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. In September 2024, the rate declined by 13 basis points compared to the same period of the previous year.
Monthly interest rate of business loans in Canada from October 2016 to September 2024
Adapted from Statistics Canada, Interest rates charged for new and existing lending by chartered banks, October 2016 to September 2024. This does not constitute an endorsement by Statistics Canada of this product.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Bank of Canada. (December 12, 2024). Monthly interest rate of business loans in Canada from October 2016 to September 2024 [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. "Monthly interest rate of business loans in Canada from October 2016 to September 2024." Chart. December 12, 2024. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. (2024). Monthly interest rate of business loans in Canada from October 2016 to September 2024. Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada. "Monthly Interest Rate of Business Loans in Canada from October 2016 to September 2024." Statista, Statista Inc., 12 Dec 2024, https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/
Bank of Canada, Monthly interest rate of business loans in Canada from October 2016 to September 2024 Statista, https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/ (last visited December 30, 2024)
Monthly interest rate of business loans in Canada from October 2016 to September 2024 [Graph], Bank of Canada, December 12, 2024. [Online]. Available: https://www.statista.com/statistics/1084004/monthly-interest-rate-business-loans-canada/
