March 8, 2019
Advancements to industrial manufacturing and food production have required new technologies and skilled labour; but investing in improvements to plant efficiency can be expensive for employers, particularly small to medium sized businesses. By assisting the financing of purchases of advanced equipment, technology, and assets, the RBC Royal Bank (RBC) in the Bay of Quinte helps local manufacturers bear some of the cost. Further promoting industry growth, RBC helps Bay of Quinte companies conduct business internationally, enabling local manufacturers to participate in the global marketplace.
Local Business Support
In the Bay of Quinte, RBC knows it’s important to team up with local municipal services, and provides ongoing support for businesses in the region. Its commercial branch is located in the Quinte Business Development Centre (QBDC), the hub for business acceleration and development in the community. By being located in the QBDC – the same building as the Quinte Economic Development Centre (QEDC) and Trenval Business Development Corporation (Trenval) – RBC is positioned to provide the best service for the community, working closely with these organizations to find the best solution for local businesses.
For example, local advanced manufacturers looking to purchase vacant land or develop commercial properties benefit from the partnership between QEDC and RBC. QEDC finds suitable sites, and RBC provides term loan facilities.
Large multinational manufacturers in the region usually liaison with a national RBC Royal Bank employee. But because the Bay of Quinte region is so active, the branch also has a local representative, Adam Brown, who works closely with smaller manufacturers with around 1-50 staff.
Financing Business Growth
At RBC, Brown has helped businesses with cash flow management. Since the RBC Royal Bank offers different leaseback options, Brown has helped businesses organize leaseback arrangements not just when purchasing large equipment (like laser cutting machines and advanced technology so plants run more efficiently) – but also for operations like commercial renovations (like paving a parking lot or installing a new elevator). One way Brown does this is by setting up these expenses on their income, providing businesses with a tax advantage.
With a cluster of advanced manufacturers in the region, by financing new equipment and advanced technologies (like robotics or software packages), the RBC Royal Bank enables industry growth. In addition to equipment financing, the RBC Royal Bank also finances training for new equipment, helping small businesses keep their margins low and developing a skilled workforce within the community.
The RBC Royal Bank also helps businesses with cash flow through the setup and management of credit cards. The credit cards not only help businesses get a discount from their suppliers, but for high amounts payable, businesses usually get 51 days (30 days + 21 days of grace period) to pay their biggest suppliers. Brown has also helped organise credit cards on smaller supplies providing cash advantages for businesses.
RBC also provides products and services for non-profit organizations, and Brown has helped nonprofits manage large cash donations.
Making it Easier to Do Business Internationally
The RBC Royal Bank makes it easier for local manufacturers to do business internationally. By partnering with groups like QEDC, Quinte Manufacturers Association (QMA), and Export Development Canada (EDC), RBC helps businesses make their local products globally renowned by:
- Writing letters of credit for import and export
- Managing cash flow of operating lines
- Setting up a foreign currency platform for convenient payment solutions, making it easy for businesses to manage international transfers online.
- Offering business insurance for imports and exports, made possible through their strong partnership with EDC.
Improving Employee Retention
RBC Royal Bank’s group advantage program has helped companies with 10 or more employees to engage their workforce through group discounts. Brown has suggested wellness, pension, and savings plans reduce financial stress, so employees can better focus at work.
“The discounts with RBC offer employees a really good reason to stay with their employer. For example, the group sign-up also applies to personal products, so you can get all your employees discounts on their mortgages.
Recruiting and training employees is a huge investment for employers – and these RBC discounts can help employers improve retention rates.”
Here to help you find who and what you need to do more business in the Bay of Quinte, contact the Quinte Economic Development Commission if you’d like to know more.