Reuters reported commercial borrowing by small and medium-sized businesses in Canada declined for the third straight quarter in the July-September quarter, according to a PayNet survey.

According to the Reuters report, PayNet said its Canadian Business Lending Index slipped 2 percent in the third quarter to 209 from 213 in the second quarter. Compared to a year earlier, the level of borrowing was flat.

Moderate loan delinquencies - those that are behind in payments by 30 days or more - fell to 1.7 percent of loans in September from 1.8 percent the month before.
Loans that were more than 90 days late, which are considered loans in severe arrears, held steady at 0.38 percent.

To read the full Reuters report, click here.