Why don't banks do more for small businesses? It's time we fixed it.
Every so often, you’ll hear a senior business leader, politician or startup guru throw out a nice soundbite on how critical small businesses are to a country’s economy. There will be some nice statistics about this region having one of the highest ratios of startups or small businesses for the population and that we should be very excited by the latest funding announcement.
That’s great and I’m not knocking it. But here’s the thing, I’ve worked on a few small business banking projects over the years I’ve worked with Market Gravity and I’m yet to see a bank launch something that truly helps to solve some of the biggest challenges SMEs face every day. Time and time again, we’ll find businesses unable to access capital to grow their business, founders drawing on their personal credit cards to cover cash flow gaps, trekking into branches to speak with someone or dealing with processes designed for businesses of a completely different scale.
Starting today in Canada, Market Gravity and Deloitte are doing something about that and we’re going to share it all with you, warts and all. It’s called D5 and over the next 5 weeks we’re off to discover the 5 most significant problems SMEs face in their day to day operations, and design the 5 biggest solutions banks could provide to address them.
Over the course of the next few weeks, we’ll be speaking with entrepreneurs across Canada from big cities like Toronto to entrepreneurial hubs like Moncton and small towns across provinces from Coast to Coast. We’ll be filming our conversations and by the end of February a documentary film will be released for anyone who wants to join us in solving these big challenges.
So whether you’re an entrepreneur, a long time small business owner, a banking executive, a politician or startup guru, we want you to join us along the way, contribute your own thoughts and ideas to solve this big challenge together.
Stay tuned for updates from our Cast & Crew:
Jeff Owen, Orry Fidler, Carlos Escalante, John Wang, Angie Nakpil, Bina Rajput, Johnny Langton, Raman Rai, Paul Bowman & Iain Montgomery.