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Canada small business lending increases once again

In the month of June, lending to Canadian small businesses increased for the fifth straight month.  With a strong growing North American economy, Canada saw an “annual gain accelerated to 5 percent from 3 percent in May”.

According to Reuters the “index of lending to construction companies rose to 145.3 from 140.2 as groundbreaking on new homes has been strong this year, despite signs of cooling in some parts of Canada’s housing market. Retail and transportation sector lending also climbed, but manufacturing dipped for a second straight month.”  In addition to the strong lending numbers, the Bank of Canada raised “interest rates last month for the first time in nearly seven years”, expecting “the economy to grow at a 3 percent annualized pace in the second quarter after a 3.7 percent first-quarter expansion.” This is great news for Canada who, in Quarter 4 of 2016, saw a 2.6% growth rate.


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