Roundtable Key Takeaways: Investing in Canadian SMEs: Competition and Financing for Economic Growth 

By Britney Bresciani  |  

The Competition Bureau’s Role in a Competitive Financial Landscape

The financing landscape for small and medium-sized enterprises (SMEs) in Canada is evolving rapidly. On October 21st, the Startup Gov program, in partnership with the Competition Bureau, hosted a dynamic session as part of the Startup Canada Tour stop in Mississauga, open to all attendees, focused on navigating this change. 

The conversation, “Investing in Canadian SMEs: Competition and Financing for Economic Growth,” brought together a diverse group of experts: 

  • Flore Kouadio (Acting Manager, Competition Promotion Branch, Competition Bureau Canada)
  • Ann Minu Jose (Senior Competition Law Officer, Competition Promotion Branch, Competition Bureau Canada)
  • Carleen Dehaney (Founder of FXO Consulting)
  • Alieu Jallow (Entrepreneurship & Innovation Specialist, City of Mississauga / IDEA Mississauga)
  • Mana Nikaeen (VP Financing for GTA West, Business Development Bank of Canada (BDC),

At the beginning of the session, Flore Kouadio delivered a presentation on the role of the Competition Bureau in fostering a competitive financial landscape that benefits SMEs. She highlighted the importance of SMEs actively engaging within the competition ecosystem, encouraging them to connect directly with the Bureau or share their insights with organizations dedicated to supporting their growth, such as Startup Canada.

Four critical pillars shaping the future of financial access for entrepreneurs were explored during this session. They included:

1. Accessing Diverse Funding Options

The first theme centred on the diverse types of funding available, from chartered banks and credit unions to government institutions and pitch competitions. The consensus among the panel was clear: funding options are available, but securing funds takes time, preparation, and proactive relationship building.

  • Policy and Competition: Representatives from the Competition Bureau, Flore Kouadio and Ann Minu Jose, emphasized that a healthy competitive ecosystem requires active monitoring and removal of barriers affecting SMEs, such as the burden of e-Transfer fees, to ensure entrepreneurs have an equitable opportunity.
  • The Personal Touch: Carleen Dehaney reminded attendees that for many founders, the banking experience is deeply personal. Building strong relationships and understanding all available resources is crucial since SMEs often lack dedicated banking support.
  • Early Traction and Grants: Many early-stage founders face challenges due to a lack of traction. Grants can provide valuable funding support, especially when hiring interns and co-op students, offering a win-win for both the business and the student.
  • Lender Perspective: When assessing businesses, lenders look closely at the collateral package. Banks will soon have access to real-time cash flow data, a development expected to help them make better lending decisions.

Takeaway: Funding options are available, but securing funds takes time. Don’t settle; always explore your options, and start building relationships early.

2. Bundling vs. Choice: The Importance of Shopping Around

The discussion then shifted to the trend of financial institutions bundling services. While bundling can offer convenience and familiarity, the panel cautioned that it may limit a founder’s options and stifle innovation from smaller providers.

For many founders, the banking experience is personal, and the convenience aspect of bundling is appealing. However, the lack of dedicated banking support for many SMEs means awareness of available options is often lacking. The key takeaway here was simple: Healthy competition is key. You must shop around to ensure you are getting the best rates, terms, and the right product for your business lifecycle.

3. The Challenge of Switching Providers

Switching loan providers, whether for a better rate or service, is often difficult. The panel agreed that trust and the existing relationship are key factors that make it challenging to move.

For a competitive marketplace to function effectively, the ability for customers to switch seamlessly is vital. However, when moving loans, founders may not get the same rates they had elsewhere, and the process of building trust with a new lender starts from scratch. Founders must be prepared, ensure their data and paperwork are up to date, and weigh the long-term gain of a better partnership against the short-term friction of switching.

4. Consumer-Driven Banking and the Promise of Open Banking

The most forward-looking discussion focused on Consumer-Driven Banking, often referred to as Open Banking.

The Competition Bureau has been advocating for this upcoming framework, which will allow SMEs to securely share their financial data with fintech companies of their choice. This is expected to:

  • Reduce administrative burden and speed up decisions on loan proposals.
  • Enable fintech innovation to create tailored financial products (like budgeting apps that track expenses or tools to improve credit quality).
  • Lead to a new wave of transparency and efficiency in banking.

While concerns around privacy and the need for greater awareness remain, the promise of Open Banking is substantial: more options, easier access to credit, and more personalized financial tools for the fundraising journey.

Next Steps for Canadian Founders

The Competition Bureau also noted that the Competition Act is designed to ensure that Canadian SMEs have an equitable opportunity to participate in the economy. This includes monitoring issues like barriers affecting small financial institutions (e.g., Interac e-Transfer fees) and advocating for pro-competitive policies that benefit entrepreneurs. Securing funding requires preparation, diligence, and a commitment to exploring all avenues. Remember: cash is king, your pitch must be on point, and your data must be reliable.


For those entrepreneurs who attended the 2025 Startup Canada Tour stop in Mississauga and are looking for local support and funding guidance, be sure to explore these resources provided by IDEA Mississauga:

To learn more about the Competition Bureau and its work in the financial sector, check out the following resources:

Thank you to the Competition Bureau for their commitment to supporting these critical dialogues and empowering entrepreneurs to build, grow, and compete on the global stage.