Venture capital spending in Canada is still not back up to what it was prior to 2008, according to a recent report published by the Organisation for Economic Co-operation and Development (the "OECD").1 The OECD found that Canada's venture and growth capital spending in 2012 was down by about 20% compared to 2007 levels.

Business loans in Canada were up during that time by about 5% for SMEs and total business loans were up by about 14%. In the US, business loans for SMEs were down by about 15% between 2007 and 2012, and, while venture capital spending during that period was also down in the US, it was down by 5% less than it was in Canada. Further, expansion and later stage funding in Canada is back up to 2007 levels, however, seed, startup and other early stage funding is not. The graph below highlights these trends.

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