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Five Ways to Help Small Business

RBC Economics has followed the small business sector closely since the publication of our June report.

Government programs helped many small business owners keep their lights on—even as their doors closed—during the first lockdown. But ongoing support will be vital as local economies across Canada have shut down for a second time.

Below, is a set of updated data that help paint a picture of this vital sector, and the opportunities and challenges they face heading into a new year and very different world.

Small businesses were hit hard in the early stages of the pandemic

• Small business employment fell 30% year-over-year in April, while overall private sector employment was down 22%
• Statistics Canada analysis shows hours worked at small firms fell by 9.4% in Q1/20, significantly more than the 5.6% decline for the business sector as a whole
• Real output of the small business sector fell by 2.1% in Q1/20, compared with a 1.7% decline across all firm sizes
• Nearly 1/3 of CFIB survey respondents were fully closed in early-April, and only 20% were fully open
• According to a Statistics Canada survey, 61% of large businesses remained fully operational throughout the pandemic, compared with just 40% of smaller firms

Easing restrictions allowed for a partial recovery over the summer

• Small business employment rebounded to 4% below year-ago levels by November—roughly in line with the shortfall in overall private sector employment
• According to a CFIB survey, 2/3 of small businesses were fully open as of late-October and 43% had returned to full staffing
• Business insolvencies were down 24% year-over-year in Q3

Some industries are still struggling

• The latest CFIB survey showed re-opening rates remained low in the most heavily-impacted industries, including hospitality (31% fully open as of late-October) and arts and recreation (37%)
• The same survey indicates 18% of businesses are still operating with less than half their usual staff and 1/4 are making less than half their usual revenue
• Less than 1/5 of businesses in the most impacted industries have returned to full staffing and only 10% have returned to normal revenue
• Nearly 40% of businesses said they were losing money every day they were open, and 14% were actively considering bankruptcy or winding down operations—the latter is closer to 1/4 in the most impacted industries

The second wave will hurt small businesses

• As of late-October, half of businesses surveyed by CFIB—and as many as 3/4 in the most impacted industries—reported a drop in sales due to the second wave
• 3/4 of businesses said “uncertainty around a second wave” was one of their top concerns
• A Statistics Canada survey from mid-September to late-October showed that, relative to larger firms, small businesses are less likely to be prepared financially for a second wave of COVID-19

Ongoing government support will remain crucial

• That Statistics Canada survey also showed small businesses were more likely to report financial constraints, or challenges maintaining sufficient cash flow or managing debt, compared with larger firms
• Fewer small businesses had the cash or liquid assets they need to operate, and more small businesses said they couldn’t take on more debt
• Among reasons for not accessing funding, small businesses were more likely to report application requirements or complexity or lack of awareness
• In the CFIB’s survey, 64% of businesses strongly agreed or somewhat agreed that the updated suite of federal relief programs (CEWS, CERS and CEBA) offer their business “the lifeline it needs to survive”
• The federal government says it will launch a new Highly Affected Sectors Credit Availability Program (HASCAP) offering 100% government-guaranteed, low-interest loans of up to $1 million with maturities of up to 10 years for businesses in sectors like tourism, hospitality, hotels, arts and entertainment

Some small businesses are adapting to the pandemic and new normal

• Relative to larger firms, small businesses were less likely to have some e-commerce sales pre-pandemic
• According to a CFIB survey, 20% of small businesses were selling online pre-pandemic, 8% started selling online since and another 5% are in the process of setting up e-commerce
• Businesses in hardest-hit industries are among the top e-commerce adopters
• The same survey showed 22% of small businesses—as many as 1/3 in retail and 1/4 in hospitality and arts and recreation—will increasingly rely on online sales to survive COVID-19

But others face challenges pivoting to e-commerce

• Of the 17% of small businesses that had no web presence in 2019, 30% cited barriers like lack of technical expertise or said setup and maintenance costs were too high
• According to a Statistics Canada survey, relative to larger firms, fewer small businesses reported plans to increase sales through e-commerce channels and fewer planned to permanently increase online sales capacity post-pandemic
• A CFIB survey showed the top reasons businesses aren’t adopting e-commerce are lack of knowledge of how to apply e-commerce to business model, lack of technical expertise or resources, and additional costs
• Sectors including hospitality and health and personal services reported limited ability to quickly pivot to online or phone sales
• 1/4 of businesses surveyed said selling online has been a struggle, generating little or no revenue
• According to a BDC survey, 30% of entrepreneurs have not yet found a way to make online sales profitable, and 33% of those relying on online sales said they need to gain expertise and knowledge in the field

