U.S. President Barack Obama stepped up to the plate, and the microphone, on Jan. 29 to announce a proposed $33 billion (U.S.) tax credit that would encourage small businesses to increase wages and hire more employees.
He followed that announcement by asking Congress to temporarily expand two lending programs for the owners of small businesses, on the heels of much criticism that U.S. banks were not doing enough to provide financing to entrepreneurs.
The Canadian situation is not quite as dire as the one in the United States, says Ted Mallett, chief economist for the Canadian Federation of Independent Business.
“Things are fairly stable right now, but it’s still well below what we think of in terms of scenarios back at the top of the business cycle,” he says.
Alec Morley runs Small Business Banking at TD Canada Trust. He has nearly 20 years of banking experience, and since joining TD in 1994 has spent time in retail banking, commercial lending, asset management and infrastructure technology. His experience stretches across three continents, having worked in Africa, Europe and North America.
Mr. Morley says he is passionate about delivering the best customer experience to small business customers and he is unapologetic about his physical likeness to Conan O’Brien.
He joined us to take your questions on applying for loans from the bank for small businesses. View the archive below.