Financing SMEs and Entrepreneurs 2026: Canada
Table of contents
In 2024, Canadian small businesses establishments (1-99 employees) constituted 98% of all businesses. Small businesses employed 5.8 million individuals at the enterprise level, or 46.6% of the private sector labour force.
Supply-side survey data show that outstanding debt held by all businesses increased in 2024 to CAD 1 363 billion. Lending to small businesses increased to CAD 160.1 billion (from CAD 134.8 billion in 2023). As a result, small businesses’ share of total outstanding business loans in 2024 was 11.7%.
Small business credit conditions eased by the end of 2024. The average interest rate charged to small businesses decreased from 9.0% in 2023 to 7.3% in 2024, with an average prime rate (the rate charged to the most creditworthy borrowers) of 6.8% (from 6.9% in 2023). The business risk premium (measured as the difference between the average small business interest rate and the business prime rate) declined to 0.5%, reflecting an easing in access to financing for small businesses and large businesses in Canada. Bank of Canada survey results indicate that lenders reported that overall business lending conditions eased towards the end of the second half of 2024. Borrowers also reported easing of credit conditions during the same period.
In 2024, the small business 90-day delinquency rate rose to 0.86% after reaching 0.25% in 2023 and 0.26% in 2022.
Total venture capital (VC) investment levels in Canada were CAD 7.9 billion in 2024, up from CAD 7.1 billion in 2023.
The Business Development Bank of Canada (BDC), a crown corporation with the mandate to support Canadian entrepreneurship, had CAD 48.1 billion in financing and investments, as of 31 December 2024, committed to 109 000 clients operating across Canada. As the most active VC investor in Canada, the BDC invests both directly into firms and indirectly through external VC funds, with the objective of making Canadian VC a financially viable and attractive asset class for private sector investors and institutional investors.
The Government of Canada has further supported the development Canada’s VC ecosystem by convening public, private, and institutional sources of financing through its Venture Capital Action Plan (VCAP) and Venture Capital Catalyst Initiative (VCCI). Taken together, the Government of Canada has invested CAD 1.2 billion, resulting in a combined total of over CAD 3 billion in capital raised from public and private sources to help Canadian companies start up and grow.
The Government of Canada has established a number of programmes to provide support targeted to entrepreneurs from underrepresented groups. The Government has made total investments of nearly CAD 7 billion in the Women Entrepreneurship Strategy (WES); of CAD 189 million in the Black Entrepreneurship Program (BEP); of CAD 60 million for Futurpreneur, a programme to support youth entrepreneurs; and of CAD 25 million to Canada’s 2SLGBTQl+ Chamber of Commerce to deliver a program aims to address the unique challenges faced by 2SLGBTQl+ entrepreneurs to help start and grow businesses. The Aboriginal Entrepreneurship Programme also provides access to capital and business opportunities to First Nations, Inuit and Métis Nation entrepreneurs.
The Government of Canada offers a wide range of initiatives and programs to help businesses capitalize on opportunities, diversify markets, and grow globally. Global Affairs Canada’s (GAC) Trade Commissioner Service (TCS) helps Canadian businesses grow by connecting them with government funding and support programs, international opportunities, and a network of employees in nearly 150 international locations. The TCS offers the CanExport Program, which consists of four sub-programs: CanExport SMEs, CanExport Innovation, CanExport Associations and CanExport Community.
Export Development Canada (EDC) is Canada’s official export credit agency, with a mandate to support and develop Canada’s export trade and Canadian capacity to engage in that trade and respond to international business opportunities. To fulfill its mandate, EDC offers a range of services including insurance, financing, bonding, and equity investments as well as trade knowledge. In 2024, EDC facilitated over $46 billion in business for SMEs.
Canada’s seven regional development agencies (RDAs) are the federal government’s front line for regional economic development with points of service in communities of all sizes and are often called upon to deliver targeted programs tailored to the respective region. They play a critical role in supporting regional innovation ecosystems and helping businesses grow. While nationally coordinated, their programs are tailored to reflect the unique needs and opportunities of each region. RDAs deliver two nationally standardized programs; first the Regional Economic Growth through Innovation (REGI) supports small and medium-sized enterprises (SMEs) and strengthens regional innovation ecosystems and second, the Community Futures Program (CFP) fosters economic development, primarily in rural communities, though a network of Community Futures Organizations (CFOs) that offer business support and improved access to capital. Together, these programs help build strong, resilient regional economies.
