More small businesses hurt by low loonie: CIBC
Only 19% reported a benefit from the lower dollar, 44% no impact.
It says 37% of small business owners who responded to the survey reported that the decline in the value of the loonie versus the US greenback had hurt their business.
A prior CIBC poll revealed that 65% of small business owners haven’t taken any steps to protect their business from currency fluctuations.
That compares with just 19% who reported seeing a benefit from the lower dollar and 44 per cent who said it had little or no impact.
The dollar has slipped from a high of US$1.04 in September 2012 to about 75 cents at present.
The online survey was conduct Sept. 23 to Sept. 25 among 751 randomly selected Angus Reid Forum panellists who are small business owners.
The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
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