30 Jul 2012

Commercial lending picking up in Canada

Commercial lending is increasing again as the Bank of Canada has introduced low interest rates in an effort to gauge the interest of small business owners in the country, reported The Globe and Mail.

With businesses throughout Canada seeking out lending opportunities, it may lead to more firms looking at Toronto storage prices for a safe place to store their leftover materials.

“We are seeing within our own business a spike up in volume,” Steve Murphy, head of commercial banking for Bank of Montreal, said in an interview with the news source. “They are starting to come out of it.”

The Royal Bank of Canada is one of the banks that expects to lend more in the upcoming quarter. By offering lower interest rates to businesses, David McKay, head of Canadian banking at RBC, told analysts a stronger economy is leading more businesses to take out loans. 

According to the newspaper, commercial loans at RBC grew 9 percent in the fiscal second quarter, and expectations are even higher now. Despite the strong numbers, banks need to temper their forecasts due to the economic turmoil in Europe, among other factors.

Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.

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