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Alberta businesses continue to show resilience

Posted on: January 24, 2018

Edmonton— According to the latest ATB Business Beat, seven of ten (71 per cent) small to mid-sized businesses (SMEs) stated they were negatively impacted by the economic downturn. Of those, almost all (93 per cent) are still feeling the past recession’s effects. While this is a stark reminder that many continue to battle economic headwinds, 60 per cent of SMEs claim they have either recovered or are on the road to recovery.

“While the recession has certainly left its mark on our business landscape here in Alberta, the numbers show that we are turning a corner,” says Teresa Clouston, executive vice-president, ATB Financial. “Opportunities for growth are out there. Alberta businesses are working harder and more creatively perhaps than ever before, to uncover, grab hold and leverage them.”

When asked about plans to expand, more than seven of ten (71 per cent) business owners plan to focus on growth within the province. Twelve per cent of Alberta businesses are crossing into the US and nine per cent have set their sights on the international marketplace.

“It appears business owners are sticking close to home,” adds Clouston. “Investing across borders or into new markets may feel risky right now with various political and trade uncertainties. However help is there for those who need it.”

Having a solid entry plan, doing the research and seeking support from partners like ATB, Export Development Canada (EDC) and Alberta Economic Development and Trade (EDT) are great resources to get started.

The majority of SMEs (67 per cent) found a way to fund growth throughout the downturn which demonstrates their resilience. For the one third that lacked capital to realize growth, options are out there.

“A lack of growth capital is not the same as unprofitability, but the two can be related in their damaging impact to long-term success,” adds Clouston. “To generate growth capital, business owners can consider exploring a combination of options like bringing in private investors, unlocking equity and funding from a trusted financial institution.”

Businesses can also opt for innovative solutions like crowdfunding (ATB BoostR), crowdlending (ATB LendR) or expansion with ATB Capital, Mergers and Acquisitions.

See the full report at atb.com/businessbeat

To speak with Teresa Clouston, please contact:

Pamela Leier
Corporate Reporter
ATB Financial
587-984-6177
pleier@atb.com

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