Rising Costs and Access to Credit Weighs on Business Owners, New Equifax Canada Survey Finds

Core Insights - Canadian small business owners are facing significant financial pressures due to rising costs, slowing demand, and a lack of confidence in credit management as they approach the end of 2025 [1][2] Cost Concerns - 43% of small and medium business owners cite the cost of goods as their primary concern for Q4, while 35% worry about consumer demand [2] - Other challenges include supplier product availability (26%), credit availability from banks or suppliers (25%), and the ability to repay government-backed loans (25%) [2] Expense Breakdown - Wages are the most impactful cost for businesses, accounting for 22% of expenses, followed by insurance, taxes, and supplies at 13% each [3] Credit Management - 79% of business owners are aware that they can obtain their own credit report, but only 59% know how to access it [4] - 74% believe their Business Credit Report affects their ability to access financing, yet only 62% feel confident in understanding what influences their credit score [7] Engagement with Credit Reports - 70% of respondents have checked their business credit report, but only 25% have done so in the past month, and nearly 20% have never checked it [6] - Younger business owners (under 35) are more engaged, with 94% having checked their reports compared to 58% of those aged 35 and over [6] Educational Initiatives - Equifax aims to bridge the gap between awareness and action regarding credit management through education and access to insights [7][8]