Overall, the lending condition environment during 2024 was impacted by a number of macroeconomic factors, including: the easing of monetary policy by the Bank of Canada, a modest but steady growth in employment, a moderate growth in gross domestic product (GDP) and a gradual decrease of price pressures. GDP at market price increased by 0.6% in the fourth quarter of 2024, following a 0.5% rise in the third quarter. On an annual average basis, Canada’s GDP grew by 2.6% in the fourth quarter of 2024. From January 2024 to December 2024, employment slightly rose in average by 0.1% each month to 20.9 million and the unemployment rate was 6.7% at the end of 2024 (from 5.7% in January). The consumer price index (CPI) rose 1.8% year over year in December 2024, following a 1.9% increase in November. The Bank of Canada’s policy interest rate declined from 5.00% in January 2024 to 3.25% in December 2024.
In 2024, Canadian small businesses (1-99 employees)1 constituted 98.2% of all businesses. Small businesses employed 5.8 million individuals at the enterprise level, representing 46.6% of the private sector labour force. Of this number, 75.1% was employed in the services sector and 24.5% in the goods sector.2
By firm size
Source: Statistics Canada. Business Register, 2024.
Figure 1. Debt financing by source of financing in Canada, 2024Figure 1 shows the major suppliers of small business financing in 2024. Most small business financing (81.9%) was provided by banks (domestic and foreign), credit unions and caisses populaires. The remainder came from finance companies, financial funds and insurance companies.
Note: Finance companies comprise establishments, both public (government-sponsored enterprises) and private, primarily engaged in extending credit or lending funds raised by credit market borrowing, such as by issuing commercial paper and other debt instruments, and by borrowing from other financial intermediaries.
Source: Statistics Canada, Survey of Suppliers of Business Financing, 2024.
Supply-side survey data, which include only lending from the private sector and exclude lending funded by the Government, show that outstanding debt to all businesses increased by 11.7% in 2024 to CAD 1 363 billion, while outstanding debt to small businesses increased by 18.8%, to CAD 160.1 billion (Figure 2). Small businesses’ share of total outstanding business loans increased by 1.7 percentage points, to 11.7% in 2024. The declining trend of the small business’ share is explained by the fact that outstanding debt for small businesses grew marginally compared to the growth of outstanding debt for medium-sized and large businesses. Over the 2007-24 period, outstanding debt for small, medium-sized and large firms increased by 91.9%, 118.4% and 229.8%, respectively. Over the longer 2000-24 period, outstanding debt grew at an average annual rate of 2.7%, 4.6% and 7.1% for small, medium-sized and large firms by 2.7%, 4.6% and 7.1% respectively (see Figure 2). As a result, small businesses’ share of total outstanding business loans declined over the 2000-24 period.
By firm size, in CAD million (LHS) and as a percentage (RHS)
Note: Firm size is proxied by loan authorization level. Small firms are proxied by loans with an authorization level below CAD 1 million, medium firms are proxied by loans with an authorization level between CAD 1 million and less than CAD 5 million; large firms are proxied by loans with an authorization level greater than CAD 5 million.
Source: Statistics Canada, Survey of Suppliers of Business Financing, 2000–2024; and Innovation, Science and Economic Development Canada.
Supply-side survey results show that lending activity for businesses increased in the second half of 2024 for small businesses, medium-sized businesses and for large businesses. During that period, lenders disbursed approximately CAD 169 billion in new loans to large businesses. This represented a 2.0% increase in disbursals compared to the first half of 2024. Lending activity increased for small and medium-sized businesses, with loan disbursals increasing by about 0.9% and by 0.4%, respectively. Total lending activity in 2024 compared to 2023 increased by 14.8% for large businesses and decreased by 9.3% and 22.2% for medium-sized and small businesses, respectively.3
In CAD million
Source: Statistics Canada, Survey of Suppliers of Business Financing, 2024; and Innovation, Science and Economic Development Canada.
The results of the 2024 Credit Conditions Survey showed that the request rates for debt financing decreased significantly in 2024 to reach 9.0% from 25.7% recorded in 2023. The 2024 ratio of funds authorised to funds requested was 90.7%, close to the 2010-2023 average of 89.2%.
Although the average interest rate charged to small businesses in 2024 decreased to 7.3% from 9.0% in 2023, it remained at a historically high level4. The average prime rate (the rate charged to the most creditworthy borrowers) decreased to 6.8% in 2024 from 6.9% in 2023. The business risk premium (measured as the difference between the average small business interest rate and the prime rate) decreased to 0.51% from 2.06% in 2023. This last indicator reflects an easing in access to financing for small businesses in Canada, from the lenders’ perspective.