References:

BDC, How Entrepreneurs Are Adapting to the Pandemic

Canadian Federation of Independent Business (CFIB), COVID-19: State of Small Business (various survey dates)

Canadian Federation of Independent Business (CFIB), Small Businesses’ Experience with eCommerce during the Pandemic

Gu, Wulong (Statistics Canada), Economic Impact of the COVID-19 Pandemic on Canadian Businesses across Firm Size Classes

Office of the Superintendent of Bankruptcy Canada, Insolvency Statistics

Statistics Canada, Canadian Survey on Business Conditions

Statistics Canada, Labour Force Survey (microdata)

Statistics Canada, Survey of Digital Technology and Internet Use

Originally published on June 11, 2020

“Too big to fail” was the guiding principle for policymakers as they shored up systemically important banks, insurers and supply chains during the 2008-2009 global financial crisis. As Canada navigates an urgent route through the current COVID 19 pandemic, the emerging policy motto must be “too small to fail.”

The small enterprises that are crucial to the Canadian economy – representing 42% of GDP and 48% of new jobs – are also those at greatest danger in this unique recession. Tending to be “digital novices” –a significant number are without a website, or the ability to facilitate online payments – small firms were ill-prepared for the rapid economic shift that has emerged in the pandemic’s wake, an abrupt lurch to a virtual marketplace that has caught many off guard.

This crisis may be the moment for these companies to reboot and reposition themselves for a new economy that will be more digital, more virtual and more mobile than anything we’ve seen.

The ability of our nation of small businesses – the local barber shops, health food stores, software startups and greenhouse operations – to pivot to this new reality will be critical to Canada’s overall recovery.

In short, Canada’s rebuild depends on small business’s rebound.

In a new report from RBC Thought Leadership, Small Business, Big Pivot , we lay out a five-part plan to help Canadian small businesses thrive in a post-pandemic economy.

Read the full report and recommendations

What we found:.

• Small firms have recorded almost double the rate of job losses as mid-sized and large firms.
• Small firms in five sectors—accommodation and food services; arts and entertainment; non-essential retail; mining and oil & gas services; commercial real estate leasing—are most vulnerable; potentially affecting 1.2 million workers.
• Small firms in sectors like technology, wholesale trade and administrative services face a relatively lower risk; their fixed-cost burden is lighter and they can deliver products and services with little to no physical contact.
• Women and youth face the greater job risk from small-business woes; they’ve suffered outsized employment declines already.
• We expect GDP in some of our hardest-hit sectors to remain around 25-50% below February levels at the end of the year, even as the recovery takes hold.
• The pandemic is creating new economic trends and accelerating others, offering roadmap for an altered economy: more digital delivery; more domestic procurement; less market concentration; more consumer caution.

Charting a course out of the pandemic won’t be as easy as flicking a digital switch, nor can it mean a reversion to practices that worked in the past.

Fiscal support and a rebound in consumer spending will ensure an overall recovery. But its scale and speed will depend on how small firms reimagine themselves to confront the challenges and opportunities of the post-pandemic business landscape.

Here’s how the country can help:

1. Streamline relief programs. As we shift to a recovery, the government has an opportunity to refresh and streamline its business relief programs. Most immediately, those options could include:

• a topped up Canada Emergency Business Account (CEBA) and modified Business Credit Availability Program (BCAP) with greater forgiveness to cover a protracted recovery and help owners retrofit facilities for social distancing
• changing the Canada Emergency Response Benefit (CERB) to allow for a sliding scale to be paid to those going back on payroll;
• offering a brief tax holiday for small businesses to spur the recovery of local shopping and tourism.

2. Invest in capacity for safe reopening. Provincial governments should consider investing in broad-based programs to help employers restart their businesses. These could include:

• a nationally-coordinated program to certify public-facing facilities as COVID-safe;
• provincially-led and funded coalitions of business groups and chambers to provide personal protective equipment to small companies;
• an initiative to remotely connect students with small businesses to help them gain work skills and mentorship opportunities.

