Good afternoon. Thank you so much for inviting me to speak today.
My name is Karen Campbell. I'm the acting vice-president and senior director of community initiatives at the Canadian Women’s Foundation.
I'm joining you today from my home office in London, Ontario, on the traditional territories of the Anishinabe, Haudenosaunee, Lenape and Attawandaron peoples.
The Canadian Women's Foundation has been a national leader in advancing gender justice and equality for over 30 years. We've contributed more than $260 million to support over 3,300 life-transforming programs across Canada, including investments of more than $12 million since 1997 in women-centred economic development programs. These efforts support women and gender-diverse entrepreneurs from the most underserved communities in launching and growing businesses, building financial independence and achieving sustainable livelihoods.
With support from the Government of Canada's women entrepreneurship strategy, we've been able to continue this critical work, investing $3.5 million in our national Partnering for Feminist Entrepreneurship initiative, which is building the field of feminist entrepreneurship in collaboration with seven community partners. This initiative builds on the work of our highly effective investment readiness program, funded by Employment and Social Development Canada, through which we supported 90 diverse social purpose enterprises led by women and gender-diverse people to join Canada's innovation and social finance ecosystem.
We welcome the committee's invitation to speak to the barriers and opportunities women and gender-diverse entrepreneurs face in the trade economy. We commend Canada's global leadership in the development and promotion of gender-inclusive free trade agreements, many of which include provisions to support women in business.
However, this is not the only avenue through which we can address the gender gap in international trade. Canada must look beyond free trade agreements to ensure that women and gender-diverse entrepreneurs, especially those from equity-deserving communities, can see their businesses thrive in domestic and international markets.
Women and gender-diverse business owners, especially those from equity-deserving communities, face several challenges in their efforts to access global markets. The first is a lack of access to financing. A lack of financing is a persistent barrier for women and gender-diverse entrepreneurs, and equitable access to capital is necessary if these businesses are to scale and compete internationally.
Mandatory customs brokers and high customs, transportation and logistical costs are a disadvantage for small-scale entrepreneurs. High logistical costs also present significant challenges for businesses that are just starting out and need to make smaller shipments.
Women and gender-diverse entrepreneurs are often concentrated in lower-growth sectors, limiting their opportunities in high-growth industries like technology and manufacturing. These entrepreneurs often lack networks and mobility.
Trade missions are crucial for expanding into new markets, yet many women and gender-diverse entrepreneurs face financial and logistical barriers in accessing these opportunities.
These entrepreneurs also lack access to specific market data that's relevant to small business owners and solopreneurs. This limits their ability to make informed decisions about which products to import or export. In general, there is a lack of access to training and support programs. There are not enough training and support programs specifically designed for small-scale international trade, leaving new entrepreneurs with inadequate knowledge to navigate the complex import-export regulatory environments and processes that Ms. Reimer-Epp was speaking to earlier.
These barriers are particularly acute for racialized and immigrant women and gender-diverse entrepreneurs. Immigrant women are critical to export success. They have first-hand knowledge of emerging markets and they're inclined to start new businesses in non-traditional sectors, but they need support with innovations that could help scale and grow their companies.
What can we do to close this gender gap? Without continued federal programs like the women entrepreneurship strategy and targeted support for women-owned businesses, the progress made by women in international markets risks being undone because these businesses have not had adequate time or supports to reach sustainability. To close the gender gap in international trade, federal funding programs must be extended. New mechanisms must be introduced to provide financial and operational support for women-led businesses, particularly in high-growth sectors.
Targeted financial support is also necessary. We would like to see more enhanced, targeted funding mechanisms for businesses led by women and gender-diverse people to access capital, focusing on those in emerging and high-potential sectors.
Also, look at inclusive trade mission participation. Ensure that women and gender-diverse entrepreneurs are consistently represented in all trade missions and that they have the financial support for their participation, especially for those from equity-deserving groups.
Finally, develop specialized supports for immigrant and racialized women entrepreneurs who have the knowledge and networks to enter emerging markets but require assistance in scaling their businesses globally.
In closing, we must continue to build an inclusive and equitable entrepreneurial ecosystem. With sustained government action and private sector collaboration, Canada can unlock the potential of women and gender-diverse entrepreneurs and, in turn, strengthen the economy for all.
Thank you.