A recent survey finds the majority of Canadian small business owners are confident about the future of their business, and are also optimistic about the future of the country’s economy.

About 37% of small business owners surveyed by Scotiabank and Goldfarb Consultants said they are likely to expand their business within the next year.

Of those who plan to expand, 60% will require additional financing illustrating the level of optimism in the small business community. About 75% of small business owners say they are confident about the future of their business, and 62% are positive on the economy.

“We are very pleased to see Canada’s small business owners are confident in their own success and in Canada’s,” says Susan Kennedy-Loewen, Scotiabank’s vice president of Small Business. “Small business is important to Scotiabank and it is of great importance to the Canadian economy.”

“The positive outlook from Canada’s small business sector is truly good news for the country,” says Ted Mallett, chief economist of the Canadian Federation of Independent Business. “Certainly what happens with big business is important, but they are only part of the economic picture. With six in ten Canadians working for a small or medium-sized enterprise, the health of that sector is absolutely critical for our overall well-being.”

The survey was conducted between May 22 and June 1. The survey drew a sample of 502 small business owners across Canada. The sample yielded a margin of error of plus or minus 4.4% at the 95% confidence level.