Make lenders compete to build.

What we found

Most small firms that applied got some credit.

In 2025, 97% of small firms that sought debt got full or partial approval. That rose from 89% in 2024. [1]

Most firms did not ask for debt.

Only 20% of small firms sought debt in 2025. The approval rate counts firms that asked. It does not cover every firm. [1]

Our case for change

More lender choice can help good projects get built. Keep sound risk checks, make loan terms clear, and test where finance breaks down.

Read the numbers fairly.

Only 20% of small firms sought debt in 2025. The 97% approval rate counts firms that got all or some of what they asked for. It does not mean 97% of all firms got a loan.

These results cover firms with 1 to 99 staff and many kinds of debt. They do not isolate loans to build homes or shops. A high approval rate can coexist with gaps for some builders. It cannot prove those gaps on its own.

[1]

A building needs cash at the right time.

CMHC’s main apartment construction loan program covers eligible rental projects with at least five units. Its minimum loan is $1 million. It can lend up to the full cost of the rental part and up to 75% of the non-housing part. Those are limits, not a promise to fund each project.

A four-unit rental does not meet this program’s size rule. That does not mean no other loan route exists. We need clear paths for small rentals, homes to buy, factory-built homes and shops. Each needs its own test of fees, delays and risk.

[2]

Give borrowers a real way to shop.

Andrew Graham’s Build Canada memo calls for people to control their bank data. We share that goal. People should be able to share records safely with a rival lender, then compare the full cost.

The Competition Bureau launched a small-business loan study in January 2026. It looks at new lenders and how firms switch loans. It is not proof of wrongdoing. Loans to build homes and shops need a clear place in the work that follows.

[3][4]

The strongest challenge to our case

Failed loans can hurt savers, borrowers and the public. Some projects should be refused. The goal is fair access to sound loans, with clear reasons for a no. It is not a right to make someone else bear every risk.

What we want changed

Make offers easy to compare.
Finance officials should set a plain loan-cost sheet. Show rates, all fees, required assets, cash-release rules and the cost to switch.
Find and fix the building gaps.
CMHC and bank rule makers should show results by project type and size. Show waits, partial offers and reasons for a no. Any public loan backing needs a loss cap and a clear budget.