RBC Royal Bank (RBC) has already funded six clients through its partnership with the Access Accelerator, Small Business Development Centre (SBDC), according to an RBC press statement.
RBC recently hosted a “Pitch Night”, where entrepreneurs presented their business plans and opened up their strengths and weaknesses to comment by a panel.
Kevin Darling, RBC vice president, business banking, said in the release that RBC’s goal is to have the entrepreneurs it funds thrive and prosper.
“That informs everything we do and it’s why we are proud to give back through partnerships like the one we have with the SBDC,” Darling said.
“Entrepreneurs and small business owners are shaping the new economy and it’s important to everyone that good ideas are allowed to take shape, to grow and to flourish. That requires time, commitment and effort from various stakeholders – from governments, corporations, philanthropists and, yes, banks.”
The release added that RBC has invested in businesses such as Cheryl’s Taxi and Drive Green Rentals.
SBDC Executive Director Davinia Blair said RBC’s support has gone beyond financial assistance.
“We are grateful to all of our partners who continuously work with the SBDC to assist entrepreneurs,” she said.
“In the case of RBC, they have decided to go beyond just funding,” said Blair.
“RBC has stepped in to help our entrepreneurs prepare for what is possibly one of the most important, nerve-racking days of their lives.
“I don’t think people understand how hard it is to pitch your business to financial institutions. There’s a lot of the decision-making process that comes down to the numbers and how feasible each company is. However, all of it rests upon the business owner’s ability to sell their product or service with a limited amount of time to do it in.”
Founder of Red Sea Bahamas Moses Taylor said his RBC Pitch Night was informative, educational and beneficial.
“Pitch Night is informative, especially for people looking for funding,” Taylor said.
“You learn questions that investors may have or queries that people may have about your company. It’s a great way for you to get better at pitching and still receive positive feedback at the end of the night.”