Close to 65% of small businesses were asked to pledge collateral to secure their loans in 2024, in comparison with 46.7% in 2023.
The Bank of Canada tightened monetary policy significantly in 2022 to curb inflation, through quantitative tightening and rapid increases in its policy interest rate. The Bank of Canada’s policy interest rate rose from 0.25% in January 2022 to 5% in July 2023. Higher interest rates worked to ease price pressures in Canada and inflation came down. The Bank of Canada started to eased monetary policy and reduced its policy interest rate to 3.25% by the end of 2024.
In 2024, the request rate for lease financing was 6.0%, while the approval rate has exceeded 99%. Request rate for lease financing reached its highest level in 2019 (13%) and has been between 4% and 7% since.
Total venture capital (VC) investment levels in Canada totalled CAD 7.9 billion in 2024 compared with CAD 7.1 billion in 2023.
Between 2023 and 2024, pre-seed capital decreased by 38.5% to reach CAD 0.1 billion, seed capital decreased by 46.7% to reach CAD 0.5 billion, early-stage capital decreased by 7.1% reaching CAD 2.9 billion, later stage capital decreased by 11.1% reaching CAD 2.1 billion, and growth stage capital reached CAD 1.5 billion.
In CAD millions
Source: Canadian Venture Capital Private Equity Association, 2024.
The business insolvencies trended downwards over the period 2007-2021, but it started to increase in 2022 and thereafter. Specifically, the incidence of insolvencies per thousand businesses fell from 2.14 in 2020, to 1.91 in 2021 and increased to 4.56 in 2024. The decline in insolvencies should be interpreted with caution. In particular, the pandemic support programs introduced by the Government of Canada likely helped some businesses avoid or delay insolvency. Furthermore, insolvency figures do not comprise all closures, since they do not include businesses that terminated operations without filing for bankruptcy. The prime rate remained low until 2021 at 2.45%. This helped keep small business financing costs low and, as a result, allowed them to maintain healthy and more manageable balance sheets. However, the prime rate rose in 2022, picked at 6.94% in 2023 and was 6.77% in 2024.
The 90-day delinquency rate increased during the pandemic of COVID-19 from 0.38% in the fourth quarter of 2019 to 0.58% in the third quarter of 2020. During the same period, GDP decreased by 3%. The 90-day delinquency declined quarterly thereafter and reached 0.16% in the first quarter of 2023. The 90-day delinquency rate was 0.86% in the fourth quarter of 2024, after trending upward since the second quarter of 2023 and peaking at 1.12% in the third quarter of 2024.
Source: PayNet Inc (Equifax); Statistics Canada and Innovation, Science and Economic Development Canada calculation.
The Government of Canada is working to help entrepreneurs and small and medium-sized enterprises (SMEs) across the country grow, enhance competitiveness, increase Canada's share of global trade, and improve conditions for investment. The following programs are federal level initiatives that provide targeted financial and non-financial supports and services to drive growth and competitiveness, support inclusive entrepreneurship, bolster international trade and provide regionally tailored supports through Canada’s Regional Development Agencies (RDAs). In addition to the federal government programs listed below, provincial and territorial governments also offer key programs and supports for SMEs and entrepreneurs to help businesses start, grow, and scale within their local economies.
Business Development Bank of Canada
The Business Development Bank of Canada (BDC) is a crown corporation mandated to support Canadian entrepreneurship by providing financing, investment capital and advisory services. BDC offers direct lending, growth and transition capital, venture capital (VC), securitization, and consulting solutions. It works to address market gaps, increase access to financing to traditionally underserved entrepreneurship groups, and support innovative sectors. It also fulfils a countercyclical role, increasing its support for Canadian entrepreneurs during times of economic turmoil such as during the COVID-19 pandemic and U.S. tariffs. For example, to support Canadian entrepreneurs affected by the U.S. tariffs, BDC is making available up to CAD 500 million in financing, extending working capital loans for up to CAD 2 million with favorable interest rates to support commercially viable businesses. Additionally, BDC is Canada’s most active VC investor in Canada; as of December 31, 2024, BDC’s VC portfolio totaled CAD 3.17 billion directly into innovative Canadian companies and indirectly through VC funds, including investments in emerging areas such as clean and climate technologies, life sciences, the defence sector, and dedicated investment funds supporting women, Black Canadian and Indigenous founders.
