(May 15 – 10:35 ET) – Bizsmart, introduced today by CIBC and The Business Depot Ltd. in conjunction with a group of other suppliers, will provide small businesses with access to no-fee on-line daily banking, plus special discounts on products purchased through the Bizsmart.com shopping portal, and a one-stop resource for management information.
Through Bizsmart, CIBC will provide banking services with no fees for day-to-day banking. Initial services will include: a business operating account with unlimited daily transactions; a business savings account with interest calculated daily and paid monthly; an unsecured line of credit with low manageable monthly payments; a no-fee small business VISA card; and a small business membership card to provide access to Bizsmart’s services 24 hours a day, seven days a week. Soon after the launch, more business financing products will be available.
In addition to CIBC and Business Depot/Staples, other companies involved in Bizsmart are Dell Canada, Federal Express Canada Ltd., NEBS Business Forms Ltd., Innofone Canada Inc., Equifax Canada Inc., E-Incorp, Chapters Online Inc. and QuickBooks from Intuit. More firms will be added in the coming months.
“Our analysis shows that the average Bizsmart member could save more than $2,000 annually, as well as a lot of precious time.” says Mike Pedersen, senior executive vice-president of retail and small business banking for CIBC. The calculation is based on the fees and rates typically paid for financial services plus typical purchases of products and services needed to operate a small business.
Customers will be able to access Bizsmart services in-person at Business Depot and Staples stores, or electronically.
-IE Staff