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Small business delinquencies reach highest point on record

Increased uncertainty around U.S. trade and tariff policy poses a new challenge for small businesses
The increased uncertainty around trade risks is exacerbating the difficulties facing smaller Canadian firms, many of whom are dealing with elevated levels of debt. Real estate market segments, especially small-bay industrial, appear particularly vulnerable as many firms that occupy that type of space are involved in economic activities that risk being affected by trade policy changes, such as manufacturing, wholesale trade, transportation or construction. (Kristian Gravenor/CoStar)
The increased uncertainty around trade risks is exacerbating the difficulties facing smaller Canadian firms, many of whom are dealing with elevated levels of debt. Real estate market segments, especially small-bay industrial, appear particularly vulnerable as many firms that occupy that type of space are involved in economic activities that risk being affected by trade policy changes, such as manufacturing, wholesale trade, transportation or construction. (Kristian Gravenor/CoStar)
CoStar Analytics
February 26, 2025 | 3:03 P.M.

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PayNet’s Canadian Small Business Delinquency Index, or CSBDI, shows that more small businesses are behind on their bill payments than during the Great Financial Crisis or the initial shock of the COVID-19 pandemic. The number of small businesses that were 91-180 days past due jumped in 2024 to nearly twice as high a level as compared to past periods of financial stress.

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