BC Business
As credit becomes less available in Canada, small businesses are choosing between investing less or turning to more expensive borrowing, such as credit cards or payday loans. There is now an alternative lending system called peer-to-peer (P2P) lending, online platforms that matching borrowers to investors directly, providing loans cheaper and faster than through intermediaries. According to Statistics Canada, small businesses represent 98 percent of all businesses, employ 70 percent of workers and generate an average 30 percent of each province’s GDP, representing Canada’s biggest hope for job creation and economic growth.