3. Build digital networks . Small firms will not only need tools for a post-pandemic economy, they’ll need to form alliances to compete in the global platform economy. A recovery plan needs to incorporate a digital strategy that could include:

• tax credits for small firms to invest in Canadian designed software and hardware to enable digital growth;
• a national program to create virtual farmers’ markets and virtual Main Streets;
• an acceleration of the Budget 2019 commitment to provide high-speed Internet to every Canadian and business by 2030.

4. Set new economic strategies to help scale . Governments and large enterprises have an opportunity to invest in sectors that leverage Canadian supply chains and fuel small business growth including:

• coordinated procurement efforts to designate preferred small business suppliers with a special focus on PPE, testing and tracking technologies and health care;
• Canada 2020-21 tourism campaign to spur domestic travel;
• a renewed provincial commitment to lower interprovincial trade barriers for small firms in 2021.

5. Create a more strategic approach to globalization . In a world that is likely to be more fragmented, Canada will need a more focused approach to trade. We may need:

• a “Go Global” program using trade accelerators to boost exports to countries more open to Canadian goods;
• a coalition of governments, banks and other institutions to form a “Brand Canada” platform for small firms;
• expanded expat networks to connect knowledge-based industries with global Canadians.

To learn more about how small businesses are transforming for the virtual economy, listen to our podcast episode.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

RBC Thought Leadership December 8, 2020

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Sample business plans and templates

Sample business plans and templates can help you develop a professional document that will serve as an in-depth marketing tool to convince others of your venture's potential for success. However, creating your own plan can be a complex process, and you may need the assistance of a professional (like an accountant) depending on the type of business you have (or want to run), and what you are seeking in terms of investment.

Business development organizations and Canadian banks have free templates, writing guides, sample plans, and even interactive tools available online. These resources allow you to walk through a plan line by line. You will get a sense of the information you might be asked to provide when you are looking for financing, for example.

While many of these online tools are free, you may choose to purchase software that will help you prepare your plans and forecasts.

Business development organizations

These organizations may provide tools to help their clients prepare professional business plans through their regional offices or via the Web.

• SBC Ontario - What is a Business Plan? Take a free online small business course about various types of business plans and how these might fit your business and intended audience.
• CBDC - Business Plan You can use this fillable business planning tool to prepare your business plan.
• BDC -  Business plan template You can create your own professional business plan with the help of the  BDC  sample plan and business plan template.
• Futurpreneur Canada - Business Plan Writer Are you ready to start your business? You can use this online tool to develop, write, and download your business plan.
• Planning for success: your guide to preparing a business and marketing plan Learn about 9 essential sections of a business plan and what to include in each one.

Canadian banks and lenders

If you approach a bank for help with financing, the bankers will want your business plan to include the specific information they need to make their decision. These requirements may vary from one bank to another, and from one type of business to another. Therefore, if you know which institution(s) you would like to speak with, it's a good idea to see what key sections they would like included.

• Bank of Montreal - Tools and tips for small business owners Find planning resources that can help you start, grow and improve your business.
• RBC Royal Bank - Starting a Business Learn about key sections of a business plan.
• Scotiabank - Business Plan Writer Access an interactive tool to help you create an effective business plan.
• National Bank - My Business Model If you are starting or growing a business, use this business model tool to help with your planning process.
• Farm Credit Canada - Business Plan Tools for Producers Get business plan information specific to farm operations and agriculture businesses.

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Business succession planning

Transition your business with confidence and a clear path to meeting your personal and business goals. Let us show you how.

You’ve worked hard to drive your business to where it is today. With that in mind, it’s never too early to start thinking about and creating a well-rounded transition plan for down the road.

Whether you’re retiring or exiting your business next year or several years from now, we can guide you through your options and opportunities. At RBC Wealth Management, we can help you develop a comprehensive succession plan that positions you, your family and your business for the best possible outcome.

What should your business plan include?

No two situations or businesses are the same, and we understand how planning for a business transition can be complicated, challenging and emotional.

We’re here to help encourage a smooth transition for your business, whether it’s selling or transferring to a family member, a management buyout, a partner or shareholder buyout, or selling to a third party.

Together, we can create your business succession plan, which may include:

• Potential strategies to transition from your business in a tax-effective way.
• Strategies or options to fill any gaps in your existing plans.
• Possible retirement savings solutions for you or your key employees.
• Overall financial and contingency planning to help protect you and your business.

