OTTAWA: Commercial borrowing by small businesses in Canada dipped at the start of 2016 as the economy continued to feel the pain from the downturn in energy prices, data from PayNet showed on Tuesday.PayNet's Canadian small business lending index edged down to 129.6 in January from 131.1 in December. The measure of lending to medium-sized businesses showed more strength, rising to 241.1 from 234.9.
But both measures were still down compared to a year earlier, with small business lending down 1 percent and borrowing by medium-sized firms down 6 percent.
While Canada is more than just oil production, the downturn in the energy sector is having an impact on other parts of the economy, said PayNet's president Bill Phelan.