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The
PayNet Small Business Lending index inched up to 118.0 in March
from 117.9 in February, while the index for medium businesses
rose to 243.1 from 232.6.
PayNet President Bill Phelan said he was surprised by the rate
of acceleration for medium-sized firms, with lending activity up
12 percent compared to the year before.
As larger companies invest in energy projects in the western
part of the country, small companies should eventually benefit
from that, Phelan said.
In Alberta, home to the country's vast oil sands, lending
activity picked up to 168.6 from 168.0.
However, manufacturing continued to be a weak spot, declining to
59.0 from 62.1. Some economists had expected the sector would
help bolster the economy as companies benefited from the lower
Canadian dollar and oil prices.
"We're not going to see manufacturing taking the leadership
position to transform the economy into a more
manufacturing-based and consumer-based economy," Phelan said.
The number of small businesses that were 30 days or more behind
on their loans edged down at 1.10 percent from 1.11 percent,
while those that were 90 days or more late held steady at 0.35
percent for the third consecutive month.
(Reporting by Leah Schnurr; Editing by Tom Brown)
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