Two of the Big Six have announced new initiatives to help boost Canada's business owners
As the Canadian economy continues its climb from the depths of the pandemic crater, Canada’s big banks are gearing up to offer more support for entrepreneurs.
Despite figures released Wednesday showing further growth for the economy, the end of government programs introduced at the height of the health crisis leaves many businesses vulnerable in the uncertainty of the coming months.
This week, two of Canada’s Big Six banks have stepped up their support for business owners.
At CIBC, the focus is providing enhanced advice to its business banking customers as the demands for information shift.
"At the onset of the pandemic, the primary focus of conversations was immediate cash flow relief including payment deferrals on business loans, lines of credit and credit cards," said Andrew Turnbull, Senior Vice-President, Business Banking, CIBC. "In recent weeks, conversations have shifted to a rebound and recover mindset to facilitate long-term ambitions and help entrepreneurs pivot in the new environment."
CIBC’s business advisory team is being boosted with market-leading tools to help guide entrepreneurs through the pandemic, along with those to help people start a business and grow throughout its journey.
This latest addition of 80 business banking specialists in British Columbia builds on the 200 that were added last year across Canada.
"Entrepreneurs have shown a great deal of resilience and the ability to pivot in a rapidly changing environment," said Mr. Turnbull. "As COVID-19 continues to challenge many businesses, we've invested in business experts to support entrepreneurs focused on managing short-term pressures while also pursuing their long-term ambitions."
The bank is also partnering with the Canadian government for the launch of the country’s first Black Entrepreneurship Loan Fund.
"Our country's diversity and entrepreneurship are the backbone of our economy and fostering a more inclusive business landscape will support a stronger economic recovery for all of us," added Turnbull.
A recent survey found that entrepreneurial confidence could be the key to Canada’s economic comeback.
RBC acquires startups tech platform
Meanwhile, RBC Venture’s Ownr has acquired Founder, a tech platform that helps entrepreneurs start and grow a business.
The platform saves business owners thousands of dollars in legal fees by automating tasks such as incorporations, equity management, and legal agreements.
“Navigating the entrepreneurial journey and growing a business can be challenging at the best of times, and throughout the COVID-19 pandemic, we’ve seen increased pressures on small business revenues and operating models,” said Shane Murphy, co-founder, Founded. “By bringing Ownr and Founded together, we will provide additional tools to ease the pain and burden on small business owners and offer more solutions to allow them to focus on what matters the most—growing their business.”