Canada Small Business Financing Program
Coordinated by Innovation, Science and Economic Development (ISED) Canada, the Canada Small Business Financing Program (CSBFP) is a statutory loan-guarantee program, which facilitates lending to small businesses, especially younger, smaller, and higher risk firms, typically with low collateral, less experience, or shorter credit history. Since its inception 25 years ago, this program has helped small businesses in Canada get access to over 200,000 loans valued at CAD 27 billion. To access a loan, small businesses apply directly through participating financial institutions who are then responsible for assessing applications, approving and disbursing the loans, registering the loans with the CSBFP and administering the loans. Recent enhancements to the program have provided small businesses with new loan options to better address modern small business needs. These enhancements included a line-of-credit financing option, increased loan amounts, and expansion of loan-class eligibility to include the financing of intangible assets, like intellectual property (e.g., patents, copyrights, trademarks), and working capital.
Venture Capital Catalyst Initiative
The Government of Canada actively supports the growth and development of the Canadian venture capital ecosystem through the Venture Capital Catalyst Initiative (VCCI). Coordinated by Innovation, Science and Economic Development (ISED) Canada, VCCI is building on the momentum of the previous Venture Capital Action Plan (VCAP). All together, the government has invested more than CAD 1.2 billion through the VCCI (2017 and 2021) and the VCAP initiatives. Recipient fund managers from VCAP and VCCI 2017 have collectively raised over CAD 3 billion from all investment sources, and recipient fund managers under VCCI 2021 are anticipated to raise at least CAD 1.6 billion, when leveraged with other public and private investments. The 2024 Fall Economic Statement proposed to launch the fourth round of the VCCI with CAD 1 billion in funding. To leverage more private venture capital, this round is to include more enticing terms for pension funds and other institutional investors. Additionally, Budget 2024 committed a further CAD 200 million for VCCI to increase access to venture capital for equity-deserving entrepreneurs and to invest in underserved communities and outside key metropolitan hubs.
Futurpreneur
Futurpreneur is a long-standing program which has been supported by the Government of Canada since 2001 with CAD 221.5 million to-date in non-repayable contributions. Currently supported by Innovation, Science and Economic Development Canada, the program is delivered by Futurpreneur Canada (FC), a not-for-profit corporation that provides mentoring, networking, online educational resources and collateral-free loans of up to CAD 75,000 with a term over five years to young Canadian entrepreneurs between the ages of 18 and 39. Loans are delivered by FC through co-lending agreements with the Business Development Bank of Canada (BDC) and the Royal Bank of Canada (RBC) for select programs. FC also provides tailored start-up programs to entrepreneurs from equity-deserving groups, including an Indigenous Entrepreneur Startup Program, Black Entrepreneur Startup Program, Core Entrepreneur Startup Program for Newcomers, and Side Hustle Program designed and delivered by staff with lived experience and in collaboration with relevant non-profit organizations representing these equity-deserving communities. Since its inception, FC has supported more than 18,700 young business owners and helped launch more than 14,700 businesses across Canada. Most recently, Budget 2024 provided CAD 60 million over five years to renew Futurpreneur to continue to administer financial and non-financial supports to young entrepreneurs.
Women Entrepreneurship Strategy
The Women Entrepreneurship Strategy (WES) is a whole-of-government approach to increasing women-owned businesses’ access to support in the form of financing, networks, and expertise that these entrepreneurs need to start-up, scale-up, and access new markets. The WES represents over CAD 7 billion in investments and commitments across 20 federal departments, agencies and crown corporations.
Innovation, Science and Economic Development (ISED) Canada delivers four key program streams under the Strategy:
The WES Ecosystem Fund, which helps not-for-profit organizations strengthen capacity within the entrepreneurship ecosystem and offers business supports such as training, mentorship and financial literacy for women entrepreneurs;
The Women Entrepreneurship Loan Fund which provides loans of up to CAD 50,000 to diverse women entrepreneurs through five partner organizations across Canada;
The Inclusive Women Venture Capital Initiative which funds projects led by not-for-profit organizations to strengthen and build a more inclusive risk and venture capital environment for Canadian women;
The Women Entrepreneurship Knowledge Hub, led by Toronto Metropolitan University, which is a one-stop source of knowledge, data and best practices for women entrepreneurs.
Other participating federal programs include the BDC Thrive Platform and Venture Fund Lab for Women, Export Development Canada’s (EDC) Inclusive Trade Investments Programs (ITIP) and Women in Trade targets, Farm Credit Canada’s (FCC) Women Entrepreneur Program and Global Affairs Canada’s (GAC) Business Women in Trade Initiative (BWIT). Since its inception in 2018, over 400,000 women entrepreneurs have been supported by WES initiatives across the Government of Canada offering business training, mentorship, and access to more than 25,600 loans.
