Canada Small Business Financing Program (CSBFP) Awareness and Satisfaction Study

Tables of Subgroup Variations

Table 1: CSBFP Borrowers Subgroup Variations (Main)

		Region				Firm Age		Firm Revenue				Rural vs. Urban		Language		Satisfaction w/CSBFP rules
	All	West	On.	Que.	Atlc.	Under 4 yrs.	4 yrs. +	<$100K	$100-299K	$300-$999K	$1 million +	Rural	Urban	Eng.	Fr.	Dissat.	Neither	Sat.
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Financing Options Used in Past 5 Years
Term loans	72	72	68	74	73	70	73	72	68	74	67	77	69	71	73	-	-	-
Lines of credit	40	41	39	39	47	38	44	33	41	39	56	46	39	41	37	-	-	-
Credit cards	27	31	30	12	33	25	29	20	27	29	30	26	27	31	12	-	-	-
Credit from suppliers	10	11	11	4	20	9	11	8	10	11	11	13	9	12	4	-	-	-
Applied for TERM LOAN in past 12 months	66	70	65	63	65	64	70	70	65	64	67	77	63	67	64	-	-	-
Success Obtaining Loan(s)
Received full amount requested	81	82	79	84	85	78	87	74	86	81	89	87	80	81	84	-	-	-
Received less than requested	10	12	10	9	6	13	6	18	7	9	2	5	12	10	9	-	-	-
Were turned down	5	3	8	4	6	6	4	6	2	6	6	3	6	5	4	-	-	-
Extent Loan(s) Met Needs
Loan met 100% of needs	43	44	35	51	48	40	47	34	41	52	39	55	39	40	53	-	-	-
Loan met 76-99%	20	22	16	24	16	20	20	19	24	17	20	17	21	19	23	-	-	-
Loan met 50-75%	28	25	36	21	32	30	27	34	28	25	27	22	31	31	19	-	-	-
Less than half of needs	8	9	13	3	3	9	7	11	6	6	14	5	10	10	3	-	-	-
Awareness of CSBFP
Not aware	75	69	69	92	78	68	85	73	72	77	79	79	74	70	93	-	-	-
Prompted awareness of CSBFP	21	25	25	8	22	26	13	22	23	21	16	16	22	25	7	-	-	-
Unprompted awareness of CSBFP	4	6	6			6	2	5	5	3	6	4	4	5		-	-	-
Overall Awareness of CSBFP
No	75	69	69	92	78	68	85	73	72	77	79	79	74	70	93	-	-	-
Yes	25	31	31	8	22	32	15	27	28	23	21	21	26	30	7	-	-	-
Overall Awareness of Federal Gov't. Loan Pgms.
Yes	71	71	75	65	67	70	72	70	79	66	70	67	72	72	64	-	-	-
No	29	29	25	35	33	30	28	30	21	34	30	33	28	28	36	-	-	-
First learned of CSBFP through…
Bank officer	41	47	40	11	45	39	50	27	47	45	47	48	40	43	14	-	-	-
Friend/colleague	22	21	28	11	9	22	21	27	19	21	20	9	25	24		-	-	-
Importance of Financing Factors
Interest rate (4-5)	90	89	87	89	98	91	87	90	91	88	90	92	89	89	89	91	84	89
Lender service quality (4-5)	89	93	85	89	84	86	93	86	87	91	91	93	87	88	89	73	80	92
Financing granted vs. requested (4-5)	88	87	88	87	94	87	90	89	86	87	93	94	87	88	88	91	96	89
Negotiating terms (4-5)	86	82	88	88	92	85	89	84	82	89	91	88	86	86	88	73	91	86
Application process time (4-5)	83	84	85	86	73	85	81	80	82	84	89	79	85	83	87	91	84	82
Variety of options (4-5)	78	75	78	80	86	76	81	77	76	78	84	76	79	78	80	73	76	77
Securities/guarantees needed (4-5)	78	76	81	77	82	81	74	84	74	81	71	74	80	79	77	73	80	79
Service fees (4-5)	75	73	73	77	84	75	75	76	78	73	73	77	75	75	77	18	87	65
Satisfaction with Financing Factors
Financing granted vs. requested (4-5)	75	77	68	84	74	72	79	69	80	77	71	82	73	73	84	-	-	-
Lender service quality (4-5)	73	83	65	76	61	69	80	64	80	75	73	84	69	72	78	-	-	-
Application process time (4-5)	55	54	59	61	32	52	60	48	48	63	62	66	51	54	61	-	-	-
Securities/guarantees needed (4-5)	48	51	46	46	48	51	44	56	48	48	36	54	46	48	47	-	-	-
Variety of options (4-5)	42	40	38	54	39	39	47	38	39	46	44	45	41	39	53	-	-	-
Interest rate (4-5)	42	47	38	43	39	42	43	43	37	47	40	48	40	43	42	-	-	-
Negotiating terms (4-5)	41	36	43	52	32	37	48	44	40	40	40	47	39	39	52	-	-	-
Service fees (4-5)	39	39	38	39	42	38	40	42	32	41	42	37	40	39	39	-	-	-
Satisfaction with available financing options overall (4-5)	54	57	52	60	45	51	60	51	57	54	60	60	53	54	59	-	-	-
Satisfaction with CSBFP Financing Aspects
Financing granted vs. requested (4-5)	75	77	70	78	85	74	77	80	73	74	78	86	72	75	77	45	53	87
Other aspects of application process (4-5)	65	65	58	75	69	61	70	64	63	66	67	75	61	62	74	9	47	76
Approval time (4-5)	62	65	58	69	46	56	70	55	61	62	74	75	57	60	69	36	40	73
Securities/guarantees needed (4-5)	58	61	53	61	54	58	57	66	59	55	48	61	56	57	60	18	36	70
Availability of program info (4-5)	55	45	50	72	85	57	53	61	61	47	52	61	53	51	71	18	42	64
Administrative reporting requirements (4-5)	55	50	52	64	69	56	53	57	55	53	56	59	53	53	63	18	29	69
Registration fees (4-5)	38	34	36	42	54	38	37	34	39	36	44	43	36	36	43	9	29	43
Annual administration fee (4-5)	31	34	25	33	38	32	29	34	33	25	33	41	27	30	34	27	16	37
CSBFP would be useful to firm if needed (4-5)	79	80	82	76	73	78	81	80	80	77	80	79	79	79	78	82	80	87

