The CFIB describes it as a bit of good news for small business owners after the Bank of Canada decided to hold the line on its key interest rate at five per cent.

The central bank says it decided not to raise its key rate given demand in the economy is slowing and previous rate hikes need more time to take effect.

In the last two scheduled announcements for its overnight rate target, the Bank of Canada raised its key interest rate.  It is now at its highest since 2001.

The next scheduled date for announcing the overnight rate target is October 25.