Black Entrepreneurship Program
Coordinated by Innovation, Science and Economic Development (ISED) Canada, the Black Entrepreneurship Program (BEP) is an initiative developed with the Black business community, to help address the systemic barriers faced by Black business owners and entrepreneurs through a targeted approach to provide access to capital, ecosystem support services, and data on Black entrepreneurship in Canada, while creating a stronger and more inclusive future for everyone.
Key beneficiaries of the program include Black-led not-for-profit organizations, academic institutions, Black entrepreneurs and business owners. The Black Entrepreneurship Program delivers tailored support services to Black entrepreneurs through three components;
The BEP Ecosystem Fund is delivered by Canada’s Regional Development Agencies (RDAs) and supports Black-led organizations to provide Black business owners and entrepreneurs with support services such as mentorship, financial planning services, and business training;
The Black Entrepreneurship Loan Fund is administered by the Federation of African Canadian Economics in partnership with the Business Development Bank of Canada (BDC) and provides loans of up to CAD 250 000 to Black business owners and entrepreneurs across Canada to start, grow and maintain businesses; and
The Black Entrepreneurship Knowledge Hub which is led by Carleton University's Sprott School of Business in partnership with the Dream Legacy Foundation and conducts research on the state of Black entrepreneurship in Canada.
As of March 31, 2024, the Black Entrepreneurship Program had supported over 16,000 Black Canadian entrepreneurs across Canada. The 2024 Fall Economic Statement proposed an additional CAD 189 million over five years, starting in 2025-26, as part of Canada’s Black Justice Strategy to continue to deliver BEP and the Government has committed to take that further to make BEP permanent.
2SLGBTQI+ Entrepreneurship Program
Coordinated by Innovation, Science and Economic Development (ISED) Canada, the 2SLGBTQI+ Entrepreneurship Program aims to address the unique challenges faced by 2SLGBTQI+ entrepreneurs to help them start and grow their businesses. Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC) received a CAD 25 million investment from the Government of Canada in 2023 to deliver the program consisting of three key components:
The Business Scale Up program which provides direct support through mentorship, corporate procurement and export readiness to help 2SLGBTQI+ entrepreneurs start or grow a businesses;
The Ecosystem Fund which provides support for 2SLGBTQI+ entrepreneurship ecosystem organizations to build their capacity and deliver projects that help 2SLGBTQI+ entrepreneurs through training, access to tools and resources, and raising awareness of key challenges facing 2SLGBTQI+ entrepreneurs;
The Knowledge Hub which conducts research and collects data on the 2SLGBTQI+ entrepreneurship landscape. To date, the 2SLGBTQI+ Entrepreneurship Program has supported over 2,100 entrepreneurs.
Aboriginal Entrepreneurship Program
Coordinated by Indigenous Services Canada (ISC), the Aboriginal Entrepreneurship Program (AEP) provides access to capital and business opportunities to Indigenous entrepreneurs and business owners in Canada. The program promotes entrepreneurship and seeks to increase the number of viable Indigenous-owned businesses through the access to capital stream and business opportunities stream.
The access to capital steam provides individual Indigenous entrepreneurs up to CAD 99,999 and eligible Indigenous community businesses up to CAD 250,000 through a non-repayable equity contribution and businesses services to start, expand or acquire a business via a network of Indigenous Financial Institutions (IFIs) and Métis Capital Corporations (MCCs). The business opportunities stream provides funding to support a regional or national initiative that will provide tools and support to foster Indigenous entrepreneurship.
Trade Commissioner Service
The Government of Canada offers a wide range of initiatives and programs to help businesses capitalize on opportunities, diversify markets, and grow globally. Global Affairs Canada’s (GAC) Trade Commissioner Service (TCS) helps Canadian businesses grow by connecting them with government funding and support programs, international opportunities, and a network of employees in nearly 150 international locations. The TCS offers the CanExport Program, which consists of four sub-programs:
CanExport SMEs provides up to CAD 50,000 for Canadian SMEs to enter new international markets;
CanExport Innovation provides up to CAD 75,000 for Canadian-led research and development collaborations through foreign market partnerships;
CanExport Associations provides up to CAD 250,000 for Canadian industry and trade organizations to pursue international business development;
CanExport Community Investments offers up to CAD 500,000 to help local organizations attract and expand foreign direct investment.