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Table 2: CSBFP Borrowers Subgroup Variations (Program Characteristics)

		Region				Firm Age		Firm Revenue				Rural vs. Urban		Language		Perceived Usefulness of CSBFP
	All	West	On.	Que.	Atlc.	Under 4 yrs.	4 yrs. +	<$100K	$100-299K	$300-$999K	$1 million +	Rural	Urban	Eng.	Fr.	Not	Somewhat	Useful
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Interest rate capped at prime plus 3%.
Too high	59	58	68	46	61	59	59	63	63	53	60	55	60	63	45	71	64	58
About right	40	42	31	49	37	40	39	36	35	44	39	42	38	37	49	26	34	41
Too low	0				2		1			1		1		0		0	0	0
Registration fee is 2% of total loan amount
Too high	56	57	64	48	45	56	56	53	58	54	64	54	57	59	46	61	66	55
About right	42	42	33	50	51	42	42	44	40	43	36	45	41	39	51	35	33	44
Too low	1	1	2		2	1	1	2		1		1	1	1		0	2	1
Maximum financing is 90% of eligible project/equipment cost.
Too high	5	5	10	1		5	5	7	5	4	3	4	5	6	1	3	8	5
About right	83	86	75	87	88	83	82	78	85	83	87	87	82	82	88	90	70	85
Too low	11	9	13	9	12	10	11	13	8	11	10	8	11	11	9	3	21	10
Maximum loan size is $250,000.
Too high	4	5	5	5		5	3	4	8	3		5	4	4	5	10	8	4
About right	67	64	64	72	71	65	68	71	73	62	56	73	64	65	71	68	59	68
Too low	28	30	30	23	29	28	28	24	18	33	44	21	31	30	23	23	33	28
If default on a loan, GoC responsible for 85% of eligible losses
Not at all reasonable	6	6	6	6	2	5	7	5	8	6	3	8	5	5	7	13	10	4
Not very reasonable	11	14	8	12	6	10	12	9	13	11	7	11	11	11	12	16	8	11
Somewhat reasonable	34	32	32	35	42	32	37	33	38	31	36	36	33	34	34	29	38	34
Very reasonable	48	46	51	43	50	51	42	52	40	49	52	43	49	49	44	42	39	50
Restricted to equipment, real property or immovables, leasehold improvements, and program registration fees
Not at all reasonable	3	2	4	5	4	4	2	3	4	3	4	2	4	3	4	10	5	3
Not very reasonable	12	8	12	16	10	12	12	17	12	10	7	13	11	11	15	29	15	10
Somewhat reasonable	41	39	41	41	48	39	44	38	45	39	42	37	42	41	40	26	41	43
Very reasonable	41	49	39	36	35	41	41	40	38	43	45	45	40	42	38	32	34	42
Only term loans are available.
Not at all reasonable	3	1	5	3	4	4	2	5	3	3		3	3	3	3	10	3	3
Not very reasonable	11	7	11	15	15	11	11	8	8	14	12	6	12	10	15	6	15	11
Somewhat reasonable	52	57	49	53	50	53	52	52	52	51	61	54	52	53	51	52	61	52
Very reasonable	30	32	31	26	31	29	32	34	32	27	28	34	29	31	28	29	18	32

