Canadian business installment loans up 74% in a year, delinquencies rising [Wealth Professional (Canada)]
Equifax, Inc. (EFX)
Last equifax, inc. earnings: 4/20 05:24 pm
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Source: Wealth Professional
Canada's businesses continue to juggle challenging economic conditions with the fragile state of their own finances, including high reliance on debt. Equifax Canada's latest Business Credit Trends Report reveals a surge in new installment loans originated in the first quarter of 2024, likely due to businesses preparing for the deadline to repay Canada Emergency Business Account (CEBA) balances or lose the forgivable portion. It means an ongoing debt burden for thousands of businesses, estimated to be around 200,000 according to the Canadian Federation of Independent Business. "Many of those businesses that had to borrow to repay their CEBA loans are facing high interest rates and will be challenged to meet their payment obligations," said Dan Kelly, CFIB president. Equifax Canada's head of commercial solutions, Jeff Brown, agrees that the situation exacerbates the debt burden for businesses, with the data showing more are struggling to keep up repayments on their borrowing.
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EFX
News
- Equifax Introduces Secondary Education Diploma Verification Solution for Employers [Yahoo! Finance]Yahoo! Finance
- Equifax Introduces Secondary Education Diploma Verification Solution for EmployersPR Newswire
- Canadian businesses missing payments as debt burden grows [Yahoo! Finance Canada]Yahoo! Finance Canada
- Equifax Canada reports rise in delinquency, debts amidst rate cut optimism [BNN Bloomberg (Canada)]BNN Bloomberg
- Six numbers that show how debt grinds people down [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
EFX
Earnings
- 4/17/24 - Beat
EFX
Sec Filings
- 6/4/24 - Form 4
- 6/4/24 - Form 4
- 6/4/24 - Form 4
- EFX's page on the SEC website