SMES heavily indebted by the pandemic

Des PME lourdement endettées par la pandémie

Photo: Vitalij Sova Getty Images
On average, the SMES that have provided information for the survey of the CFIB had a debt of$ 135,000.

The canadian Federation of independent business (CFIB) estimates that SMES in the country have contracted for $ 117 billion of new debt in the wake of the pandemic COVID-19. In Quebec, the amount is $ 21.3 billion, according to the association.

The national association has based its estimates on a survey conducted online with owners of SMES in Canada, from 26 June to 2 July. Approximately 2100 of 4502 respondents to the survey have agreed to disclose the amount of their debt attributed to the COVID-19.

On average, the SMES that have provided information for the survey of the CFIB had a debt of $ 135,000, for a total of nearly 285,4 million.

The CFIB estimates that this translates into an estimate of 117 billion of total debt linked to the COVID-19 for SMES as a whole, according to the number of small and medium-sized enterprises in Canada reported by Statistics Canada.

The association, which has 110 000 members, estimated that 58 % of SMES have fully reopened their doors, and 35 % have found their full workforce, but only 24 % have returned to their normal income.

117 billion

It is the value of the total debt of SMES related to the COVID-19 according to the estimate of the canadian Federation of independent business.

According to the generally accepted standards of the industry survey, online surveys cannot be assigned a margin of error, because they do not sample the population at random.

Income is not at the rendezvous for most of the owners of SMES, but the bills and the various costs continue to accumulate

— Gopinath Jeyabalaratnam

The CFIB has indicated that the owners of companies in quebec have been obliged to borrow in an average of 127 000 $. “The income is not at the rendezvous for most of the owners of SMES, but the bills and the various costs continue to accumulate,” said Gopinath Jeyabalaratnam, a senior policy analyst within the organization. “The return of the workers in the office towers will certainly help the local shops, but this will clearly be insufficient to cover the losses. The merchants of the city centres must be able to count on direct help to governments. “

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