Reuters reported commercial borrowing by small and medium-sized businesses in Canada achieved its highest level since 2008 in the last three months of 2012, with a much smaller percentage of the businesses reportedly behind on their payments, according to a PayNet survey released on Thursday.

According to the Reuters report, PayNet, which tracks commercial financing for millions of North American small and medium-sized businesses, said its Canadian Business Lending Index was up 6 percent in the fourth quarter from the third quarter and up 23 percent year-over-year. The index rose to a reading of 181, its highest level since the final quarter of 2008, marking a ninth consecutive quarter of growth since the index bottomed out in 2010, and the sixth straight double-digit advance on a year-over-year basis.

The report also cites that the PayNet data contrasts with other reports that have painted a gloomy picture of the Canadian economy late last year, including inflation and retail sales data.