This is despite the fact that the majority of small businesses were negatively affected by the recession, according to the TD Canada Trust Small Business Survey. This second annual survey was conducted to better understand the impact of the recession on small businesses.

Thirty-one percent of companies surveyed lost some business, 18 percent are in more debt than they were 12 months ago, 7 percent were forced to downsize their operations or staffing and 5 percent say they came close to bankruptcy or closing.

Interestingly, 12 percent grew their business despite the recession and 2 percent grew their business because of the recession.

The impact of the recession is still anticipated to be a big issue owners will face in 2010, with 30 percent naming it as the top challenge for next year, followed by managing cash flow at 20 percent and managing growth at 16 percent.