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Fostering Growth
Economic development
We help stimulate economic growth by investing in programs
that enable economic development with a social purpose.
Canada
In 2007, we lent our support to Community Economic Development
Technical Assistance Program, Canada's largest non-profit
granting agency in the field of Community Economic Development.
National in scope, the program has assisted over 400 community-based
organizations with initiatives to create new, sustainable
programs for disadvantaged communities throughout Canada.
RBC has been a sponsor of the Economic Developers Association
of Canada (EDAC) since 1980. The association's members are
professional economic development officers from across Canada.
To encourage community-driven economic development projects,
RBC sponsors the annual EDAC/RBC Economic Development Achievement
of the Year Award, which recognizes
individuals and organizations that have made a significant
contribution to their community.
RBC supports The Foundation for Rural Living, created to
ensure there is a strong intermediary organization between
rural communities and local charities to help foster community
economic development and build a sustainable capacity for
growth among charities in rural areas of Ontario.
United States
RBC Centura helps communities access public and private financing
sources for economic development and we also provide direct
financing. Our long-standing partnership with the Rocky Mount/Edgecombe
Community Development Corporation fosters community economic
development, individual asset
development and prosperity.
RBC Centura provided US$39 million in financing for community
development projects in 2006*, benefiting low- and moderate
income populations. Projects include low-income housing rental
and ownership developments, as well as affordable housing
for the elderly and people with disabilities.
In 2007, RBC Centura acted as the Federal Home Loan Bank
member organization to facilitate funding to three organizations
for economic development projects in low-income communities
of North Carolina. The projects, a shopping center in Rocky
Mount, a health center in Wilmington and a tribal community
building in Hollister, will help create 80 jobs and give low-income
families access to health services, shopping, recreation and
more.
In North Carolina, RBC Centura sponsors the Council for Entrepreneurial
Development and we have agreed to participate in downtown
small business loan pools to assist with the downtown revitalization
efforts of Raleigh, Greenville and Rocky Mount.
RBC Insurance supports the Urban League of Upstate South
Carolina, an economic development agency that uses education
and advocacy to support economic empowerment in minority communities.
In 2007, we spearheaded an innovative resource sharing partnership
between the Urban League and the YWCA of Greenville, whose
mission focuses on overcoming racial barriers and empowering
women.
Partnering for prosperity
Often a collective effort is more powerful than individual
ones. That's why we support partnerships that promote community
economic development and strongly believe in public/private
initiatives. For instance:
- In 2007, RBC continued to support the Greater Halifax
Partnership
(GHP), which comprises 150 private sector companies, three
levels of government and skilled business professionals
dedicated to engaging the community in the growth of Greater
Halifax's economy. RBC sponsored the Building Our Future
series that features guest speakers on economic growth topics.
We have also worked with the GHP on a number of other projects,
including their immigration awareness campaign.
- RBC Centura helped create the public/private Carolinas
Gateway Partnership, dedicated to economic development in
the area. From July 2006 to June 2007, the partnership secured
679 jobs and more than US$72 million in investment commitments.
- In the Caribbean, RBC partnered with the Bahamas' Ministry
of Maritime Affairs to share key elements of our successful
human resource model, giving public service managers the
opportunity to explore proven private sector approaches
for enhancing organizational effectiveness and efficiency.
The currency of new ideas
RBC takes a leadership role in supporting innovation and
the commercialization of research, and we support projects
and organizations that promote learning, innovation and entrepreneurship,
such as:
- The Medical and Related Sciences project (MaRS), facilitating
research and development, and its commercialization in Ontario
- The Council for Entrepreneurial Development, promoting
high-growth, high-impact entrepreneurial companies in North
Carolina's Research Triangle region
- Georgia Tech's Advanced Technology Development Center,
a recognized science and technology incubator that helps
entrepreneurs from the state of Georgia launch and build
successful companies.
Since 1969, we have brought investment dollars as well as
our knowledge and expertise to budding software and technology
companies serving the financial services and other sectors.
We currently have approximately $250 million dedicated to
invest directly in emerging technology companies in both Canada
and the United States.
Students help shape the future of banking
A team of four students from the University of British Columbia's
Sauder School of Business won $20,000 in 2007 for innovative
ideas they submitted to the RBC Next Great Innovator Challenge™.
They were the grand prize winners in the annual challenge
that rewards college and university students from across Canada
for innovative ideas related to financial services. RBC chose
to implement two of the ideas submitted by students and we
launched a second annual challenge. Winners will be announced
in 2008. Learn
more.
Newcomers
RBC believes there are significant economic benefits when
new immigrants succeed in their adopted country. In Canada,
we have adapted our credit, banking, marketing, recruiting
and training practices to help make this happen. In 2007,
we launched a scholarship program for young Canadians who
have been through the immigration experience, helping some
of our best and brightest students realize their fullest potential.
We also supported a number of organizations that help skilled
immigrants find employment, such as:
- Career Bridge, an innovative internship program that
helps recently arrived, skilled immigrants earn local job
experience and employers find qualified workers. To date,
270 employers have provided internships for 696 people,
including 42 at RBC
- Immigrant Access Fund, a not-for-profit group that raises
funds to provide micro-loans to internationally trained
immigrants in Calgary for accreditation, training and upgrading
of skills
- The Toronto Region Immigrant Employment Council, a multi-stakeholder
council working to improve access to employment for immigrants
so they are better able to use the skills, education and
experience they bring with them to Canada.
* 2007 figure not available at time of
publication.
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