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Throughout the pandemic, government relief programs enabled many businesses to access the cash needed to operate, recover and grow as local economies opened up. As some programs come to an end and others evolve, it’s important to know what’s available as well as the deadlines for application and action.

Government Relief Programs Updates: Q&A with RBC Experts

RBC Business Advisors share valuable tips for business owners to maximize cash flow, manage debt and identify funding opportunities for financial growth.

Canada Emergency Business Account (CEBA)

Q: I’ve received a CEBA loan and I’m ready to repay it. How and when do I pay it back to take advantage of the debt forgiveness part of the program?

A: “Repaying the outstanding balance of your loan (other than the amount available to be forgiven) by December 31, 2022, will result in loan forgiveness,” explains Joanne Ironside, RBC Business Account Manager. Loan forgiveness applies provided that no default under the CEBA loan has occurred. Here are the terms of loan forgiveness explained further:

If you borrowed $40,000 or less , you may be eligible for loan forgiveness of 25 percent of the maximum amount that you borrowed on your loan. For example:

• If you borrowed $40,000 and repay $30,000 by December 31, 2022, $10,000 of the loan will be forgiven and you will not need to repay it.

If you borrowed $60,000, you may be eligible for $20,000 in loan forgiveness. For example:

• If you borrowed $60,000 and repay $40,000 by December 31, 2022, $20,000 of the loan will be forgiven.

Visit RBC’s CEBA page for more details on this program.

The full terms of loan forgiveness can be found on the Government of Canada website .

Q: I’ve received a CEBA loan, and I won’t be paying it back early (I still need access to the full amount). What are my payment terms?

A: “You can access funds from your CEBA loan until January 20, 2022,” says Ironside. “After this date, it converts to a term loan – there is 0% interest charged until December 31, 2022 and no principal payments are required during this time.”

As of January 1, 2023, you will be charged interest on your loan at a rate of 5% per annum which is payable monthly. No principal repayments are required until December 31, 2025 when the entire loan and all accrued and unpaid interest becomes due and payable.

Q: I’ve received a CEBA loan and I’m not ready to repay it, but I don’t need to use it all right now. How can I get the money working hard for me until I need it?

A: “Every business has unique cash flow needs. I recommend speaking with your Account Manager or speak with an RBC Business Advisor ( book appointment online or call 1-800-769-2520) to discuss the options that are best for you and your business,” advises Ironside.

Highly Affected Sectors Credit Availability Program (HASCAP)

Q: I haven’t applied for HASCAP yet. What should I consider as I apply?

A: “It’s important to keep in mind that the HASCAP loan is a fixed rate loan product, which comes with a penalty should it be repaid early. Careful consideration should be made as to the amount your business requires to effectively operate until regular volumes can be resumed,” explains Ironside.

“It’s also important to note that eligibility is dependent on a 50% year-over-year revenue decrease in any three of the last eight months trailing your application date,” adds Jeffrey Heard, RBC Commercial Account Manager.

If your application is completed in December, for instance, you will be comparing revenue as follows:

April 2021 – November 2021 vs. April 2020 – November 2020

“When figuring out if you are indeed still eligible, you’ll want to consider that you are now dealing with year-over-year monthly comparisons that are no longer in the heart of the shutdown on either end of the comparison,” Heard further explains.

Heard and Ironside also emphasize that HACSAP is formal term debt and should be allocated into a company’s fixed expense projections for the term of the loan. For example, it should be treated how rent, insurance or other fixed expenses would be planned and accounted for.

Q: I received a HASCAP loan earlier this year. How much longer can I defer principal payments?

A: “When your HASCAP loan is approved by your lender, your repayment terms will be determined at that time,” says Ironside. “You can choose to make interest-only payments over the first twelve months and select a repayment term and schedule that meets your needs after that. Loans can be amortized for up to ten years – interest rates are fixed at 4%.”

Status of Other Programs

Q: There are several different financing programs available. How do I determine which one I should apply to?

A: “As there are many programs, each with different purposes and eligibility requirements, it’s a good idea to speak with your Account Manager or designated RBC representative. Alternatively, you can book an online appointment to speak with an RBC Business Advisor. They can help you navigate the options and provide guidance on making a decision that’s best for the present and future needs of your business,” says Josh Morawetz, RBC Business Advisor.