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Table 3: SME Subgroup Variations (Main)

		Region				Firm Age		Firm Revenue				Rural vs. Urban		Language
	All	West	On.	Que.	Atlc.	Under 4 yrs.	4 yrs. +	<$100K	$100-299K	$300-$999K	$1 million +	Rural	Urban	Eng.	Fr.
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Financing Options Used in Past 5 Years
Lines of credit	43	45	47	32	40	33	45	30	43	47	49	37	39	44	35
Term loans	29	35	29	16	31	32	27	20	30	29	34	38	28	30	17
Credit cards	24	32	29	8	17	28	23	23	22	28	22	17	31	27	9
Applied for TERM LOAN in past 12 months	16	16	15	14	23	17	16	10	13	20	20	28	14	16	15
Success Obtaining Loan(s)
Received full amount	58	75	43	75	42	71	56	64	53	58	65	59	55	55	77
Received less than requested	4	4		6	8		5		11	3			5	3	8
Were turned down	28	13	50	13	25	18	30	18	32	33	18	24	41	31	8
Extent Loan(s) Met Needs
100% of your needs	45	55	25	62	33	31	51	43	23	57	54	62	31	42	64
76-99%	23	20	50	8	11	38	17	14	31	19	23	23	38	26	9
50-75%	19	10	17	15	44	15	20	14	23	19	15	15	15	19	18
Less than half of needs	11	10	8	15	11	15	10	14	23	5	8		15	12	9
Awareness of CSBFP
Not aware	81	79	78	88	81	77	82	85	81	82	73	90	73	79	90
Prompted awareness	19	21	22	11	19	23	18	15	18	18	27	10	26	21	10
Unprompted awareness	0			1			0		1				1	0
Overall Awareness of CSBFP
No	81	79	78	88	81	77	82	85	81	82	73	90	73	79	90
Yes	19	21	22	12	19	23	18	15	19	18	27	10	27	21	10
Overall Awareness of Federal Gov't. Loan Pgms.
No	71	75	70	77	60	68	73	75	73	71	69	80	68	71	79
Yes	29	25	30	23	40	32	27	25	27	29	31	20	32	29	21
First learned of CSBFP through…
Brochure/pamphlet	26	25	24	31	20	17	27	25	46	14	13	33	12	24	33
Friend/colleague	24	28	32	15	10	30	25	38	18	28	26	17	38	28	11
Importance of Financing Factors
Interest rate (4-5)	85	86	84	86	79	84	85	83	87	85	81	87	84	84	87
Negotiating terms (4-5)	80	80	81	80	77	84	79	74	84	80	81	80	79	81	78
Lender service quality (4-5)	78	79	79	77	73	78	78	70	84	79	76	82	80	79	75
Financing granted vs. requested (4-5)	78	78	76	79	75	81	76	72	77	79	81	85	76	78	75
Service fees (4-5)	75	78	74	75	67	77	74	70	79	73	76	75	77	75	72
Application process time (4-5)	71	72	66	80	67	68	71	67	72	72	71	77	69	69	79
Securities/guarantees needed (4-5)	70	70	68	71	62	72	68	68	66	67	77	72	74	68	70
Variety of options (4-5)	67	68	67	69	52	65	67	59	74	64	65	78	67	66	65
Satisfaction with Financing Factors
Financing granted vs. requested (4-5)	57	58	56	56	55	58	57	47	60	57	59	69	48	56	62
Application process time (4-5)	53	50	49	69	45	48	54	44	56	52	56	62	52	49	74
Lender service quality (4-5)	52	46	53	59	60	43	54	50	50	51	63	59	52	50	65
Interest rate (4-5)	39	38	40	44	35	45	38	35	40	36	50	34	44	37	50
Negotiating terms (4-5)	36	28	37	46	40	35	36	26	37	37	41	38	34	34	47
Variety of options (4-5)	31	29	26	44	35	28	32	29	29	33	31	34	28	27	50
Securities/guarantees needed (4-5)	31	25	29	46	25	38	29	29	34	32	22	41	30	28	44
Service fees (4-5)	29	29	27	36	20	35	27	21	26	29	41	28	25	26	41
Satisfaction with available financing options overall (4-5)	44	40	44	56	40	40	46	41	43	43	56	66	36	42	59
CSBFP would be useful to firm if needed (4-5)	62	58	68	58	60	65	61	50	66	64	64	58	64	63	57

