It’s been one year since Canadian small businesses had to adjust to the impacts of COVID-19, including new government restrictions and changing consumer behaviours that impact the bottom line. At the outset of the pandemic, many businesses quickly shifted to digital payment tools such as Interac e-Transfer to better serve their customers and meet the health measures in place to ensure the safety and wellbeing of Canadians.
Through all of this, small business owners demonstrated their resilience. Interac is proud to offer support through internal engagement initiatives, expansion of our digital offerings for small businesses, and by encouraging Canadians to #ShopLocal. Today, we are excited to share that we are extending that commitment even further.
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Canada United Small Business Relief Fund
At our third Annual General Meeting of Shareholders, we announced our support of the Canada United Small Business Relief Fund. Our donation, made on behalf of our shareholders, will help small businesses from across the nation offset the cost of reopening safely or adopting new digital technologies.
The Canada United Small Business Relief Fund started as an idea within the Royal Bank of Canada to help local small businesses begin the recovery process from the pandemic. This fund has given small businesses the platform to share with Canadians that they are open and ready for business and has encouraged people to shop local. As a FinTech company, Interac is excited to support Canada United by helping small businesses expand their digital technology so they can create new revenue streams.
Strengthening our support of small business partners
Interac has long-standing partnerships with the Canadian Federation of Independent Business, Canadian Federation of Independent Grocers, Restaurants Canada, and Retail Council of Canada, all of which provide support and resources to small businesses.
This year, to broaden our impact on small business recovery, we have reallocated our funding commitments to programming that directly supports small business owners as they rebuild their businesses during and post-COVID. This includes funding hotlines and memberships, enabling small businesses to receive 1/1 support with reopening their shops. We have also provided reopening relief funds to ensure small businesses get back on their feet after being hit hard by the pandemic.
Interac employees were committed to supporting small businesses since the beginning of the pandemic started. In 2020, our employee-led social committee created a small business catalogue for our Employee Appreciation Week and Holiday celebrations to give thanks to our employees who worked tirelessly to ensure our products and services ran efficiently and securely for Canadians. Through these initiatives, we invested more than $65,000 in local small businesses.
As an organization, we look forward to continuing our support of small businesses as they navigate reopenings and life after COVID-19. As Canadians, we all have a role to play in supporting our local communities by shopping locally and helping businesses recover. Click here to learn more about the incredible work Canada United does and join us in supporting local businesses.
Interested in learning more about how Interac is investing in our community? Click here.
