Credit unions the best for small business; among the big banks, CIBC
still the worst
TORONTO, May 22, 2013 /CNW/ - Credit unions continue to outperform banks
when it comes to serving the financial needs of small and medium-sized
enterprises (SMEs), according to a new research report issued by the
Canadian Federation of Independent Business (CFIB). Among the big five
banks, the Bank of Montreal (BMO), and Scotiabank were tied with the
highest overall scores while CIBC received the lowest.
"Banks need to pay close attention to the report's findings if they are
serious about serving the small business market," said CFIB vice
president of research Doug Bruce. "Overall, credit unions do the best
job of serving entrepreneurs, while Scotiabank and BMO are tied in
receiving the highest overall scores among the big banks. CIBC is the
worst big bank for small business - that's the same as it was in 2010,
when we issued our previous banking report."
In addition to providing bank scores by size of business, CFIB's Battle of the Banks includes a wealth of information including SME market shares of the
banks, and policy recommendations. The bank scores are based upon
nearly 13,000 survey responses from small business owners on four key
issues: financing, fees, experience with account managers, and service.
Battle of the Banks shows a disturbing trend: the smaller the business, the lower the
overall bank score. Compared to larger businesses, smaller firms have a
tougher time getting the financing they need from their bank.
"Access to affordable financing and banking services is essential for
hard-working entrepreneurs, and it's clear that all of the banks should
do more to serve small business clients," said CFIB president and CEO
Dan Kelly. "I strongly encourage small business owners to visit the
CFIB website and find out how their bank performed in our report."
To read a copy of Battle of the Banks, please visit www.cfib.ca.
To read a short backgrounder on the report's main findings, please visit
CFIB is Canada's largest association of small and medium-sized
businesses with 109,000 members across every sector and region.
SOURCE: Canadian Federation of Independent Business
For further information:
To arrange an interview with Dan Kelly or Doug Bruce, please call Gisele Lumsden at 416-222-8022 or by email at firstname.lastname@example.org.