“Our company is one of the first Canadian banks to have signed up to the Responsible Banking Principles . It’s all well and good to say that National Bank is socially responsible, but it has to be demonstrated,” says Geneviève Turbide-Potvin, Vice-President, Transactional Solutions & Financing, Businesses, in an interview. “Internally, procurement standards have been reviewed. Our future head office in Montreal will be built according to advanced environmental principles. We want to create an ecosystem that is in harmony with our values.”

According to Ms. Turbide-Potvin, this social responsibility also aligns with a concern for diversity. Along the same lines, the Government of Canada has created a strategy for women entrepreneurs in which it addresses access to financing, which is more difficult for women. It also indicates that it wants to break down barriers that stand in their way in the entrepreneurial ecosystem. This is all the more important since, according to a study , the growth of businesses owned by women increased by 32% from 2017 to 2019, compared to 3.7% for men.

“These barriers are mainly located upstream of the process,” emphasizes Geneviève Turbide-Potvin. “Women entrepreneurs often feel less equipped to deal with the financing needs and possibilities available to their business. We must therefore ensure that they are well supported and advised, whether regarding strategies or finances.”

The Women Entrepreneurship Strategy , adopted as part of the federal budget, aims to improve access for women-led businesses to financing, talent pools, networks and the expertise they need to start up, expand and access new markets.

Other under-represented clienteles

“At the National Bank, we had also identified these barriers,” says Ms. Turbide-Potvin. “We have been trying to address them for some time. Moreover, the challenges faced by women entrepreneurs may have some common points with those faced by people from cultural minorities. Quebec and Canada are doing well economically, in part because of the entrepreneurial dynamism of women. They participate in the job market and the growth of the economy. For the National Bank, it is an important social and economic issue to encourage women to invest and shine in entrepreneurship.”

Let's recall that in September, Femmessor announced a change of identity . After 25 years, the organization became Evol. In the process, it expanded its service offering to support more entrepreneurs among clients who are still underrepresented in the business world: women, racialized people, immigrants, members of First Nations and Inuit, people from the LGBTQ2+ community and people with disabilities. As a result, Evol has acquired greater scope in the diverse and inclusive entrepreneurship community and will be able to amplify its positive impact.

“The growth resulting from immigration is so significant that we must be adequately represented in the field of financing,” says Ms. Turbide-Potvin. “Our partnership with Evol was carefully considered and is perfectly in line with our values. By expanding its service offering this year, Evol is responding exactly to the needs that we have identified over the years. I am not just talking about access to financing. Evol offers support to entrepreneurs from client groups that are still underrepresented in the entrepreneurial ecosystem.”

“It makes a difference,” she continues. “The federal government’s Strategy also mentions the issue of support. Women-owned businesses benefit greatly from such support services.”

In conversations with our entrepreneurial clientele, women managers of small businesses – there are more women here than in medium and large companies – have particularly expressed the need to obtain professional support.

At National Bank, social responsibility with respect to great diversity is therefore well identified, according to the Vice-President, Transactional Solutions & Financing, Businesses. It is considered in all markets and in all segments. “Our organization is committed to supporting more businesses led by women and people from cultural communities. Diversity is an asset. When National Bank lends money to Evol’s clients, the organization must take into account our expectations regarding diversity.”

When the organization expanded its services to a broader clientele, it became an "even more important player in financing," according to Ms. Turbide-Potvin. It must be said that before updating its brand identity and expanding its mandate, Evol conducted a consultation with several stakeholders in the field, including the National Bank.

“This transformation from Femmessor to Evol has had a very positive impact. In addition, thanks to our partnership, many entrepreneurs have decided to come knocking on the National Bank’s door. In addition to benefiting from financing and a support program at Evol, some of them could also benefit from cutting-edge support, particularly in more niche sectors such as high technology. We could thus help entrepreneurs who are even less represented than in more traditional fields.”

In Geneviève Turbide-Potvin's opinion, Quebec entrepreneurs are fortunate to benefit from a wide range of services from various financial partners, such as Evol, which wants to support them in their development and give them wings. "This love of entrepreneurship is quite unique to us."