Created by the Toronto Region Board of Trade,
in collaboration with RBC, program helps Canadian business expand
globally
TORONTO, Sept. 21, 2017 /CNW/ - Today RBC and the Toronto
Region Board of Trade's World Trade Centre Toronto announced the
national launch of Canada's Trade
Accelerator Program (TAP Canada), an innovative and dynamic
initiative aimed at helping small and medium sized businesses
overcome barriers to exporting. Launched in the Greater Toronto Area (GTA) in 2015, TAP has
helped more than 150 Canadian companies trade globally. The program
will now be available through boards of trade and chambers of
commerce across the country starting with Winnipeg and Vancouver this fall.
A six-week hands-on program, TAP Canada helps participating
businesses navigate the complexities of the global trade ecosystem
and leverage Canada's deep trade
and investment resources. Through a combination of workshops,
clinics and one-on-one coaching, program participants will complete
a new Market Entry Plan and begin its activation while in the
program.
"Our clients are looking for new ways to grow, and global trade
is one of the fastest and most effective ways for Canadian
businesses to achieve that growth," says Greg Grice, Executive Vice-President, Business
Financial Services at RBC. "As the leader in business banking in
Canada, RBC can use its expertise,
network and relationships to help clients navigate global markets
with confidence."
Currently, only four per cent of small and medium enterprises
(SMEs) in Canada export goods,
according to the Toronto Region Board of Trade's Primary Export
Markets for Toronto Region Industries report released
yesterday. According to that report, if only 23 per cent of
Canada's SMEs began exporting,
$225 billion would be generated in
exports and two million new jobs would be created.
"Business owners looking to scale and grow their enterprises are
often met with barriers and challenges," adds Grice. "Since the GTA
program had such high demand and tremendous success, it made sense
to offer this to support more businesses across Canada. TAP Canada provides entrepreneurs with access to
the much-needed tools and resources that can open up global
markets, instill confidence and increase their likelihood of
success."
Some notable results from the TAP program in the GTA
include:
- Average growth of 70 per cent in international sales one year
after participation
- 76 per cent of TAP graduates have hired export dedicated staff
within one year after completing the program
- 22 per cent of TAP graduates invested in new facilities,
equipment, or other infrastructure due to their increase in export
activity one year after completing the program
- 65 per cent of TAP graduates are continuing to pursue
USA market opportunities
- 40 per cent of TAP graduates are exploring new export
opportunities into Asia and
Oceania
"As the founding and lead partner RBC was invaluable when the
Board of Trade created TAP in 2015," said Leigh Smout, Executive Director, World Trade
Centre Toronto. "With the nationwide launch of TAP Canada, RBC
continues to demonstrate its commitment and expertise which has
enabled Canadian businesses to trade internationally for more than
a century."
For the past five years, Global Finance Magazine has recognized
Royal Bank of Canada as the 'Best
Trade Finance Bank in Canada'.
This award demonstrates RBC's commitment to providing clients with
the technology, breadth of services, and skills to support their
international trade requirements.
About RBC
Royal Bank of Canada is Canada's largest bank, and one of the largest
banks in the world, based on market capitalization. We are one of
North America's leading
diversified financial services companies, and provide personal and
commercial banking, wealth management, insurance, investor services
and capital markets products and services on a global basis. We
have approximately 81,000 full- and part-time employees who serve
more than 16 million personal, business, public sector and
institutional clients through offices in Canada, the U.S. and 35 other countries. For
more information, please visit rbc.com.
RBC helps communities prosper, supporting a broad range of
community initiatives through donations, community investments and
employee volunteer activities. For more information please see:
http://www.rbc.com/community-sustainability/.
SOURCE RBC Royal Bank