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CATA Inks Letter to the Prime Minister Proposing Fast Funds to Small Business Tech Companies
Wednesday, April 8, 2020Company Profile | Follow Company
Ottawa, ON, April 7, 2020--(T-Net)--Canadian Advanced Technology Alliance (CATAAlliance) announced today that it has inked a letter to the Prime Minister proposing 'fast funds' to better aid small business tech companies.
A full copy of the letter issued by CATA is shown below (bolding and highlighting of key points in letter by T-Net):
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Dear Prime Minister Trudeau,
Like all Canadians, I have been following your government's actions related to the COVID-19 crisis. While the wage subsidy program is to be applauded, I echo grave concerns of many business groups and others; the funds need to flow faster.
I am writing on behalf of the Canadian Advanced Technology Alliance (CATA) with an urgent, new proposal to assist 12,000 Canadian-owned small tech and highly innovative companies. Collectively, these companies employ 85,000 people with a disproportionate number in the Science, Technology, Engineering and Math (STEM) field.
This is a highly innovative sector that delivers vital services to Canada's supply chain, overall economy and can lead rebound growth. These are companies that serve the world like:
Last week, CATA has spoken with organizations like: the Canadian Chamber of Commerce, the Canadian Venture Capital and Private Equity Association, and Engineers Canada.
We fear many vital parts of the sector and supply chains may collapse and never recover. These companies generate volumes of global intellectual property and all of them have a proven and trusted track record with the Government of Canada.
We urge the government to:
By using data from the tax credit program (see below), we are recommending this mechanism as a simple, fast and auditable method to distribute funds now. The funds could be administered by Minister Bains' Ministry - Innovation, Science and Economic Development Canada - and its agencies across the country.
We estimate this new fund would pay back all disbursements in 2.5 years. Most importantly, the economic dividends would start immediately with continued employment.
The companies that would benefit are spread across Canada in vital sectors and critical infrastructure such as agri-food, clean tech, digital industries, health/biosciences, and advanced manufacturing.
We have already consulted broadly and will continue to do so.
Prime Minister, I share your concern for the future of the country. I think we can make a difference together.
I can be reached at: suzanne.grant@cata.ca or by telephone at 613-697-8818.
Thank you for your consideration of our proposals.
Best regards,
Suzanne
Suzanne Grant
CEO, Canadian Advanced Technology Alliance
207 Bank St., Suite 416
Ottawa, ON
K2P 2N2
Canada
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Canadian Advanced Technology Alliance (CATAAlliance)
Ottawa, ON (Non-Tech Sectors)
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