Financing approval rate rises over 2009—Credit Conditions for Small Enterprises—2010
To provide business with a better understanding how small enterprises (1 to 99 employees) access financing, Industry Canada annually conducts the Credit Conditions Survey, one of the countries' largest surveys on small business financing. Designed to complement the 2007 Statistics Canada Survey on Financing and Growth of Small and Medium Enterprises, the 2010 Credit Conditions Survey includes:
- financing request and approval rates, as well as average amounts authorized;
- requests for long term versus short term debt financing;
- debt financing by business characteristic including size of business, region, industry, number of employees, age of business, as well as exporting activities;
- reason for not seeking debt financing;
- intended use of debt financing, and
- exporting destinations.
Survey highlights include a financing approval rate increase of 8% over 2009 for small enterprises. You can review the findings for both the 2009 and 2010 Credit Conditions surveys on the Industry Canada site.
A total of 3,573 small businesses completed the questionnaire between May and June 2011. This is the second largest Canadian survey on small business financing. The margin of error is 1.6%, 19 times out of 20, for questions addressed to all respondents.
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