Small businesses risking missing out on large contracts

In this survey, 32% of SMEs also said that ESG has made it easier to recruit and retain employees, and 31% stated that ESG has improved access to financing and investment.

“Far too many small businesses are still missing the point: adopting ESG practices benefit their business,” Cléroux said further. “Our study shows that entrepreneurs leading by example are reaping the rewards.”

BDC’s study also revealed that entrepreneurs from diverse backgrounds are more likely to see ESG as beneficial to their business, with 90% of the LGBTQ2+ community, 87% of Indigenous people, and 86% of people living with a disability welcoming ESG requirements.

“Market forces, social issues and environmental concerns are putting more and more pressure on businesses to shift toward sustainability,” added Sandra Odendahl, BDC senior vice president and head, sustainability and diversity. “Canadian entrepreneurs need the knowledge, tools, and capital to turn that pressure into a business advantage, and that’s where we come into play. We are committed to helping them meet today’s challenges while growing the sustainable companies that buyers want to do business with.”