{"id":292509,"date":"2025-11-19T04:54:25","date_gmt":"2025-11-19T04:54:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/292509\/"},"modified":"2025-11-19T04:54:25","modified_gmt":"2025-11-19T04:54:25","slug":"canadian-business-owners-say-trade-uncertainty-hitting-as-hard-as-the-pandemic-eq-bank-survey","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/292509\/","title":{"rendered":"Canadian business owners say trade uncertainty hitting as hard as the pandemic: EQ Bank survey"},"content":{"rendered":"\n

A new survey from EQ Bank paints a stark picture for Canada\u2019s solopreneurs as they navigate rising trade uncertainty, inflation and financial stress.<\/p>\n

The poll found that half (51%) of solopreneurs (independent business owners who operate alone) say the current global trade environment is having as much or more impact on their business as the aftermath of the pandemic, while nearly one-quarter (24%) are worried about their financial future. One in three (32%) admit they\u2019ve contemplated closing their business at least occasionally.<\/p>\n

\u201cToday\u2019s environment is putting immense pressure on many solopreneurs and small business owners who are adapting to new realities in trade, costs, and competition every day,\u201d said Dan Broten, senior vice-president and head of EQ Bank, in a statement. \u201cTheir contribution to Canada\u2019s economic fabric is enormous, and it\u2019s important we continue to find innovative ways to better support them.\u201d<\/p>\n

The findings reveal that economic turbulence has rekindled many of the same pressures entrepreneurs faced during COVID-19.<\/p>\n

About 30% said shifting U.S. trade policies pose an \u201cexistential threat\u201d to their business. Many cited practical challenges, including sourcing materials (38%), pricing goods and services, (34%) and planning for growth (30%).<\/p>\n

While small businesses are frequently referred to as the backbone of the Canadian economy, 60% of solopreneurs say they don\u2019t feel recognized as business owners on par with larger firms. Another 51% said they don\u2019t feel valued as a key part of Canada\u2019s economic structure.<\/p>\n

And according to the survey, common misconceptions persist: More than six in 10 respondents said others wrongly assume they make a lot of money (61%) or can take time off whenever they want (63%) while nearly half (45%) feel their work is viewed as less serious than that of employers with staff.<\/p>\n

Read more: Here are 5 expenses that Canadians (almost) always overpay for<\/a> \u2014 and very quickly regret. How many are hurting you?<\/p>\n

The report from EQ Bank shows that many solopreneurs are working long hours for modest returns.<\/p>\n

Story Continues <\/p>\n

Over one in four (27%) estimate they earn less than $17.20 per hour \u2014 only slightly above Canada\u2019s average minimum wage \u2014 and nearly one in five (18%) earn below $9.00 per hour. Female entrepreneurs report earning $8.00 less per hour, on average, than men.<\/p>\n

About 33% say they lack an emergency fund, while another 38% mix business and personal savings, showing that financial cushions for solo business owners are thin, especially when you consider that more than half (59%) have taken on debt to launch their ventures, according to the survey.<\/p>\n

Banking remains a pain point, with 54% citing high or unexpected fees, low interest rates or poor value from existing business accounts.<\/p>\n

Nearly four in 10 (39%) expressed dissatisfaction with the financial support available to them.<\/p>\n

\u201cThere\u2019s a clear gap between the traditional banking tools available and the level of support solopreneurs need to thrive,\u201d said Cathy Ly, VP of Small Business Banking at EQ Bank, in the release.<\/p>\n

Despite the challenges, nearly seven in 10 (69%) solopreneurs said they would choose the same path again, with top motivations including being their own boss (64%) and bringing their passion to life (43%).<\/p>\n

\u201cEven in the face of these headwinds, determination and pride continue to define Canada\u2019s small business community,\u201d Ly added. \u201cTheir resilience is what inspired EQ Bank to enter the business banking space and design products that help them earn more and save time.\u201d<\/p>\n

EQ Bank recently launched its Business Banking platform, which includes a high-interest, zero-fee business account, flexible GICs and an upcoming prepaid business card.<\/p>\n

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"A new survey from EQ Bank paints a stark picture for Canada\u2019s solopreneurs as they navigate rising trade…\n","protected":false},"author":2,"featured_media":292510,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,132139,88757,49,48,46,132138,22724,11274],"class_list":{"0":"post-292509","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-business-banking","10":"tag-business-owners","11":"tag-ca","12":"tag-canada","13":"tag-economy","14":"tag-eq-bank","15":"tag-financial-stress","16":"tag-small-business"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/292509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=292509"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/292509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/292510"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=292509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=292509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=292509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}