Canadian entrepreneurs are heading into the final few months of 2025 and cite mounting financial pressure due to rising costs, slowing demand, and a lack of confidence in their credit know-how, according to new research from Equifax Canada.
Equifax Canada commissioned the Equifax Canada Small and Medium Business Owners Survey and found that of small and medium business owners surveyed, 43% cited their biggest concern going into Q4/25 is the cost of goods. Another 35% worry about consumer demand, while roughly one in four (26%) point to challenges such as supplier product availability, credit availability from banks or suppliers (25%) and their ability to repay government-backed loans (25%).
Expenses Are Cutting Deep
Of those surveyed, wages ranked as the most impactful cost (22%), followed by insurance, taxes and supplies (13% each). Bank fees, interest rates and fuel also weigh heavily on balance sheets.
“Small businesses are being squeezed from every direction,” Jeff Brown, head of commercial solutions at Equifax Canada, said. “When wages top the list of pain points and credit conditions remain tight, owners need a crystal-clear picture of their business credit profile to negotiate better terms, manage debt and preserve cash flow.”
Access to Credit
Despite their financial pressures, many business owners still lack the tools or confidence to manage their credit proactively. The study showed that 79% of respondents know a business can obtain its own credit report, yet only 59% know how to access it.
“Most business owners believe credit matters — three-quarters say their credit report impacts their ability to borrow — yet many don’t know what’s driving their score,” Brown said.
Additional Insights
While seven in 10 respondents (70%) have checked their business credit report, only one in four (25%) have done so within the past month, and nearly 20% have never checked it at all. Younger owners under 35 are markedly more engaged, with 94% saying they have checked their business credit reports, compared to only 58% of those aged 35 and over.
Overall, 74% of SMB owners surveyed agree that their Business Credit Report affects their ability to access financing, and 73% say credit access is vital to achieving financial goals. Still, only 62% feel confident in their understanding of what influences their business credit score evidence that the financial literacy challenge remains significant.
