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As a North American leader in helping small business entrepreneurs succeed, RBC understands that small business is not only an important engine of the economy, it also represents the hope and dreams of our clients. Commitment to business This “people-first” approach has made RBC Royal Bank the market leader in Canada, where our 1,300 account managers serve one in four entrepreneurs, with an undisputed leadership share of women and young clients. At RBC Centura, we have almost 600 bankers serving the needs of our American small business clients. While we approve over 80 per cent of all loan applications for small business, financial solutions are only part of what we offer. Clients consistently tell us they want strategic advice and planning resources as well as loans, so our account managers focus on helping entrepreneurs find the resources they need to succeed. We understand that when our small business clients succeed, we succeed. We listen to small business In 2003, we also introduced a new Business Essentials deposit account that includes free online access and free client cards, reducing service fees for many of our clients. By understanding our clients, their needs and the challenges they face, we are better able to provide practical financial advice. That’s why we regularly conduct research into the issues and concerns impacting our business clients. In 2002, RBC partnered with the Canadian Manufacturers & Exporters and the Canadian Federation of Independent Business to produce Path to Prosperity, a study of external barriers that impede growth for small- and medium-sized businesses in Canada and the United States. Results indicated that while Canadians are as aggressive as their American counterparts in starting up businesses, these businesses are less likely to grow into medium-sized and larger enterprises. Our follow-up study in 2003, Managing for Growth, identified the internal barriers to growth. By overcoming these barriers, firms may be able to become more efficient and grow. Ultimately that’s good not only for economic growth and prosperity, but also for our ability to support the credit needs of our clients. |
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RBC Royal Bank has almost 600,000 small and medium enterprise clients in Canada, and RBC Centura serves over 50,000 in the United States. We approve more than 80 per cent of loan applications for small business, and offer advice and financial solutions as well. Focus on women entrepreneurs Our Web site designed specifically for women entrepreneurs is a forum for sharing news and information, contacts and resources. We also publish a semi-annual newsletter called Champions, which is available in print and online. RBC is a founding member of the Global Banking Alliance for Women, dedicated to sharing best practices to help accelerate the growth of women-owned businesses worldwide. We also partner with government and women’s associations on trade and other initiatives that focus on women business owners, such as the Virtual Trade Mission with Australia in 2003–04, spearheaded by the Organization of Women in International Trade. Support for agriculture We are committed to supporting our clients in the good times and the challenging times, such as those faced recently by Canada’s cattle industry. Our lending policies are set to endure price cycles and, most importantly, our network of farm financing specialists have in-depth industry knowledge and expertise that enable them to work with clients facing challenges to explore tailored solutions, such as deferring loan payments. RBC also supports youth initiatives, such as the Douglas McRorie Memorial Scholarship fund for agriculture students and, since 1950, the RBC Royal Bank 4-H Interprovincial Exchange. For more information about our support of small business, visit rbcroyalbank.com/sme Small business The promise is simple: “to understand what you need and deliver it in a way that makes sense for your business, always recognizing that your satisfaction is our most important asset. It’s our job to meet your needs. We want your business and we know how easy it is for you to take it elsewhere. We will do all we can to make sure you want to stay. This includes our commitment to communicate clearly and openly, make the credit process straightforward and timely, respect the confidentiality of our relationship, conduct ourselves to the highest professional standards, and respond effectively to your concerns.” |
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