Supporting small businesses – the heart of the community

read more: Desjardins launches third iteration of small business grant program

Here, Billy Boucher, CEO of Dejardins Ontario Credit Union, discusses the subsidy program with Insurance Business. We asked him about the program, how it works, and how the insurance industry can help small businesses during this difficult time.

Tell us about your role and its main responsibilities.

As CEO of Desjardins Ontario Credit Union, I lead over 850 employees supporting 130,000 members across Ontario, including thousands of large and small businesses. Our range of business members spans a wide range of industries and there is great diversity in the types of businesses they operate and the customers they serve.

In my role, it is very important to stay grounded in the economic realities of our members and clients. The past 24 months have brought a series of unpredictable challenges to businesses, but now that some of these turmoil are all but past, a whole new set of challenges has emerged. Labor shortages, ongoing supply chain problems, and inflation are adding more uncertainty to business. Work to regain your footing.

Our role at Desjardins is to stand shoulder-to-shoulder with our members and clients, support them during difficult times, and help them find the support they need to adapt and grow.

That’s why we’re proud that Desjardins has brought back GoodSpark Grants to give small businesses a financial boost, especially as economic uncertainty continues.

What is the Desjardins GoodSpark Grants program and how does it work?

GoodSpark Grants was established in 2020 as a means to help small businesses. In its third year, it will award $20,000 each to 150 small businesses across Canada, for a total of $3 million in grants. GoodSpark grants are awarded to companies that demonstrate a commitment to innovation, sustainability, invest in jobs, or make an impact in their communities.

Eligible businesses must be locally owned and operated, have been in operation for at least one year, and have up to 50 employees.

From your perspective, why is it so important for Desjardins to focus on helping small businesses?

We know small businesses can make a big impact. They are the heart of the community. Not only do they create jobs and provide the goods and services we need, they also make regions and cities unique. A coffee shop is not just a storefront, it is a place where friends gather. A bike shop is a place where people can come together around their love for a shared cause. Each small business plays a role in making their communities thrive.

We also saw entrepreneurs trying to innovate and adapt to the unexpected through the pandemic. Their determination and ability to think outside the box often led to opportunities in the most unlikely places.

Facing a new set of challenges, both economic and environmental, navigating uncharted waters now requires the same creativity and drive. I’ve seen some great examples of this from his past GoodSpark recipients (such as Greenii). Greenii has reimagined the production of gift bags and packaging by reusing clean paper waste.

What are the biggest challenges facing small businesses in this post-pandemic phase?

I have been lucky enough to speak with many small business owners. And recently, he told me about the challenges many of them face. Inflation, supply chains, labor shortages and much more as we know it. These issues are also affecting our large corporate clients and members, especially small businesses.

For example, labor shortages affect many companies. But with a small team of 3 people, it really sucks if even one employee is missing. When cycling boomed during the pandemic, some bike shop owners said they had a hard time finding inventory. Now he’s going through the opposite, with too much inventory to move.

We are experiencing a complete storm of problems with a key theme of uncertainty. Money is higher and skilled workers are harder to find. Who knows what’s going to happen, but what are your plans for next year? You can not. So it’s about finding the right balance.

At Dejardins, we strive to be a trusted partner supporting small businesses, especially during uncertain times. A company that adapts is one that can predict where he will be needed two years from now. To do that, we need to understand the needs of the people in our community, not just financial support.

Besides providing insurance and subsidies, how can insurers help small businesses?

The most important thing a large financial institution or insurance company like Desjardins can do is listen to its members and customers. What do they need from us? How can we help them succeed? How can we serve them in turbulent times?

It’s important to remember that behind every small business are individuals and communities. Sometimes the support you need is financial. It can also help build relationships, recognizing that two businesses can be mutually beneficial. Alternatively, there may be a real need for broader support for communities, such as investments in promoting financial literacy among young people and newcomers.

At Desjardins, we are always listening to our members and clients and how we can contribute to their community. GoodSpark Grants is just one example of this.

We are big believers in small businesses and look forward to seeing what the next group of GoodSpark Grants winners do.