A survey conducted by Equifax Canada revealed that most Small or Medium sized enterprises (SME’s) in the country will be taking in new employees to fill in new positions in the coming year. In addition to that, most of the business owners are looking for ways to expand their business. Unfortunately, the finances are not sufficient enough to do so.
The Director of the Commercial Markets for Equifax Canada, George Staikos said; “It’s very encouraging that so many Canadian small business owners plan to hire and are eager to grow their business over the next 12 months. This is consistent with our data, which shows the value of outstanding business credit balances increased by 29 per cent since the second quarter of 2015.”
George gave a word of advice to the Country Manager of OnDeck Canada, Gary Fearnall, who happens to be a front runner in online small scale business lending; on matters of financial solutions for business purposes and taking care of special needs which can offer extra support. “Providing credit, helping manage cash, or offering business credit education are a few of the ways the financial services industry can support small business. Small businesses typically require smaller amounts of capital, faster, in order to fuel their growth and fund immediate needs, such as hiring.”