Small business financing profiles : Small and medium-sized enterprises in tourism industries

Tourism activities play an important role in the Canadian economy, accounting for approximately 2 percent of Canada's overall gross domestic product and having as much economic impact as the fisheries, forestry andagriculture sectors combined. In 2010, tourism activities provided over 594,500 jobs and represented 3.5 percent of employment in Canada (Statistics Canada, 2011). Small businesses (fewer than 100 employees) are of critical importance to tourism in Canada as they account for close to 98 percent of businesses in the sector. Though there has been substantial research on small and mediumsized enterprises (SMEs) in tourism, information on their financing needs and obstacles is limited.