Other services offered by the TCS include the Canadian International Innovation Program which helps SMEs pursue international research and development collaboration with a foreign partner on projects that have the potential for commercialization, the Business Women in International Trade (BWIT) which organizes business delegations and events tailored to women and the Indigenous Business Export Support which organizes Indigenous-focused trade missions and events each year.
Export Development Canada
Export Development Canada (EDC) is Canada’s official export credit agency, with a mandate to support and develop Canada’s export trade and Canadian capacity to engage in that trade and respond to international business opportunities. To fulfill its mandate, EDC offers a range of services including insurance, financing, bonding, and equity investments as well as trade knowledge.
In 2024, EDC facilitated over CAD 46 billion in business for small and medium-size enterprises (SMEs), including CAD 6.8 billion for micro businesses and CAD 21.4 billion for small businesses (less than 100 employees) and over CAD 18.6 billion for medium businesses (between 100 and 499 employees). An example of an EDC program that helps SMEs expand and enter new markets is EDC’s Trade Expansion Lending Program, which helps exporters access more capital from their financial institution through guaranteeing a loan or line of credit. EDC intends to deploy up to CAD 5 billion in capacity over two years through its Trade Impact Program to support Canadian companies affected by tariffs and the resulting market uncertainty.
Canada's RDAs deliver programs that provide funding and advice to help businesses grow, strengthen innovation ecosystems, support community development and align regional economic growth with national priorities
There are seven RDAs across the country: Atlantic Canada Opportunities Agency (ACOA), Canada Economic Development for Quebec Regions (CED), Canadian Northern Economic Development Agency (CanNor), Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Federal Economic Development Agency for Northern Ontario (FedNor), Prairies Economic Development Canada (PrairiesCan) and Pacific Economic Development Canada (PacifiCan).
Regional Economic Growth through Innovation (REGI)
The REGI helps grow Canada’s economy and create well-paying jobs by supporting innovation. It includes two program streams; first the Business Scale-up and Productivity (BSP) offers direct support to businesses at various stages of development, including high-growth firms, to accelerate growth, scale up, enhance productivity, and compete in domestic and global markets and second, the Regional Innovation Ecosystems (RIE) invests in organizations like business accelerators, incubators, and innovation hubs to strengthen regional ecosystems and advance innovation in key sectors.
Community Futures Program (CFP)
The CFP supports rural economic development through 267 Community Futures Organizations (CFOs) across Canada. CFOs are community-led, not-for-profit organizations that provide business advice and support to foster strategic community planning and socio-economic development, provide access to capital for SMEs and social enterprises, and support community-based projects. By empowering local solutions to local challenges, CFP helps rural communities grow and thrive.
Source: See Table 5.
References
Bank of Canada, Senior Loan Officer Survey, www.bankofcanada.ca/publications-research/periodicals/slos/
Bank of Canada, Business Outlook Survey, www.bankofcanada.ca/publications/bos/
Statistics Canada, Biannual Survey of Suppliers of Business Financing, http://www.ic.gc.ca/eic/site/061.nsf/eng/h_01569.html
Innovation, Science and Economic Development Canada, Credit Conditions Survey, http://www.ic.gc.ca/eic/site/061.nsf/eng/h_02192.html
Statistics Canada, Survey on Financing and Growth of Small and Medium Enterprises, http://www.ic.gc.ca/eic/site/061.nsf/eng/h_02774.html
PayNet Inc. (Equifax), Canadian Business Delinquency Index, https://sbinsights.paynetonline.ca/
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← 1. Self-employed entrepreneurs and sole proprietorships are excluded from the reported figures.
← 2. The Agriculture sector is excluded.
← 3. It is important to note that significant changes have occurred in the way a key respondent of the Biannual Survey of Suppliers of Business Financing reported information starting from H1 2024, causing a structural break in the data. Comparisons across years should be made with caution, as differences may reflect changes in reporting rather than underlying trends. See Biannual Survey of Suppliers of Business Financing – Data analysis, first half 2025 for more details.
← 4. For 2023, the source is Statistics Canada’s Survey on Financing and Growth of Small and Medium Enterprises, which covers SMEs with 1–499 employees. For 2024, the source is Innovation, Science and Economic Development Canada’s Supplementary Survey on Credit Conditions, which covers small businesses with 1–99 employees. Comparisons between 2023 and 2024 should therefore be interpreted with caution, as differences may partly reflect changes in the underlying business population covered by the two survey sources