TORONTO, Oct. 30, 2025 (GLOBE NEWSWIRE) — As Canadian entrepreneurs head into the final few months of 2025, they cite growing financial pressure due to rising costs, slowing demand and a lack of confidence in their credit know-how, according to a new study.* from Equifax Canada.
Equifax Canada ordered Equifax Canada Small and Medium Business Owners Survey and found that of the SMB owners surveyed, 43 percent indicated their biggest challenge in the fourth quarter was the cost of goods. Another 35 percent worry about consumer demand, while about one in four (26 percent) cite concerns such as the availability of suppliers' products, the availability of credit from banks or suppliers (25 percent) and their ability to repay government-backed loans (25 percent).
Eexpenses are sharply reduced
Among those surveyed, the most influential cost was wages (22 percent), followed by insurance, taxes and supplies (13 percent each). Bank fees, interest rates and fuel also have a big impact on balance sheets.
“Small businesses are under pressure from all sides,” he said. Jeff Brown, Head of Business Solutions, Equifax Canada. “When payroll tops the list of pain points and credit conditions remain tight, owners need a crystal clear picture of their business's credit profile to negotiate better terms, manage debt and preserve cash flow.”
Access to credit
Despite the financial pressure, many business owners still lack the tools or confidence to proactively manage their credit. The study found that 79 percent of respondents know that a company can obtain its own credit report, but only 59 percent know how to access it.
“Most business owners believe credit matters—three-quarters say their credit report affects their ability to borrow—but many don't know what impacts their score,” Brown said.
Equifax business credit reports offer valuable information to help business owners.
While seven in ten respondents (70 percent) have checked their credit report, only one in four (25 percent) have done so in the past month, and nearly 20 percent have never checked it at all. Younger owners under the age of 35 are noticeably more engaged: 94 percent said they checked their credit reports, compared to only 58 percent of owners age 35 and older.
Overall, 74 percent of small and medium-sized business owners surveyed agree that their business credit report affects their ability to access financing, and 73 percent say access to credit is vital to achieving financial goals. However, only 62 percent are confident in their understanding of what influences their business credit score, indicating that financial literacy remains a serious problem. “The gap between awareness and action is what's glaring. Equifax's goal is to bridge that gap through education and access to valuable information for business owners,” Brown added.
Equifax Business Credit Report offers in-depth and meaningful information about accounts, clients and prospects. Designed for business owners, the report aggregates information from a variety of sources such as banks, industry groups, collection agencies and corporate registries to provide small and medium-sized business owners with the valuable data they need to make important decisions quickly and confidently. In addition, Equifax has developed How to Check Your Business's Credit Report Guide to help business owners.
* Equifax Canada Small and Medium Business Owners Survey was conducted online by Léger from October 3 to 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 important role in the global economy by helping financial institutions, businesses, employers and government agencies make important decisions with more confidence. Our unique combination of differentiated data, analytics and cloud technologies delivers the insights you need to make decisions and move people forward. Headquartered in Atlanta and with nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and Asia Pacific. For more information visit Equifax.ca.
