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More small businesses hurt than helped by low loonie: CIBC survey

TORONTO – Exporters may be happy about the low loonie, but the average small business, well, not so much, according to a new survey released by CIBC.

In fact, the bank (TSX:CM) says far more small businesses report being hurt than helped by the lower currency.

It says 37 per cent of small business owners who responded to the survey reported that the decline in the value of the loonie versus the U.S. greenback had hurt their business.

That compares with just 19 per cent 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.