9 Mar 2011

Canada business owners wary of risk as economy recovers

While the Canada weathered the global recession better than most countries, Canadian business owners aren't ready to purchase new facilities and unpack their Toronto storage units packed with office supplies just yet.

According to the American Express Small Business Monitor, a survey conducted by Angus Reid Public Opinion, just 16 percent of small business owners are willing to take a "significant" or "above average" risk this year. That's down 9 percent from the 25 percent willing to fully unleash their entrepreneurial spirit last year.

"Small business owners have been patiently waiting for business to pick up," said Eric Nielsen vice president of Small Business Services Canada, American Express Canada. "The reports of recovery and anticipation of a market upswing have yet to fully materialize.

On the positive side, Nielsen says small business owners at the very least believe their financial situation are now more stable than they have been.

"Stable" appears to be the operative word for Canada's economic climate. Earlier this month, representatives from Scotiabank said the real estate market will be balanced overall this year, as demand is expected to decrease in the latter part of 2011.

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