Economics
Business Loans in Canada Surge Most in 40 Years
People look through the window of a closed store in Quebec City on May 4, 2020.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Canadian business loans grew at the fastest pace since 1981 in March as companies tapped credit lines to get them through the coronavirus crisis.
Loans to businesses rose 54% annualized to C$949.2 billion ($668 billion), according to Bank of Canada data. The increase is the sharpest since 1981, reflecting the rush to borrow to stay afloat as countrywide shutdowns crushed revenue.