Eddie Matthews is optimistic about the region’s economic positioning even though local businesses are still facing hurdles.
The general manager of the Stratford and District Chamber of Commerce provided that assessment after the RBC Business Symposium, which brought together business leaders from the community for a day of guest speakers, speed sessions and information on the current business climate in Canada.
Matthews keyed in one area that is impacting businesses locally and across Canada.
"The thing that we've got to worry about in this area is the CEBA loans that have to be repaid," he told StratfordToday.
Over the course of the COVID-19 pandemic, organizations across the nation received a Canada Emergency Business Account (CEBA) loan, a federal program to allow an up to $60,000 interest-free loan. The loan was meant to help businesses and non-profits survive the shutdown.
The CEBA loan repayment is due on Jan. 18, 2024, after being extended from Dec. 31.
“We've got a lot of small businesses, the pressure is going to be on them to repay those loans,” Matthews said.
Given that pressure on the horizon, Matthews said that the symposium, which was said to be a “must-attend” event for anyone wanting to stay ahead in the business world, was a success.
Held at the Stratford Country Club, the symposium included an economic update from RBC economist Claire Fan, who covers macroeconomics in Canada and the United States.
Fan provided an overview of the economic landscape of Canada in the last few years, highlighting an assortment of topics such as gross domestic product, the unemployment rate, inflation, and the housing market.
With the theme of "Prepare, Grow, Protect," the symposium had a different format to other years, with tables set up around the room and local experts available for speed sessions.
A panel composed of Fan and local business experts provided answers to submitted questions, ranging from how businesses can minimize risks in this economy to strategies on how someone can transition their business when they retire.
On that panel, Danielle Walker, senior relationship manager at RBC Royal Bank Stratford, reiterated how important it is for local businesses to involve all parties in conversation.
“Lean on your partners and your experts,” Walker advised. “Bring them into strategic meetings, take the time to have the conversations, there are so many things going on and so many considerations that are involved … make sure that you're able to consciously make a decision for you and your business, with all of the information that you can possibly obtain.”
