The Canadian Federation of Independent Business (CFIB) has released its report on SME Banking Market Share. This report provides an in-depth assessment of the share of SMEs using specific financial institutions for their banking needs. The report further illustrates the role that Canada’s credit union sector plays in supporting SMEs. A few notable findings about credit unions include the following:
- 1 in 5 SMEs bank with a credit union. Making credit unions the leading financial institution for SMEs
- Credit unions are the leading financial institution for SMEs in 4 provinces: Saskatchewan, Manitoba, Quebec and British Columbia
- Credit unions are the financial institution of choice for the SME agricultural sector, with over 20% market share