Small business is a key economic growth engine for the Canadian economy and Scotiabank is committed to helping small and medium-sized enterprises* (SMEs) succeed and grow by providing them with the advice, support and financing they require, allowing them to respond to the unique challenges and opportunities they face.
* Canadian businesses with revenues of less than $5 million and borrowing requirements under $500,000.
As at Oct. 31, 2008, we made more than $8.4 billion in debt financing available to small and medium-sized businesses in Canada. View a breakdown of our total 2008 business credit authorized and outstanding (
300 kb) and customer numbers by province and territory.
The accompanying chart demonstrates Scotiabank's commitment to growing our services to this customer segment.
Scotia SME business code of conduct
Scotiabank has a small and medium enterprises (SME) business code of conduct to ensure we serve the small business community in a fair, clear and transparent way. The code covers:
- Openness;
- Changing credit relationship circumstances;
- Accountability;
- Our commitment to serving clients and ensuring problems are satisfactorily resolved;
- Credit process; and
- Complaint handling.
Enhancing our products and services
In 2008, we made a significant increase in the number of products, tools and resources available to Scotiabank small business customers, as we enhanced our ability to respond to their growth objectives. For example:
- Based on feedback from small business owners working in the skilled trades area, we launched a new Skilled Trades program, based on the Scotia Blueprint for business™ Check-up tool. The program provides tailored advice, information and services to support the success of general contractors, electricians, plumbers and other skilled tradespersons.
- The new ScotiaGold Passport for business VISA card now provides a flexible rewards card that includes automatic membership in the Scotia Rewards program, simplified business expense management, valuable travel savings benefits and many other complementary extras.
- Mapping out new territory for Canadian chartered banks, we launched Get Growing for business, a new online small business community which gives small business owners easy access to resources that support their plans for growth. These resources include the Scotia Plan Writer business planning tool, the Scotia Cashflow for business tool, video coaching segments and an online discussion forum.
Small business product information
