Carol Gray, head of CIBC’s small business group, called today for a secretary of state for small business to be appointed.

In a speech to the Toronto Board of Trade, Gray pointed out that Canadian small businesses are responsible for creating 75% of total employment growth in Canada over the last year. In British Columbia, Quebec and Manitoba, virtually all employment growth was due to the hiring activities of small businesses.

“Canada has many resources that it has taken pains to protect and advance – our natural resources and our technology industry are two examples,” said
Gray in a news release. “It’s time for us to recognize the huge contribution that small business makes – not just to our economy but to our way of life and collective psyche.”

She also points to small business’ current challenge to overcome a shrinking labour force. “Small firms face a shortage of 200,000 to 300,000 workers and this problem may limit the ability of small business to grow to its full potential,” said Gray. She recommended that a secretary of state be charged with working with representatives of small businesses and banks to find ways to encourage small business activity throughout Canada.