2025 is going to be a challenging year for local business.
A recent survey by the Canadian Federation of Independant Business shows business confidence is just 25 percent, due in part to US tariffs.
Ryan Reynard is executive director of the Lake of the Woods Business Incentive Corporation and is confident they’ll be able to pull through.
“They’re dynamic…a lot of the business owners, they’re fighters and they’re willing to do whatever it takes to trying to survive,” Reynard said at the recent Annual General Meeting of LOWBIC.
“It’s certainly a challenge, coming out of COVID, just trying to get on their feet, now they are facing some new challenges.”
Reynard says local businesses were just starting to feel more confident, as LOWBIC lent out twice as much last year as they usually do.
“Approving just over $4 million (in business loans) in 2024 was a big jump for us. Over the last five years, we’ve averaged just over $2 million per year.”
LOWBIC says 25 new business started locally last year and 11 others expanded.
(File photo)
