RBC rep clarifies bank’s role for Chamber members

A small business owner’s banker, along with his or her accountant and lawyer, are part of a team of professionals that the owner needs

Alecia Karapita

“If you don’t love the relationship you have with your banker, you need to get another banker.”

That was the advice from Alecia Karapita, commercial and account manager with the Royal Bank of Canada, to a meeting of Clearwater Chamber of Commerce on Sept. 10.

Bankers want to see the small businesses they deal with succeed, Karapita said.

“It all starts with your business plan,” she said. “Often you might have in your mind what you intend to do, but until you write it down on paper, you likely will not see a lot of success.”

A small business owner’s banker, along with his or her accountant and lawyer, are part of a team of professionals that the owner needs to educate about what his or her business is about.

“A lot of the time, we don’t understand your business,” Karapita said. “We want to understand where you’re going so we can help you achieve your goals. You need to have a good relationship with your banker so you can get good advice.”

Banks can advance money to businesses in a variety of ways: credit cards, lines of credit, term loans, leasing and government-guaranteed loans.

Each has advantages and disadvantages, depending on the circumstances.

Leasing new equipment, for example, can result in result in significant tax savings for some businesses.

Karapita encouraged business owners to learn more about how to leverage electronic banking to help their bottom line.

Once everything is set up, a business owner can do payroll with just the press of a button.

Bill payments can be done online, saving time and paper.

An online account can be set up so that certain people can do certain functions but not others.

One business owner asked about different rates and parameter for businesses located outside major centers.

 

Karapita said the bank bases its loans on business risk, not distance from major centers. It is done on a case-by-case basis, she said.

 

 

Just Posted

Editor, The Times

Democracy is fragile, needs tending

Editor, The Times:

It seems Prince Salman blew his stack

Oh, Deer

Urban venison: a cause for concern?

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

Tommy Chong says cannabis legalization makes him proud to be a Canadian

Legendary marijuana advocate and comedian celebrates cultural milestone at Kelowna event

Prank pizzas delivered to B.C. mayor on election night

The fake orders happened throughout Victoria mayor’s re-election campaign

MLA to become Nanaimo’s next mayor, could weaken NDP’s grasp on power

Leonard Krog’s win will trigger a byelection when he gives up his provincial seat

Horvat nets OT winner as Canucks beat Bruins 2-1

Young Vancouver star had spirited scrap earlier in contest

Team Canada gold medal winners for first time in world curling championship

Team Canada earned gold in Kelowna at the 2018 Winn Rentals World Mixed Curling Championship

B.C. passenger caught smoking weed in a car issued $230 fine

Saanich police did a field sobriety test on the driver and deemed it safe for him to drive

Payette invites critics to ‘come and spend a few days’ with her

Governor General Julie Payette made her first official to B.C. back in March

More pot stores expected in B.C. in coming ‘weeks and months’: attorney general

Attorney General David Eby and Public Safety Minister Mike Farnworth visited the new BC Cannabis Store in the province’s Interior

Telus launches charitable foundation to help vulnerable youth

The Telus Friendly Future Foundation complements other social initiatives by the company, including Mobility for Good

Most Read