According to the Globe and Mail, Atlantic Canada has immense entrepreneurial opportunities and has shown recent growth in entrepreneurial financing. Halifax alone has more than 1,200 financial services firms with 14,000 employees. Atlantic Canada has a huge advantage in shipments to Europe because of its year-round deep-water ports that are closer to Europe than any other port in North America. So it’s interesting to note that only 7% of SMEs in Canada are situated in Atlantic Canada.
What is the problem? Too much red tape and the roadblocks created by banks present obstacles to entrepreneurs. Homegrown suggestions for increasing access to money in Atlantic Canada include changing financial policies and programs for loans (to have them built on trust). Entrepreneurs with no collateral, no steady employment, and no verifiable credit history are the ones left behind in Atlantic Canada.
How else can we help to promote the economy in Atlantic Canada?