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 Where does your organization stand or hide when it comes to small business? Are you a competitive force or a passive political player? As I resident in a agri-rural community I see personal banking stores which milk this segment of profitable financial services but when it comes to small business most refer the prospects to their web sites or regional centres which don't normally visit our communities unless the requests are of more substantial amounts. 

Truly there is a vacuum of financing support which doesn't seem to concern the traditional lenders which are solely profit driven not customer-centric.

Alternatives are popping up in the form of micro-financing/innovation centre and social financing which is showing an ability to find the under-served. One of the new entrants is the Fair Financing Fund in Ontario which is targeting loans of $25000 to $75000 for farm projects similar to FarmWorks Investment Co-operative Limited in Nova Scotia. Local residents are paying attention to these and other initiatives. Do an Internet search and see other solutions in the marketplace. Concurrently, online personal banking options are gaining individuals' banking as they see more social financing possibilities and their traditional loyalties therefore are being eroded.

Pat Palmer | Monday, October 15, 2018 | Trackbacks (0) | Permalink

 


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