Canada Small Business Financing Act — 2007-2008

Highlights for 2007–08

Small and medium-sized businesses took out loans worth more than $1 billion.

There were 9015 small business loans made under the Canada Small Business Financing Act. The average loan size was $111 685. The funds were used to help new businesses get started and established firms make improvements, purchase equipment and modernize.

$99.3 million in claims was paid to lenders.

There were 1843 claims on loans settled, with payments of $99.3 million, which averaged $53 877 per claim. These claims were associated with defaulted loans registered during the nine-year period from 1999–2008.

Start-ups and new businesses received the largest share of available financing.

Start-ups and new businesses borrowed more than $626.8 million, or 62 percent of the total loan value.

More than 20 400 new jobs were created.

Borrowers estimated that the loans enabled them to create 20 424 new jobs across Canada, an average of 2.3 new jobs per loan.

Lending is available in every province and territory.

A total of 1260 private-sector lenders — in every province and territory — are eligible to participate in the program to extend financing to small businesses.

The Canada Small Business Financing Program website is one of Industry Canada’s most visited sites.

The Canada Small Business Financing Program website recorded 165 363 visits, evidence of a high level of interest in access to financing.