SME profile : Tourism industries in Canada

Domestic demand from Canadian visitors accounts for approximately 80 cents of every Given the importance of financing to the success and dollar spent on tourism goods and services in Canada.1 growth of a business, this report investigates the financing activities of tourism SMEs and identifies the financing Tourism plays a vital role in Canada’s economy, needs and obstacles they face. [...] SME Profile: Tourism Industries in Canada 3 3. Distribution by Geography Tourism SMEs operate in every province and territory Quebec, the concentration of SMEs in tourism in Canada and their geographical distribution is roughly industries surpasses the concentration of SMEs in other proportional to the distribution of other SMEs (Figure 2). [...] The food and beverage services industry has the Tourism SMEs are more likely to operate in rural areas highest representation of tourism SMEs in Canada than other SMEs, with one in four tourism SMEs (63.4 percent), ranging from 54.9 percent in Atlantic operating in rural areas compared with one in five Canada to 68.0 percent in Ontario (Table 1). [...] Shortage of labour, and recruiting and retaining employees are often-reported SMEs in both tourism and other industries identified barriers to growth for tourism industries, especially in the “rising cost of inputs” as the most frequent external the hotel and food and beverage services industries.7 obstacle to growth (81.2 percent for tourism SMEs versus 61.1 percent for other SMEs), followed by “ [...] SME Profile: Tourism Industries in Canada 13 Main Provider of External Financing Domestic chartered banks (43.8 percent for tourism same time, tourism SMEs were more likely to use SMEs and 56.7 percent for other SMEs) and credit government institutions (16.3 percent for tourism unions are the main providers of external financing SMEs versus 5.3 percent for other SMEs) as a provider for SMEs in bot