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Table 4: SME Subgroup Variations (Program Characteristics)

		Region				Firm Age		Firm Revenue				Rural vs. Urban		Language		Perceived Usefulness of CSBFP
	All	West	On.	Que.	Atlc.	Under 4 yrs.	4 yrs. +	<$100K	$100-299K	$300-$999K	$1 million +	Rural	Urban	Eng.	Fr.	Not	Somewhat	Useful
	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%	%
Interest rate capped at prime plus 3%.
Too high	62	70	67	50	50	62	62	55	60	63	72	72	62	66	46	61	68	61
About right	35	28	30	43	48	35	34	43	36	32	27	25	36	31	48	37	29	36
Too low	1		1	3		1	1		1	1				0	2	0	2	1
Registration fee is 2% of total loan amount
Too high	53	58	58	38	48	51	53	50	44	53	70	67	54	56	38	61	58	49
About right	42	34	39	56	48	44	42	43	52	42	26	30	43	40	54	35	38	46
Too low	2	3	2	3	4	1	3	2	2	3	2	2	1	2	3	2	2	3
Maximum financing is 90% of eligible project/equipment cost.
Too high	11	11	12	6	15	12	11	11	11	12	8	7	11	12	6	13	11	10
About right	80	80	78	80	79	81	79	79	81	75	83	83	81	78	83	76	77	83
Too low	6	5	6	9	4	6	6	6	5	7	7	8	7	6	6	9	7	5
Maximum loan size is $250,000.
Too high	8	6	7	13	12	8	8	14	9	6	3	12	6	7	13	13	8	7
About right	69	67	65	74	71	66	68	73	74	68	51	65	68	67	74	61	67	71
Too low	19	23	23	11	15	23	19	8	13	21	43	23	22	22	9	22	21	19
If default on a loan, GoC responsible for 85% of eligible losses
Not at all reasonable	12	13	8	13	21	7	13	17	10	12	8	20	9	12	12	15	17	9
Not very reasonable	20	19	21	21	15	9	22	22	17	21	20	12	19	20	19	23	23	19
Somewhat reasonable	27	30	27	25	23	33	26	20	30	27	30	25	33	27	25	19	25	29
Very reasonable	39	36	41	39	35	49	36	37	40	37	41	42	36	38	42	43	32	42
Only term loans are available.
Not at all reasonable	5	4	5	4	8	4	5	7	4	4	5	7	5	5	4	9	5	4
Not very reasonable	11	10	11	14	8	13	11	14	9	13	9	13	12	11	15	15	16	10
Somewhat reasonable	49	52	45	51	56	42	51	49	51	49	48	45	50	49	54	40	60	47
Very reasonable	32	33	35	27	25	38	30	28	33	30	36	33	31	33	24	34	17	37
Restricted to equipment, real property or immovables, leasehold improvements, and program registration fees
Not at all reasonable	4	3	4	5	10	7	4	7	3	4	5	5	5	4	4	13	5	3
Not very reasonable	11	9	12	13	8	13	10	12	11	9	12	7	10	10	12	19	17	7
Somewhat reasonable	42	39	46	41	44	37	44	40	49	43	33	43	42	43	40	34	48	44
Very reasonable	40	48	35	37	35	41	39	37	33	41	50	45	41	40	38	30	29	46

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Table 5: CSBFP Borrowers and SME Subgroup Variations (Additional Perceptions of CSBFP)

		Overall Satisfaction with Available Financing Options (Borrowers)				Overall Satisfaction with Available Financing Options (SMEs)
	All (Borrowers)	Dissatisfied	Neither	Satisfied	All (SMEs)	Dissatisfied	Neither	Satisfied
	%	%	%	%	%	%	%	%
Perceived Usefulness of CSBFP
Not useful	6	13	6	3	11	8	9	10
Somewhat useful	12	13	17	6	23	29	27	15
Useful	79	70	76	88	62	59	64	71
Satisfaction with CSBFP Rules & Procedures
Dissatisfied	6	23	4	3	-	-	-	-
Neither	25	31	39	18	-	-	-	-
Satisfied	67	46	57	77	-	-	-	-

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