Majority of small business growth stagnant across Canada: poll

As many as seven in 10 Canadian small businesses are either in decline or...
Shutterstock

As many as seven in 10 Canadian small businesses are either in decline or have stagnated growth, according to a survey done by a small business lender.

The Lendified Index—completed by Lendified.com—also found that 48% of business owners are relying on personal lines of credit to regularly manage cash flow. André Turcotte, an associate professor at Carlton University’s School of Journalism and Communications managed the poll.

Troy Wright, the founder and chief executive officer of Lendified.com said many small business owners are using personal credit cards to finance large portions of their business.

“Of note, The Lendified Index measures the likelihood of small businesses to hire more staff in the next year,” added Wright. “As it stands now, 17% of small businesses intend to hire over that period.”

The poll interviewed 350 small business owners across Canada in late September.

 
comments powered by Disqus

More from Economy

Rate-hike ‘freight train’ runs out of steam as Canada posts soft inflation ...

Read Article

Vancouver most expensive Canadian city for expatriates: Mercer

Read Article

BIV on Global BC June 22, 2017: Costs of gender inequality; Amazon ...

Tyler Orton discusses a report that found gender inequality cost Canada $150b. Plus: Amazone Prime Wardrobe threatens department stores

Read Article

BIV on Global BC June 21, 2017: Canadians in debt; BC Liberals ...

Hayley Woodin discusses Canadians' debt levels being stretched to historic levels. Plus: BC Liberals to boost electric car charging funding

Read Article

Rising mortgage debt to push household financial vulnerability ‘beyond historical experience,’ says ...

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×