Corner Brook lowers taxes for new female-led companies

The City of Corner Brook is introducing a new initiative to help female company owners as they start to expand their enterprises. By abolishing company taxes for up to two years, the Assistance to Women Entrepreneurs of Small or Medium Enterprises Programme (AWESOME) is intended to support new and startup women-owned firms.

The city claims there has already been interest in the programme and that they plan to officially launch it by the end of April. Any new business that registers with the city, or any business that started within the last three years, with some exceptions, can participate in the programme if it is owned entirely or predominately by women.

An application form will be made available when the programme launches. Three years ago, Kayla Butler opened a photography studio in the city. She views this as a wonderful chance to encourage more female entrepreneurship.

"I think that could bring immense help, because taxes is a very scary time for a lot of people," Kayla said to CBC News.

"I believe Corner Brook is likely the ideal size location to begin it. Women and budding entrepreneurs are both present.”

The Newfoundland and Labrador Organisation of Women Entrepreneurs CEO, Jennifer Bessell, expressed her organization's excitement at the city's scrutiny of female entrepreneurship.

According to her, “Many women who wish to launch a business may encounter barriers that are particular to gender, such as difficulty accessing funding or unintentional prejudices in their areas.”

According to Bessell, "There's more awareness of the need for change and more commitment to bringing about that change."

"In the beginning of their existence, businesses are more prone to failing due to a lack of access to money. Therefore, by suspending the business tax, they are giving the business more opportunities to use that capital in various ways. And increasing their chances of success."

Bessell urged other areas in Newfoundland and Labrador to keep an eye on the project's progress and noted that it may be effective elsewhere.

"Look at it from that type of a distance. In five years, have a look at this”, she said. "Observe the durability of the companies that are founded during this boom phase. The fact that they are still active and may be able to draw correlations between receiving more financing and... and the fact that they were able to overcome the initial obstacle”.