The rising price of gasoline is a major cause for concern for Canadian small businesses, but the increase in the value of the Canadian dollar has had minimal impact, according to a survey released by Bank of Montreal.

As expected, nearly 70% of the people surveyed said the cost of energy had a major impact on their operations. Electricity and natural gas prices were a concern for importers and exporters, but just about every industry was upset with the rising price of gasoline.

“Rising energy prices have traditionally been seen by most Canadians as having a personal impact,” said Michelle Field, BMO’s vice president of business banking, in a release. “This survey found small businesses, particularly those which are most vulnerable to changes in input costs, have been affected in a major way by fuel prices.”

The bank also looked at the impact the rising dollar was having on small business. It discovered “a surprisingly minimal effect … 81% (of the respondents) reported … little negative impact on their performance.”

About 22% of small business people said the rising dollar had a positive impact on their business, presumably because they import their raw materials. Eighteen per cent said it was negative, perhaps because they export finished goods.

BMO found the dollar had its biggest positive impact on wholesalers, retailers, the science and technology sector and businesses that are heavily reliant upon imported goods, particularly in Alberta and B.C. Conversely, the dollar has had its greatest negative impact on exporters and manufacturers.

The survey, conducted by Decima Research on behalf of the bank, talked to 855 small business owners across Canada.