Canadian small businesses show resilience amid economic challenges: CIBC Poll

Survey highlights optimism over the long-term, while near-term worries remain

TORONTO, July 29, 2025 /CNW/ - A new CIBC poll finds that a majority of Canadian small business leaders are cautiously optimistic about the current and future state of their businesses, with 71% saying they are currently doing great or 'okay', and a further 78% expressing optimism about the longer-term future of their business amidst a challenging economic landscape.

"Canadian small businesses are the backbone of our economy and their resilience in the face of ongoing uncertainty demonstrates remarkable determination, adaptability, and commitment to their ambitions," said Andrew Antoniadis, Senior Vice-President, Business Banking and Cash Management, CIBC. "By building a strong financial foundation, small businesses are better equipped to navigate short-term challenges, while also achieving long-term success."

Small business leaders determined to grow their businesses

Most small business owners or leaders (75%) have ambitions to implement new strategies and spur business growth in the next year. These plans include growth strategies (58%) such as plans to expand into new markets (including digital), offer new services or products, partner with other organizations, and capitalize on 'buy local' sentiment. Managing costs (43%) is the second most frequently mentioned type of change, including cutting costs and streamlining operations.

Despite optimism, near-term worries remain

Although most small business leaders are optimistic in the long-term, over half of respondents (56%) expressed immediate concerns regarding the potential impact of shifting trade dynamics on their business's supplier or vendor relationships, highlighting anxieties about disruptions to supply chains and sourcing.

Top current concerns among Canadian small businesses include:

To help navigate the uncertain environment and trade tensions with the U.S., small business leaders are primarily focused on internal strategies and risk mitigation, such as exploring cost-saving measures and building cash reserves (26%) and emphasizing the "Canadian-made" aspect of their products and services (25%), with 55% optimistic that "buy local" initiatives will help.

"At CIBC, we understand the unique challenges that small businesses face in today's economic environment," added Mr. Antoniadis. "We are committed to empowering small business owners with the resources, insights, and advice they need to overcome near-term obstacles, seize opportunities and achieve their long-term ambitions."

Disclaimer

The findings are from an Ipsos poll conducted between June 2 and 12, 2025, on behalf of CIBC. For this survey, a sample of 500 Canadian small business owners/ executives were interviewed online. Sample was sourced from the Ipsos panel. Respondents were screened to include only decision makers (a sole proprietor/ decision maker, partner, owner or executive that is part of the management or decision-making process) in a company with 0 to 100 employees, and with gross annual revenue of $25,000 or more.

About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre

SOURCE CIBC