Report: Surrey tops small business friendliness rankings

Richmond, New Westminster and Langley Township also place high

June 9, 2015, Vancouver, BC – Surrey is the top destination in Metro Vancouver for starting a new small business, says a new report by Vancity credit union.

The report, Open for Business: the top cities to start up a small business in Metro Vancouver, found that of the 17 municipalities in Metro Vancouver, Surrey is the best place for aspiring entrepreneurs due to its growing population, affordable business and residential property and low costs of doing business. A high level of family support also contributes to the success of small businesses in Surrey. Other communities that rank well include Richmond, Langley Township and New Westminster.

The report analyzed seven factors that contribute to small business success, including a thriving market, reliable transportation, cost of doing business, supply chains, personal cost of living, personal support and a culture of entrepreneurialism. Metro Vancouver municipalities ranked as following:

• Surrey received high marks for a thriving market, as the population rose by 18.6 per cent between the 2006 and 2011,
• business property costs in Surrey are more affordable due to ample inventory and vacancy,
• Surrey and Langley Township received high marks for business taxation rates,
• Richmond ranked best for access to reliable transportation, and
• New Westminster, Port Coquitlam and Langley Township topped the rankings for affordable residential housing.

To support growth in the local economy, Vancity actively invests in entrepreneurs to help them build successful small businesses. This includes offering a suite of financial products and advice to assist new entrepreneurs and small business owners in Metro Vancouver. The credit union also offers , scholarships and networking opportunities for small businesses.

Vancity is committed to redefining wealth and building healthy communities for its members. An important part of building a healthy community is understanding key economic drivers such as small businesses.

Quote

Local entrepreneurs innovate to create new products and services, generate jobs and help our communities thrive. Location is a primary factor in setting up a small business for success — Surrey is the number one location when it comes to supporting entrepreneurial innovation. Christine Bergeron, Vancity’s director of business member relationships

Additional information:

• Report: Open for Business: the top cities to start up a small business in Metro Vancouver
• Vancity business tips

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 509,000 member-owners and their communities through 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As Canada’s largest community credit union, Vancity uses its $18.6 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

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For more information:

Lorraine Wilson | Vancity
T: 778-837-0394
mediarelations@vancity.com