April, 15, 2010

How well are Canada's banks meeting the banking and financing needs of small and medium-sized enterprise? According to a new report by the Canadian Federation of Independent Business (CFIB), some are clearly doing better than others at serving this important market.Based on survey results from more than 12,000 business owners across the country, the study rated their level of satisfaction with the various aspects of financing, fees and service they receive from their bank.

The results are reported in three separate categories based on business size: micro (0 to 4 employees), small (5 to 49 employees) and mid-size (50 to 499 employees). The divisions were necessary because a considerable amount of previous research has shown that businesses receive different treatment from banks based on their size.The results of the survey: credit unions had the best performance in the micro business category, but led the way in the small grouping as well.

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