Credit unions continue to outperform banks when it comes to serving the financial needs of small and medium-sized enterprises, finds research by the Canadian Federation of Independent Business (CFIB).
Among the big five banks Scotiabank and BMO had the highest overall scores at 4.9 and 4 respectively, while TD followed at 3.8 and RBC at 3.7. CIBC received the lowest score at 2.8 based on small biz satisfaction.
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Also, the research 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,” says CFIB president and CEO Dan Kelly.
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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.
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