The interest rate of business loans in Canada dropped significantly over the early months of 2020, but it soared in 2022 and 2023. In February 2020, the interest rate for business loans was 4.06 percent and it dropped to 2.8 in September 2021. The interest rate remained low until early 2022, when it began to increase at fast-pace.
Monthly interest rate of business loans in Canada from October 2016 to October 2023
Adapted from Statistics Canada, Interest rates charged for new and existing lending by chartered banks, October 2016 to October 2023. This does not constitute an endorsement by Statistics Canada of this product.
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Bank of Canada. (December 11, 2023). Monthly interest rate of business loans in Canada from October 2016 to October 2023 [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. "Monthly interest rate of business loans in Canada from October 2016 to October 2023 ." Chart. December 11, 2023. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. (2023). Monthly interest rate of business loans in Canada from October 2016 to October 2023 . Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. "Monthly Interest Rate of Business Loans in Canada from October 2016 to October 2023 ." Statista, Statista Inc., 11 Dec 2023, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada, Monthly interest rate of business loans in Canada from October 2016 to October 2023 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/ (last visited November 10, 2024)
Monthly interest rate of business loans in Canada from October 2016 to October 2023 [Graph], Bank of Canada, December 11, 2023. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1084004/monthly-interest-rate-business-loans-canada/
