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An average debt of$ 150,000 for SMES in Canada

by magictr
June 6, 2020
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Une dette moyenne de 150 000$ pour les PME au Canada

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The sectors hardest hit by the crisis are those of the accommodation, catering, arts and personal services.

According to the latest survey from the canadian Federation of independent business (CFIB), the SMES have accumulated an average debt of $ 150,000 due to the prolonged shutdown of their activities. Their owners are taking on more debt and have to present their personal savings.

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“The liquidity and the debt continues to be one of the main concerns of SME owners, while restrictions and closures of certain businesses are still in place in several provinces. The late payment of bills accumulate and, without additional funding, the resumption of their activities, as well as the recovery of the economy will be difficult, ” notes Jasmin Guénette, vice-president of national affairs at the CFIB.

According to the survey of the CFIB, a third of SME owners claim to be in arrears in the payment of their main bills (rent, credit cards, key suppliers). The sectors most affected are those of the accommodation and food services, arts, and personal services.

In addition, 37 % of heads of SMES tap into their personal savings to finance their business and 34 % are using their credit cards. These figures increase to 44 % and 42 %, respectively, for companies with fewer than four employees. “Although the median debt of SMES is estimated at 40 000 $, the average debt in excess of $ 150,000, which means that some companies accuse a financial coup particularly hard,” adds the association.

“The owners of SMES were in dire need of a better access to financing. The Account of emergency for the canadian companies has been useful at the beginning of the pandemic, but today, companies that are in trouble are still very many of them and they will soon be short of money “, added Mr. Guénette.

“With the resumption of activities that extends to a growing number of provinces and sectors, companies are going to need funding to purchase and install personal protective equipment, replenish their inventories, re-hire their employees and to reopen their doors “, he added.

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