Q: What should I do to prepare for a loan application?

A: “Applying for loans in the current environment is slightly different than pre-COVID. Loan approvals are not as black and white as they used to be.” explains Heard. “It’s a good idea to engage in a conversation with your Account Manager early on so they can help you from a strategic planning perspective. Getting as detailed as possible about your prospects and having plans and projections prepared will help with the process,” he explains.

Alternative Funding Options

There are more ways to fund your business beyond government programs, many of which come with additional benefits such as networking and mentorship opportunities. Here are programs that can help you run your business, whether you’re currently recovering, growing or holding steady.

Non-repayable government grants can allow companies to expand, create jobs, advance innovation and launch environmental initiatives. While grants can be game-changers for businesses, the grant landscape is both complex and dynamic.

GrantMatch is an industry leader in securing government funding for organizations. They cut through the confusion and complexity and uncover the financial resources and incentives that best match the needs of your business.

Learn More >

Provincial Programs

In addition to federal government programs, provincial governments have implemented a wide range of initiatives to support local businesses. Visit the Government of Canada website to locate provincial and territorial support.

Futurpreneur

Futurpreneur is the only national, non-profit organization that provides resources, financing and mentoring to aspiring and new entrepreneurs so they can build a successful future.

Supporting young entrepreneurs with an expert business mentor for up to two years and resources to help plan, launch, manage and grow a business, they help turn great ideas into thriving businesses.

RBC Black Entrepreneur Loan Fund

The RBC Black Entrepreneur Loan Fund is available to eligible Black entrepreneurs in Canada who are looking to start, manage or grow their business with access to loans up to $250,000.

In addition, the Black Entrepreneur Program brings together business, marketing and digital experts with community leaders to share ideas and best practices in a concrete effort to advance growth for Black entrepreneurs. Not only does the program provide access to capital, it offers access to experts and support for Black communities across Canada.

Learn more >

Magnet Student Work Placement Program

For businesses looking to grow and take advantage of government subsidies, the Magnet Student Work Placement Program (SWPP) , in partnership with RBC Future Launch, provides businesses up to $7,500 to hire students in a cost-effective way, while supporting youth and diversity employment.

Bringing together “employers, students, and post-secondary school stakeholders to create quality work-integrated learning (WIL) opportunities, the program provides employers with wage subsidies to hire post-secondary students for paid work experiences. Students in turn benefit with quality work experience so they can secure employment in their chosen fields of study.”

1. While some of these options may be available to you and your business, they may increase your interest costs or your outstanding principal balance over the life of your loan or increase the outstanding balance on your credit card during the relief period, if applicable. You should carefully evaluate your financial situation and priorities before exercising any of these options to the extent they are available to you.

2. while information presented here is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. if you have further questions about any of these programs please consult the applicable government websites or, if you are an rbc business client, speak to an rbc advisor by booking an online appointment ..

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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Estate planning is one of the most complex—and overlooked—topics in financial planning. You’ve completed an important first step by having a valid Will in place.

Estate planning is one of the most complex—and overlooked—topics in financial planning. Getting your Will created is one of the first things you will want to take care of.

Estate planning is one of the most complex—and overlooked—topics in financial planning. Whether it’s deciding what to do with your business or the cottage, it’s important to have a plan in place.

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TD Every Day Business Plans

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Here's what you get

• All Every Day Service Plans include  2 free monthly e-Transfers  to send or request money using Interac e-Transfer®
• Capability to send Additional Remittance Details (subject to a fee of $0.50)
• $10 monthly fee rebate 1  on Business Overdraft Protection
• All debit and credit card deposits credited to your account through POS terminals, are non-chargeable transactions and are not subjected to transaction and deposit item limits

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TD Remote Deposit Capture and TD Mobile Deposit are fast, easy and convenient ways to deposit cheques 5 .

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1  Included Business Overdraft Protection is available only on Canadian dollar accounts. Subject to complying with TD Canada Trust lending policies and criteria.

2  Your monthly plan fee will be rebated when your daily balance is greater than or equal to the required amount throughout the month.

3  Deposit items are cheques (including cheque image through TD Remote Deposit Capture and TD Mobile Deposit), money orders, drafts and all other clearing items.

4  Cash deposits are paper currency and coins, rounded to the nearest dollar.

5  Subject to eligibility requirements, applicable fees and technology and device capabilities.

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