CIBC taps small business banking market

CIBC taps small business banking market

BizSmart an e-commerce service developed by CIBC and Business Depot/Staples for Canada's two million small business owners has opened with the launch of 11 bizSmart Centres in Business Depot/Staples locations in the Greater Toronto Area.

The service aims to provide small office/home office (Soho) owners with no-fee daily business banking, discounts on products and services from brand-name companies, and a resource library of information on Canadian small business management through the Website.

"Financial institutions have been slow to provide Soho entrepreneurs with the support and information needed to develop and nurture a company, yet they represent 80% of the small business market and continue to be the fastest growing segment of the small business marketplace," says Robert Paterson, president and CEO, bizSmart and senior vice-president small business banking, CIBC.

Small businesses signing up for the service will save more than $2000 annually, he says, based on the fees and rates typically paid for financial services plus typical purchases of business products and services needed to operate a small business.

BziSmart partners include, Dell, Federal Express, NEBS Business Forms, Innofone, Equifaxe and QuickBooks from Intuit.

Once approved for membership at a bizSmart Centre small business owners will be able to do their business banking and access bizSmart's services via the Internet, telephone, at over 4200 CIBC bank machines as well as at bizSmart Centres.

Comments: (0)