Small Businesses Need More Support

Despite pandemic support programs from financial institutions and governments, over half of small businesses feel that they are not supported, says a survey by Equifax Canada. Fifty-two per cent of Canadian business owners say this about their banks and 62 per cent feel this way about government. Many small and medium businesses have struggled to get through the pandemic, says Equifax. To survive, they’ve taken out loans and accessed emergency benefit programs like the Canada Emergency Business Account (CEBA). Almost half of the survey respondents (46 per cent) say they have secured a private or government loan. Interestingly, 56 per cent of respondents feel that they have enough credit from the government to meet their 2021 fourth quarter needs, and 77 per cent agree that they have enough credit from their suppliers to get by, especially those whose businesses have been operating for three years or more. “For a small business owner who has struggled during the pandemic, it’s not just about the money. It’s also about helping them to better understand their relationship with credit and how best to pay back these loans,” says Jeff Brown, small and medium business leader, Equifax Canada.