SME financing in Canada: key numbers from StatCan's 2023 survey

Statistics Canada's Survey on Financing and Growth of Small and Medium Enterprises (2023 data, published February 2025) found that 49.3% of SMEs requested external financing in 2023—back in line with pre-pandemic levels. Among those seeking debt, 88.2% had their largest debt financing request fully or partially approved.

Roughly 25.7% of SMEs requested debt financing specifically; trade credit, leases, and equity played smaller roles. For operators in Canada's innovation economy, the takeaway is that credit demand is normalized—so diligence, documentation, and a clear use-of-funds story matter again.

Source: Statistics Canada, The Daily, February 20, 2025 (Survey on Financing and Growth of SMEs, 2023).