Thus, for the advancement of women entrepreneurs in Canada and for the benefit of the Canadian economy, a committee of experts from the Strategy for Women in Entrepreneurship met and decided to suggest a series of actions to our public decision-makers.

Faced with this pandemic and for various factors, women entrepreneurs will suffer more setbacks. According to statistics, many of them run small businesses, have access to less capital and work in the service sector — one of the sectors most affected by coronavirus containment measures. What's more, they must take care of children and elders who are advised to isolate themselves.

Therefore, COVID-19 poses great risks to women entrepreneurs. While they are not the only ones affected by this crisis, the Women Entrepreneurship Strategy Expert Panel urges Canadian politicians and business leaders to consider these exceptional circumstances and the vulnerability of women entrepreneurs. Even a temporary closure or slowdown will jeopardize the survival of many women-led SMEs. Targeted interventions are warranted.

The Women Entrepreneurship Strategy Expert Panel is urging legislators to act quickly to provide substantial emergency funding to women entrepreneurs, especially in the hardest-hit industries, and particularly those who are also caregivers.

The Women Entrepreneurship Strategy Expert Panel is urging business leaders working closely with governments to ease the burden and intervene in a timely manner so as not to lose the significant gains that have been made by women entrepreneurs in recent years. This would have a negative impact on economic growth.

In faith of which, the expert committee of the Strategy for Women in Entrepreneurship calls for eight specific interventions to help women-owned businesses overcome this initial period of crisis and increase their chances of recovery.

Providing short-term liquidity through 0% interest loans . Statistically, women-owned businesses are more likely to be small businesses in the retail and service sectors. These businesses are facing an unexpected and significant drop in revenue. A 0% interest loan from BDC or EDC could help pay for short-term expenses like rent and utilities, which could otherwise push these businesses into bankruptcy.

Provide short-term liquidity by establishing creative repayment schedules , including a debt repayment period of at least six months. This would benefit government-guaranteed loans, including loans from the Canada Small Business Financing Program, which is the primary resource for service industries, such as restaurants and retail.

Implement a tax holiday . Another way to increase liquidity is to delay the collection of HST (and GST in Quebec) and payroll taxes for six months. This measure would allow businesses to avoid or minimize layoffs.

Immediate compensation for primary caregivers . Many school boards have closed indefinitely, and some plan to remain closed until the end of the school year. In most cases, these closures mean that at least one parent (usually the mother) will need to be present, resulting in limited ability to work from home. Compensation for caregivers through refundable tax credits or grants would allow entrepreneurs to manage the double shift and hire support staff if necessary.

Emergency investment in child and senior programs . With school closures and health system capacity, the pressure is primarily on caregivers. A significant investment in safe and risk-free programs is essential in the short and medium term.

Freeze rent and financial payments for six months , particularly in sectors most affected by COVID-19 restrictions, such as services, travel and entertainment. Provide tax relief or other incentives to banks and landlords as needed.

Expand SME procurement programs at all levels of government . Securing a major contract goes a long way in providing working capital for small businesses. However, women entrepreneurs are not getting their fair share. Procurement programs urgently need to be adapted to prioritize SMEs, including quotas for women-owned businesses, and provide incentives for large companies and small businesses to submit joint bids.

Make mental health a priority . According to the Canadian Mental Health Association , women entrepreneurs in early-stage and early-stage growth with few employees or low incomes are more likely to experience mental health issues. These conditions will undoubtedly be compounded by anxiety and fear about the future resulting from COVID-19. Support for mental health and well-being is essential.

The Women Entrepreneurship Strategy Expert Panel recognizes that all Canadians are feeling this crisis, and is especially grateful for the work of health care and emergency workers who are putting their lives on hold and at risk.

In conclusion, they hope that governments and business leaders will respond with rapid actions that will help people emerge stronger and more united from this unprecedented crisis.

Members of the Expert Committee of the Strategy for Women in Entrepreneurship

Danièle Henkel , co-president (Quebec)

Laura McGee , Co-Chair (Ontario)

Shauna Harper (British Columbia)

Virginia McGowan (Prince Edward Island)

Maudeleine Myrthil (Quebec)

Shannon Pestun (Alberta)

Sharon Zohar (Ontario)