tam says in the early days of the pandemic the virus would mutate in all sorts of ways, because there was no immunity from previous infection or vaccines. Now, she says, the mutations have been constrained as the virus is pressured to find ways to evade immunity.
Canadian businesses reported spending $10 billion on cyber security in 2021
The percentage of businesses that reported spending some money to detect or prevent cyber security incidents remained relatively the same in 2021 (61%) compared with 2019 (62%). However, the amount of money Canadian businesses spent to detect or prevent cyber security incidents increased by roughly $2.8 billion in 2021 to $9.7 billion when compared with 2019.
In 2021, just under one-fifth (18%) of Canadian businesses were impacted by cyber security incidents, compared with 21% of Canadian businesses in both 2019 and 2017 that were impacted. This varied significantly by business size, with 16% of small businesses (10 to 49 employees), 25% of medium businesses (50 to 249 employees), and 37% of large businesses (250 or more employees) reporting being impacted by cyber security incidents in 2021.
The most common types of cyber security incidents identified by business in 2021 were incidents to steal money or demand ransom payments (7%) and incidents to steal personal or financial data (6%). More than one-third (39%) of Canadian businesses impacted by cyber security incidents indicated that there was no clear motive.
Niagara Economic Summit
Keith Gowans of Aloft to offer innovative solutions to housing crisis at Summit
Increasing our housing supply is fraught with contradictions. How do we build more homes without infringing on greenspace? How do we build upward and increase density while preserving the character of neighbourhoods?
Keith Gowans, former COO of Habitat for Humanity Niagara and now with Aloft Housing, focuses on these problems, invigorating and intensifying the urban core by offering unique housing solutions. Aloft specializes in putting unconventional urban spaces to work with compact living environments, finding ways to build smarter, make better use of space, and increase density on the land we have.
Join Keith at the Niagara Economic Summit to hear his strategies for fresh thinking in the market and how Niagara can innovate its way out of the housing crunch.
Contact us to submit your questions for Keith in advance.
Click here for tickets to this year’s Niagara Economic Summit.
Focus on Finance & Economy
BoC to dial down size of rate rises again but not done yet: Reuters poll
The Bank of Canada will raise its overnight rate by 50 basis points on Oct. 26, a smaller amount than at previous meetings, but will get rates to an even higher peak than expected last month, according to economists polled by Reuters.
The expected move at the BoC’s next meeting would be the second consecutive reduction in the size of rate rises after a 100 basis point move in July and 75 basis points last month.
In the meantime, the risk of an economic slump is rising. The survey showed around a 50% probability of a recession over the coming 12 and 24 months, a significant upgrade from 35% and 40% predicted just three months ago.
Growing debt could threaten stability as rates rise, says Bank of Canada’s Rogers
The Bank of Canada is closely monitoring debt burdens being shouldered across the economy over concerns they could become a threat to financial stability as interest rates rise, senior deputy governor Carolyn Rogers said this week, an acknowledgement of the balancing act the central bank faces as it combats inflation.
“The two (financial stability risks) that come to mind and the two that I think are still on our minds at the federal level would be leverage and liquidity, so high levels of debt,” Rogers said during an Oct. 17 Toronto Centre panel discussion in Toronto. “This is at the consumer level, corporate level and at the sovereign level, and that is also at the domestic and international level.”
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
