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Léger study shows accessing business credit is full of personal risk for smaller players
June 28, 2022
Download the research report for 2022 statistics
Caary Capital’s Léger research in partnership with Xero and the Canadian Lenders Association paints a picture of a Canadian small and medium-sized business (SME) community struggling to access capital and other key financial products and services.
Key findings include:
- 70% of SMEs are having to put their personal and family finances at risk to fund their business by either continuing to rely on a personal credit card for business expenses or providing a personal guarantee to access corporate credit.
- 57% of SMEs say it’s currently challenging to manage cash flow – significantly higher than pre-pandemic (41%).
- 46% of SMEs have had to provide a personal guarantee to access corporate credit.
- 64% continue to rely on a personal credit card for business expenses. 68% say this has created difficulties, most notably due to high interest rates, reconciling expenses at month-end and maxing-out credit limits.
To access more insights from the study, please complete the form above.
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