More small businesses hurt than helped by low loonie, says CIBC
A new survey from CIBC suggests the low dollar is troubling for small business owners
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TORONTO—Exporters may be happy about the low loonie, but the average small business is less pleased, according to a new survey released by CIBC.
It says 37 per cent of small business owners who responded to the survey reported that the decline in the value of the loonie versus the U.S. dollar had hurt their business.
That compares with just 19 per cent who reported seeing a benefit from the lower dollar and 44 per cent who said it had little or no impact.
The dollar has slipped from a high of US$1.04 in September 2012 to about 75 cents.
The online survey was conducted Sept. 23 to Sept. 25 among 751 randomly selected Angus Reid Forum panellists who are small business owners.