Thank you, Madam Chair and members of the committee.
My name is Nancy Wilson. I'm the founder and CEO of the Canadian Women's Chamber of Commerce, or CanWCC. CanWCC is the only chamber of commerce in Canada that specifically represents and advocates for the 1.2 million women and non-binary business owners across the country. We have over 1,000 members across all provinces and territories. We also have an extensive partner network of entrepreneur support organizations and corporations that sell products and services that business owners need. We provide connection, community and a national conversation to advance change.
The women's entrepreneurship strategy, or WES, while not without limitations, has provided essential support and visibility to organizations like CanWCC. To drive genuinely inclusive economic growth, I believe the government must commit to long-term, sustainable WES funding. Economic equity requires consistent and cumulative investment. Organizations like the Canadian Women's Chamber of Commerce deserve the same government backing as the Canadian Chamber of Commerce, especially when you consider that over the past decade, fewer than 5% of policies endorsed by the Canadian Chamber have even mentioned the words “women” or “female”.
Approximately 18% of SMEs in Canada are majority-owned by women, but, of course, only 11% of those businesses export. Women entrepreneurs often face limited access to capital, which hinders their ability to expand internationally. In addition to transportation, logistics and customs fees, there are foreign exchange gains, losses and expenses to navigate. While large corporations may mitigate currency risks through hedging, small and micro-businesses typically lack these resources and can suffer significant losses. Small businesses are more likely to pay higher fees when they exchange smaller amounts of currency more often. They are also exposed to unfavourable exchange rates and other fees when they pay U.S. dollar and other currency bills with credit cards.
Government policies, or perhaps a lack thereof, around procurement further signal a lack of commitment supporting women entrepreneurs. While the federal government set a 5% procurement target for indigenous suppliers starting in 2022, there is still no equivalent commitment for women-owned businesses, despite the women's entrepreneurship strategy being introduced in budget 2018.
My final comment relates to support for the self-employed: 80% of women entrepreneurs, 50% of Black entrepreneurs and 68% of indigenous entrepreneurs are self-employed. Many of these individuals will become the SMEs of the future. If we want them to be successful exporters, we need to support them in developing the skills and strategies that enable them to do so from day one.
CanWCC's advocacy is based on advancing economic equity for all Canadians. Our economy thrives when diverse perspectives are represented, valued and integrated. Long-term funding, meaningful procurement targets and accessible resources for self-employed and women-owned businesses are essential to building a fairer, more inclusive marketplace. We stand ready to work hand in hand with government, industry and community partners to break down barriers and to champion lasting, meaningful change.
Thank you so much.