Small businesses $135 billion in debt, report says

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TORONTO — Canada’s small businesses have collectively taken on $135 billion in debt in an attempt to survive the pandemic, a dizzying amount that could hurt the country's economic recovery, according to a report released Thursday.

The Canadian Federation of Independent Business said the average small business owner has accrued $170,000 in debt, with businesses in the hospitality, recreation and service sectors most indebted.

The debt load has left many small businesses in a precarious financial situation that could lead to a wave of closures, the CFIB warned.