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Canada Report - Supporting Immigrant Entrepreneurs will Benefit International Trade Priorities

May 2018, 31
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The Conference Board of Canada has forwarded four major suggestions, to improve the success rate of immigrant entrepreneurs. It shows the need for harnessing the potential of these immigrants, who are educated and well connected, for improving the trade of the country.

• Building proper networks for immigrant entrepreneurs who have arrived recently.
• Enhancing awareness of domestic/international business support.
• Offering dedicated settlement support programs.
• Improving the access to financing.

1.Building proper networks for immigrant entrepreneurs who have arrived recently

Government and other organizations, serving the immigrants should provide better, pre-arrival information, to start a business, place of business, settlement support, and mentor ship on arriving in Canada.

There must be a database for networking and mentor ship opportunities, and compilation of data on local business contacts.
Making connections with investors and business incubators, to get their involvement in recruiting immigrant entrepreneurs,
Developing the business ecosystems to attract and support immigrant entrepreneurs.

2.Enhancing awareness of domestic/international business support

The federal government, should use the services of Canadian missions, and provide better access to pre-arrival information regarding business supports of Business Development Bank of Canada, Export Development Canada, and Global Affairs Canada. The support of the provincial governments also should be highlighted.

Promoting stakeholder collaboration by cooperating with ethnic business associations/ media organizations, and organizations serving immigrants.

Creating a one-stop portal for awareness regarding supports targeted to immigrant entrepreneurs.

Raising awareness regarding market opportunities and international free trade agreements

3.Offering dedicated settlement support programs

Working in coordination with the immigrant settlement organizations for giving dedicated services to immigrant entrepreneurs arriving recently and interacting with local and immigrant entrepreneurs.

Providing continuous federal funding to settlement support services.

Leveraging technology, conducting webinars to keep the cost at a low level.

4.Improving the access to financing

Considering co-funding arrangements to match investments in enterprises of immigrants by private equity investors,
Providing targeted financing to immigrant entrepreneurs who show a high growth potential
Improving the process of giving bank loans.

Raising awareness regarding current loans.

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