More Canadians Starting Businesses

Heading into the New Year, more Canadians are starting their own business, says Equifax Canada’s ‘Q3 Small Business Credit Trends Report.’ While the number of new financially active businesses isn’t quite as high as it was prior to the pandemic, a 40 per cent increase nationally is being stoked by Alberta and Atlantic Canada. The report also says that while consumer spending has increased, it appears that the government’s small business subsidies and credit facilities provided a financial cushion for business owners throughout the third quarter, reducing the need for higher interest credit with lenders. Small business credit established with their suppliers was down by 20 per cent year-over year, in comparison to small business credit established with their banks, which is up 30 per cent year-over-year.