Small businesses in northwestern Ontario appear to be joining a trend across the country. According to the Canadian Federation of Independent Business they’re shifting away from dealing with big banks like RBC and CIBC and looking at institutions like Scotiabank, TD and credit unions.
Federation President Dan Kelly the smaller lenders are more concious of the small business needs. Kelly says the reason for the shift could be that RBC and CIBC having been moving closer to wealthier businesses.
He says data for northwestern Ontario shows there have been big gains for TD Bank and Scotiabank and a drop-off for The Royal and CIBC.
