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Report on Small Business Newsletter: Ontario government invests in fintech to boost small-business lending

Toronto, Ontario - May 1, 2018 -- LENDING LOOP -- Cato Pastoll, CEO of Lending Loop, poses for a picture in their office in Toronto, Tuesday, May 1, 2018. (Mark Blinch/Globe and Mail)

Mark Blinch/The Globe and Mail

Ontario government invests in fintech to boost small-business lending

The Ontario government is turning to Canada’s financial technology sector to help small businesses get better access to financing. On Wednesday, Lending Loop, a peer-to-peer online lending platform for small-business loans, announced a pilot project in partnership with Ontario that will provide $3-million of loans over the next two years. The government will boost Lending Loop’s loans by 10 per cent, which will help fund more than $30-million of loans to businesses across Ontario. The government will receive a full re-payment of the loan plus interest at the end of the loan terms. Full story

When family business gets ugly

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When Desmond Griffin and his sister-in-law Penny Green decided to join forces on mobile payments company Glance Technologies Inc.​, it was to help expand the business with an eye to taking it public. About three years later, the family members are in a heated dispute​ – playing out in press releases and online – over the direction of the Vancouver-based ​financial technology ​company​, a small cap that went public on the Canadian Securities Exchange in September, 2016. Full story

Toronto vape company Green Tank poised to cash in on cannabis legalization

Dustin and Corey Koffler, brothers and co-founders of Green Tank Technologies Corp., have been growing their business at breakneck speed over the past year – and the pace is unlikely to slow down as cannabis legalization approaches. Full story

Canada facing ‘brain drain’ as young tech talent leaves for Silicon Valley

Canada’s best and brightest computer engineering graduates are leaving for jobs in Silicon Valley at alarmingly high rates, fuelling a worse “brain drain” than the mass exodus by Canadian doctors two decades ago, according to a new study. Full story

Next week: The Globe and Mail Small Business Summit

The 2018 Globe and Mail Small Business Summit will feature Elana Rosenfeld of Kicking Horse Coffee, club king Charles Khabouth, Jim Estill, who brought 200 Syrian refugees to Canada, and many more. The Small Business Summit is the country’s premier event for entrepreneurs who want to grow their companies and it will be held at the new Globe and Mail centre in Toronto. Full lineup at tgam.ca/sbs18

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Salesforce to launch US$100-million venture fund in Canada

California cloud-computing giant Salesforce.com Inc. will launch a US$100-million Canadian venture fund Thursday, targeting early-stage companies here that work with its leading sales and marketing platform. Full story

Vendors booted from Peterborough Farmers’ Market

At least five vendors have been terminated from the Peterborough Farmers’ Market days before the outdoor market is set to begin. Full story

Taxes to hit some downtown Squamish businesses hard, due to BC Assessments

As the deadline to set the tax bylaws for 2018 approaches, councillors are being asked to balance business taxes against residential rates. Full story

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Business ‘potline’ aims to answer questions about marijuana legalization

The St. John’s Board of Trade has set up a new phone line for business owners with questions about the impending legalization of marijuana. Full story

Ottawa entrepreneur Maher Arar bets on Vanier with new coworking space

Ottawa businessman Maher Arar is hoping a focus on the fundamentals will bring like-minded entrepreneurs to his new coworking space in Vanier – a neighbourhood he believes is forging a new reputation. Full story

Kelowna entrepreneur one of two new dragons on Dragon’s Den

CBC’s Dragon’s Den has announced a pair of new dragons for the upcoming season and one of them has Okanagan roots. Lane Merrifield and Vincenzo Guzzo will join the six dragon panel, replacing the departing Michael Wekerle and Joe Mimran. Full story

Piece rate for fruit pickers is fairer than hourly wage, B.C. fruit growers maintain

As the B.C. government considers whether to scrap the piece-rate system of pay for the province’s fruit pickers, growers are arguing that it gives their workers a much better wage. Full story

Sackville father-daughter duo start up construction, property management business

At 17 years old and set to graduate from Tantramar Regional High School this June, she is getting ready to take on a path most girls her age don’t typically consider – and has spent the past couple of years getting ready for it. Full story

Quebec maple syrup hits sweet spot on Japanese market, entrepreneur says

When Takeya Kaburaki took ownership of the Auberge de la Pente Abrupte, in the town of Sainte-Paule in Quebec’s Gaspésie region, he knew he wanted to master maple syrup production from top to bottom. Full story

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