Reuters reported commercial borrowing by Canadian companies hit the highest level in the third quarter since early 2009, a PayNet survey showed on Wednesday, suggesting businesses played an outsized role in supporting the economy ad growth cooled.

PayNet, which tracks commercial financing to millions of North American small and medium-sized businesses, said its Canadian Business Lending Index rose 5 percent from the second quarter and 20 percent year-over-year.

The index rose to a reading of 172, its highest level since the first quarter of 2009. PayNet said its Canadian index is rising twice as fast as the corresponding U.S. index.

The index marked an eighth consecutive quarter of growth since bottoming in 2010 and the fifth straight double-digit advance on a year-over-year basis. 

The commercial lending sector includes independent finance companies, big banks and non-bank players such as machinery makers, whose loans and leases to customers are secured against the equipment sold.

The report, which tracks lending across a broad range of sectors including manufacturing, retail and transportation, offers the latest evidence of an uneven economic recovery.

Other PayNet data released on Wednesday showed a fall in loan delinquencies, a gauge of financial stress, to a record low.  Moderate loan delinquencies - defined as those being late by 30 days or more - were down to 1 percent in September from 1.2 percent of total loans in June. It marked the lowest level in the survey's nearly eight-year history. Severe loans in arrears - those behind more than 90 days - also fell in September, to 0.33 from 0.41 percent three months earlier. These longer loan delinquencies were the lowest since early 2007.