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

TORONTO, ON (October 30, 2025) – 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 per cent cited their biggest concern going into Q4 is the cost of goods. Another 35 per cent worry about consumer demand, while roughly one in four (26 per cent) point to challenges such as supplier product availability, credit availability from banks or suppliers (25 per cent), and their ability to repay government-backed loans (25 per cent).

 

Expenses are cutting deep

Of those surveyed, wages ranked as the most impactful cost (22 per cent), followed by insurance, taxes, and supplies (13 per cent each). Bank fees, interest rates, and fuel also weigh heavily on balance sheets.

“Small businesses are being squeezed from every direction,” said Jeff Brown, Head of Commercial Solutions at Equifax Canada. “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 per cent of respondents know a business can obtain its own credit report, yet only 59 per cent 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,” noted Brown.

 

Equifax Business Credit Reports offer insights to help business owners

While seven in ten respondents (70 per cent) have checked their business credit report, only one in four (25 per cent) have done so within the past month, and nearly 20 per cent have never checked it at all. Younger owners under 35 are markedly more engaged, with 94 per cent saying they have checked their business credit reports, compared to only 58 per cent of those aged 35 and over.

Overall, 74 per cent of SMB owners surveyed agree that their Business Credit Report affects their ability to access financing, and 73 per cent say credit access is vital to achieving financial goals. Still, only 62 per cent feel confident in their understanding of what influences their business credit score evidence that the financial literacy challenge remains significant. “The gap between awareness and action is what stands out. The goal of Equifax is to bridge that gap with education and access to valuable insights for business owners,” added Brown.

The Equifax Business Credit Report offers deep and meaningful insights into accounts, customers, and prospective clients. Designed for business owners, the report gathers information from a variety of sources such as banks, industry groups, collection agencies, and corporate registries to give SMB business owners the powerful data they need to make important decisions quickly and with confidence. In addition, Equifax has developed a How to Check Your Business Credit Report Guide to help business owners. 

*The Equifax Canada Small and Medium Business Owners Survey was conducted online by Leger between October 3 and 6, 2025, among 100 small and medium-sized business owners across Canada. 

 

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.