Posthaste: Canadian small businesses are drowning in debt

Small businesses have reopened their doors after a series of lockdowns, but they are still struggling under heavy debt loads.

Paying down all that debt is likely to be a challenge for business owners because things aren’t exactly back to normal yet. “I am paying my staff, but I have no income and no foreseeable income until early 2022,” said one travel agency business owner in CFIB’s report. “I am flailing.” That becomes particularly concerning when you factor in the sources of the added debt. Almost one-third of business owners say they are using credit cards to make ends meet. The same amount are dipping into their personal savings, which could end up impacting their ability to pay off loans and credit cards later.

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