On January 12, 2026, the Competition Bureau of Canada announced the launch of a market study focused on the financing of small and medium-sized enterprises (SMEs). This initiative follows a public consultation and the approval of the study's terms of reference by the Minister of Industry.

The Bureau's preliminary findings suggest that many SMEs struggle to access competitive financing options. The study aims to explore the current state of competition in the SME financing sector and identify ways to enhance it for the benefit of these businesses and innovative lenders.

The study will address key questions, including the existing competition landscape in SME financing, barriers that lenders face when entering or expanding in the market, and factors that could facilitate easier switching between lenders for businesses.

Findings from the study will culminate in a final report that will include recommendations for governments across Canada to foster a more competitive SME financing environment. The Bureau is actively seeking input from Canadians and businesses with relevant experience in this sector, with a submission deadline set for February 27, 2026.