CME welcomes new support program for large employers; more needed
OTTAWA (May 11, 2020) – Canadian Manufacturers & Exporters (CME) welcomes the Large Employer Emergency Financing Facility (LEEFF) which will provide money for businesses seeking financing of $60-million or more. “Manufacturers are pleased the government listened to the concerns of industry and took steps to support large employers.” said Dennis Darby, President & CEO of CME. “Canadian businesses, of all sizes, are significantly affected by the economic downturn caused by COVID-19. We hope struggling business can access this program despite its many caveats.”
“By supporting large manufacturers the government is reinforcing Canada’s supply chains,” added Darby. “In fact, these giants are the primary customer for thousands of SMEs. It is critical they continue to operate so they can keep generating wealth for all Canadians.” In manufacturing, large businesses account for about 55 per cent of GDP in Canada.
“But, more support is needed. While the LEEFF is a good step forward, businesses are hesitant to take on more loans and debt during these uncertain times,” stated Darby. “CME has called for non-repayable measures to help businesses with cash flow during these challenging times. We look forward to work with the government to support large businesses through programs such as rent relief.”
ABOUT CANADIAN MANUFACTURERS & EXPORTERS
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.
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